TRENTON – Newark won a $4.1 million bond request from the Local Finance Board today, with conditions.
The city seeks to re-purpose bond money for a green space connector between the train station and the Prudential Arena in Newark, but Board Chairman Tom Neff said the information provided by the city was not specific enough.
Neff said the details provided – about walkways, fountain, trees, and more – are not specific enough.
The Division of Local Government Services had OK’d a $32 million loan to Newark previously and now “we’re being told $4 million more is needed,’’ he said. “But we don’t have a good handle on what is being done. The board needs to see cost estimates before approving this,’’ or he said that he fears it could wind up being more elaborate than envisioned
The Board approved the request but attached the condition that the state fiscal oversight monitor for Newark must review the plans and get back to the Board.
Newark representatives said they could proceed with design work but before going out to final bid sometime next year would receive Board approval.