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February 3, 2020
2 minute read

Notice of Public Hearing (TEFRA)


 

Notice of Public Meeting:

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, February 11, 2020 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.com/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.com/Board.
 
NJEDA offers the public the opportunity to offer public comments during the Open portion of its Board Meetings. Pursuant to provisions of the Open Public Meetings Act, N.J.S.A. 10:4-12, NJEDA is entitled to permit, regulate or prohibit public participation in its meetings.  Members of the public who are interested in offering comment should review the NJEDA’s policy on public comment, which is established to maintain order and prevent disruption of the meeting. The NJEDA’s policy on public comment can be found at www.njeda.com/publiccomment.
 

Notice of Public Hearing (TEFRA):

The New Jersey Economic Development Authority (the “Authority”) will hold a public hearing on Tuesday, February 11, 2020 at 10:00 a.m. at its offices at 36 West State Street, Trenton, New Jersey, for the purpose of providing a reasonable opportunity for interested persons to express their views, both orally and in writing, with respect to proposed issuance by the Authority of one or more series of its bonds (the “Bonds”), from time to time, as part of a plan of financing with respect to the following applications for economic development bond financing for the facilities described below:  
 
Description of Project:

The Bonds will be issued to finance the reimbursement of costs of (i) relocating the operations of United Parcel Service, Inc. (the “Borrower”), at Newark Liberty International Airport (the “Airport”) which shall include, without limitation, developing approximately 18 acres of vacant land by (a) constructing a 38,930 square foot sorting facility, including any site work in connection therewith, and (b) constructing a container transfer caster deck and ramp space to support 6 jet aircraft and 30 trailers, including any site work in connection therewith; (ii) leasing and renovating 3 bays of adjacent Building 157 to support Early AM Product, United States Postal Service, Ground Support Equipment, and 3 jet aircraft; (iii) capitalizing interest on the Bonds, if necessary; and (iv) paying costs of issuance of the Bonds (collectively, the “Project”).

Owner or Principal User of Project:

United Parcel Service, Inc.

Location of Project: 

All of the buildings and structures that are part of the Project will be located at 159 Brewster Road, Newark, New Jersey 07114.  The Project is located within an area that is generally in the northwest corner of the Airport bounded to the east and southeast of Brewster Road.

Maximum Aggregate Face Amount of Bonds Requested:

$105,900,000
 

At the hearing, members of the public may appear in person or by attorney to provide information and make statements concerning the foregoing application.  ECONOMIC DEVELOPMENT FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY WILL BE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE LOAN OR LEASE PAYMENTS MADE BY THE BORROWER TO THE AUTHORITY AND CERTAIN FUNDS AND ACCOUNTS ESTABLISHED UNDER THE BOND INDENTURE FOR THE BONDS AND ARE NOT OBLIGATIONS OF THE STATE OF NEW JERSEY, NOR OF ANY COUNTY OR MUNICIPALITY THEREOF. 
 
This notice is published in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.

 

 
 
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