SPECIAL FINANCING PROJECTS
Heldrich Hotel and Conference Center – In 2005, the MCIA issued $70,045,000 in bonds to finance a major portion of the construction costs of the Heldrich Hotel and Conference Center, which is owned by the MCIA. Construction began in April 2005 on the nine-story, $103 million project that also received funding from the State Casino Reinvestment Development Authority and other private funding sources. The 275,000 square foot facility opened in 2007, and it houses 250 hotel rooms and suites, a full-service restaurant and lounge,
a 500-seat ballroom, a health club, pool and spa and 7,800 square feet of retail space with street access. The facility also includes 50,000 square feet of conference space, including an 86-seat amphitheater and meeting breakout rooms, and 30,000 square feet of office and instructional space. Rutgers University’s Bloustein School of Planning and Public Policy and the John J. Heldrich Center for Workforce Development entered into a long-term lease with the Authority for this space.The center has a 1.4 acre footprint at the corner of Livingston Avenue, George and New streets and Monument Square. As part of the City’s downtown redevelopment zone, the facility is across from the State Theatre and George Street Playhouse.
South Plainfield Senior Citizens’ Housing Project – In 2002, residents moved into the 100-unit Morris Avenue building that was constructed as affordable housing. The MCIA issued a $6 million bond to cover that portion of the project’s $13 million cost. Guaranteed by the Borough of South Plainfield, the bond was utilized in addition to grants from the Borough, the New Jersey Dept. of Community Affairs, the Federal Home Loan Bank of New York and Middlesex County. The project was also eligible for a 4% low-income housing tax credit. Lutheran Social Ministries, a nonprofit agency, oversees leasing and property management.
Middlesex County Administration Building Rental Housing Project – A 2001 bond issue for $8.8 million helped fund a portion of the rehabilitation and renovation costs of ten floors which were part of the former county administration building. The building houses 70 rental apartments, 14 of which are rented as affordable housing and 56 of which will be rented at market rates. Fannie Mae provided a credit enhancement for the repayment of the mortgage loan, with loan payments securing the bonds.
|Youth Detention Center
The MCIA financed the construction of the 100-bed Youth Detention Center in North Brunswick, which opened in 1999, to replace an older, overcrowded building. Middlesex County owns and operates the facility. Somerset County, in exchange for a guaranteed number of beds for their own juveniles, agreed to pay a portion of the construction and operating costs and part of the debt service on the bond.
Middlesex County Educational Services Commission
Raritan Valley Academy, Middlesex Countys special school for neurologically and emotionally impaired children, was built with the help of a $9 million, county-guaranteed MCIA bond. The Piscataway school, which opened in 1996, accommodates 150 children from school systems throughout the County. The lower interest rate guaranteed by the Countys AAA bond rating saved taxpayers more than $400,000 in financing costs.
|North Brunswick Senior Housing
In its first partnership with a non-profit group, the MCIA issued $8.3 million in bonds to help finance the North Brunswick Housing Corporations low and moderate income senior citizens housing project on Hermann Road. The 150-unit apartment complex opened in 1998. Other parts of the financing package created by the North Brunswick Housing Corporation included tax credits from the New Jersey Housing and Mortgage Finance Agency, a grant from Middlesex County Public Housing and a tax abatement by the Township of North Brunswick.