The New Jersey Economic Development Authority (NJEDA) has announced the rescheduling of its public hearing initially set for February 12, 2025. The hearing was postponed due to inclement weather and is now scheduled for February 24, 2025, at 10:00 a.m. It will be conducted via teleconference, accessible by calling 1-888-790-3708 with Conference ID: 7825427.
The purpose of the hearing is to provide an opportunity for interested parties to express their views on a proposed bond issuance by the NJEDA. This issuance involves one or more series of bonds as part of a financing plan related to an economic development project.
The NJEDA will act as the leaseholder under a long-term lease from DRP Urban Renewal 4, LLC. The facilities in question, referred to as the Series 2025 Facilities, will be subleased back to the borrower. Responsibility for construction, operation, maintenance, and management will be delegated to Delaware River Partners LLC (DRP), a wholly-owned subsidiary of DRP Urban Renewal 4, LLC.
The project involves expanding and renovating dock-related facilities at the Repauno Port & Rail Terminal in Gibbstown, New Jersey. Specific developments include two new loading arms at the terminal dock and a new above-ground cryogenic tank for storing bulk liquid products. Additional infrastructure such as piping and ancillary facilities are also planned.
The Repauno Terminal is situated on a brownfield site within a property formerly used by DuPont’s chemical manufacturing facility. The terminal operates as a port and rail storage transloading terminal developed by DRP and its affiliates.
The maximum aggregate face amount of bonds requested for this project is $350 million. During the hearing, members of the public can call in using the provided conference line to offer information or make statements regarding this application.
