FINANCING: IMPROVING MIDDLESEX COUNTY AND SAVING MONEY FOR MUNICIPALITIES
The MCIA’s pooled financings provide municipalities and the County with low-cost bonds to secure much-needed equipment and public facilities.  The advantages of these pooled financing programs have included:

The MCIA recently completed these financings:

Heldrich Center
This nine-story hotel and conference center was financed by the MCIA with additional funding provided by the State Casino Reinvestment Development Authority, and opened in March, 2007. The financing closed in 2005 and construction is complete. The 275,000-square-foot center has 250 hotel rooms and suites, a restaurant and lounge, a 500-seat ballroom and rental space. Rutgers University's Bloustein School of Planning and Public Policy and the John J. Heldrich Center for Workforce Development is leasing the office and instructional space.

New Brunswick Apartments Project
In December 2002, the MCIA issue $15 million in tax-exempt revenue bonds to pay a portion of the cots of renovation and construction of the New Brunswick Project, located adjacent to Rte. 18.  Silver Street Development Corporation purchased and remodeled the 206 units that comprise the complex. The renovations include rehabilitating and modernizing the property and making needed repairs and other improvements that will keep the property in the marketplace as affordable housing. The apartments are reserved for families with income at or below 60% of the local median family income.

Proceeds from the bond issue were used to acquire and renovate the apartments, paid for a portion of interest on the bond during renovation, fund various required reserve accounts and paid a portion of the costs of issuing the bonds.

Capital Equipment Lease Revenue Bonds, Series 2007
Eight municipalities and the county of Middlesex took advantage of the County’s bond rating to finance purchases of a fire truck, police cars, safety equipment, hybrid vehicles, and dozens of other items. The 16th series of the Capital Lease Bonds totaled $6.28 million and closed in September.

Carteret, Edison, Monroe, Old Bridge, Sayreville, South Plainfield, South River and Spotswood benefited from the low-cost flexible, County guaranteed financing. 

To date, the MCIA has financed more than $150  million in equipment purchases and saved participants more than $3 million in equipment costs and debt service as a result of being able to finance equipment at tax exempt interest rates and the County’s bond rating.

To participate, the governing body of the municipality must adopt a resolution identifying specific items and expected costs of each item and authorize, by ordinance, the procurement of the equipment by the municipality through the MCIA.  This process forms the basis for issuance.  Equipment, which must have an average life of at least five years, is then leased to the town.

Open Space Trust Fund - 2003 Series
The MCIA completed a $78,765,000 bond issue to finance open space purchases for Middlesex County. This bond closed September 2003 and proceeds will be used to purchase properties that will be added to the county's more than 5,000 acres of open space.  Land purchases will follow the revised guidelines of Middlesex County's open space master plan.  As in the case of the two previous open space bonds that closed in 1998 and 1999, debt service will be paid from the county's open space levy.

City of Perth Amboy Municipal Complex
Completed in June 2003, the proceeds from this bond will acquire land and construct a new municipal complex consisting of police headquarters, the municipal court, fire headquarters and emergency medical services.  Also planned is a community fitness complex including recreation facilities and a childcare center.  The 12-acre site also includes utilities, parking and landscaping.