Howell Township will sell up to $30 million of general obligation bonds in a competitive sale to fund the purchase of land for a community center and open space and to finance a series of capital projects that have accumulated over the last five years.
The townships chief financial officer, Jeffrey Filiatreault, said the bonds will sell via the MuniAuction Internet-based bidding system. A decision on insuring the bonds has not been made.
The deal is scheduled to come to market Nov. 2, the same day that triple-A rated Bergen County is scheduled to issue $45 million of GO bonds in a competitive sale using MuniAuction.
Public Financial Management is the financial adviser for the Howell deal, and Dilworth Paxson LLP is bond counsel. A bond rating for the transaction is pending.
A majority of the proceeds, $17 million, will be used to buy 300 acres of land. Filiatreault said the town has developed a conceptual plan to build a community recreation facility on the site, including a pool, gymnasium, and equestrian center. Howell is 64 square miles in size.
Its probably the last contiguous 300 acres that is available in the town, the CFO said. If this piece of land goes and it goes to a developer, we will never be able to get it back later.
Filiatreault said two gravel mines are currently located on the site.
The land is mined out, he said. Its in its last stages.
About $3.1 million in proceeds will be used to pay for the towns portion of the purchase of 16 acres that will be preserved as open space.
Additional funds will be used to pay for police communications systems, vehicles, equipment, and the towns portion of regional contributions for items like affordable housing.
Filiatreault described Howell as a largely commuter community that still has quite a bit of farmland, along with some industrial and commercial businesses. Located in Monmouth County, the township has a population of just over 50,000. It is about 35 miles from New York City.
