Op-Ed: Parking Garage is a Financial Risk for Taxpayers

At the Bloomfield Township Council meeting June 18, an ordinance was passed, amending ordinance No. 04-12 adopted March 15, 2004, that increased the aggregate principal amount of guaranty of Bonds of the Parking Authority of the Township of Bloomfield. 

The following is a written statement sent to Patch by Sue Ann Penna after the vote.

Instead of the town having to borrow more money ($3 million) for the parking deck, why not just sell the entire property to the developer and let them build the parking deck?  If, as the Mayor said, the developers are going to buy the property - why aren't they buying it now?  If they purchase the property from the Parking Authority, the taxpayers will not be on the hook for the bonds - since we are the guarantor of them; it will be a completely private development; the developer will be responsible for all aspects and property owners will not be put at risk of their taxes going up.  

If this is such a great project, as Avalon stated, and they are as financially sound as stated, why aren't they and Bloomfield Urban Development LLC taking on the full responsibility for this project?  Why does this project need to be a public private partnership with taxpayer dollars on the hook?   

Mr. Bauman's projections for this project were off before.  Who is to say this is the end of his faulty projections?  

The developer at this time is not assuming any financial risk with the parking deck.  The parking deck is being built with taxpayer dollars - not their own money.