City Approves $4M in Development-Related Bonds

LONG BRANCH, NJ-The city council here has authorized a total of $3.9 million in bonds to help fund various development-related projects. Of the total, $1 million has been allocated for “acquisition, development, relocation and site work” relating to the ongoing development of the city’s oceanfront, according to a statement released by city officials. The city’s total contribution to the redevelopment is now $8.7 million.

The overall redevelopment effort is divided into several zones, including the largely completed Pier Village encompassing residences, a retail component and related facilities. Other redevelopment zones have been labeled Broadway Gateway, Beachfront South and Beachfront North, with the latter being the most controversial because it potentially involves condemnation of private residences in the manner of the recent Kelo v. New London Supreme Court decision.

Another $1 million in bonding has been authorized for the acquisition of a six-acre site on which the city intends to build a new elementary school. The remaining $1.9 million authorized by the city council is to be used for a variety of capital improvements and equipment purchases by the city.