RED BANK – Members of the Red Bank Borough Council have adopted a bond ordinance that appropriates $3.32 million for capital improvements in the community.
In addition to the appropriation of funds, the bond ordinance authorizes the issuance of bonds or notes in that amount to finance the costs.
According to the bond ordinance, borough officials expect to receive state financing for the improvements through a $220,000 grant from the New Jersey Department of Transportation (DOT); a $150,000 grant from the New Jersey Library Construction Bond Act; and a $30,000 grant from the New Jersey Department of Environmental Protection (DEP) Urban and Community Forestry Program.
The planned improvements will focus on roads, parks, and buildings and grounds, according to the bond ordinance.
Of the $3.32 million total appropriation, $2.57 million will be dedicated to road improvements, according to the bond ordinance. The $220,000 DOT grant and the $30,000 DEP grant will be used to help finance the road improvements.
Officials said $472,000 from the total appropriation will fund park improvements, which will include a synthetic turf field at Count Basie Park.
According to the bond ordinance, $275,000 will be dedicated toward buildings and grounds improvements, which includes improvements to the Red Bank Public Library. The $150,000 grant from the New Jersey Library Construction Bond Act will be used to help finance the planned improvements.
The multimillion dollar appropriation will also fund necessary and incidental road paving, milling, striping, surfacing, curbs, sidewalks, ramps and driveways; and all work, materials, equipment, engineering, design, consulting work, preparation of plans and specifications, permits, bid documents, conducting and preparation of reports and studies, equipment rental and labor, according to the bond ordinance.
