X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.