Case Studies

In 2009, our firm worked with The Hudson County Improvement Authority, the County of Hudson, the City of Bayonne Redevelopment Agency and the City of Bayonne (the “City”) in a multi-public body financing through the New Jersey Environmental Infrastructure Trust (the “NJEIT”) of a portion of a redevelopment project consisting of the remediation of a former petroleum site and the construction of a 356,000 square foot “big box” retail project located in the City of Bayonne. The financing, secured by Payments In Lieu Of Taxes, a Letter of Credit during construction and guaranties of the County and City, involved ten different public entities, required over 80 public votes, 23 different public/government approvals and permits and endured multiple lawsuits, all during an economic recession. The success of the financing depended on our firm working closely with each of the public entities, the redeveloper and the NJEIT in creating solutions to questions never asked of the NJEIT in prior financings. As a result, in part, of our prior experience with the NJEIT and our working relationship with members of the NJEIT and the New Jersey Department of Environmental Protection, the City will now replace a severely contaminated 30-acre parcel of land with an exciting new retail power center that will generate tax revenue, urban enterprise zone revenue and thousands of construction and full-time jobs. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

The firm has been actively engaged with the City of Bayonne and the BLRA in the redevelopment of the Peninsula at Bayonne Harbor which was decommissioned by the United States Army and transferred to the BLRA.  We represented the BLRA in the negotiation and execution of several conditional designation agreements, four redevelopment agreements, a project development agreement and an infrastructure improvements redevelopment agreement along with a wide variety of financial instruments and other supporting agreements.  For more information on these projects, please contact Joseph P. Baumann, Jr., Member.

We represented the BLRA in the simultaneous negotiation of two redevelopment agreements and associated notes, mortgages, access agreements, and an infrastructure improvement redevelopment agreement. One redeveloper will construct approximately 1,300 condominiums and town homes and the other redeveloper will construct approximately 540 rental units and a clubhouse. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

We served as redevelopment counsel to the Township in the successful negotiation and redevelopment of the former Ford Plant Site, consisting of over 100 acres. The project will consist of a lifestyle center with a hotel, theater, restaurants and shopping anchored by two large-format commercial retailers. We also successfully negotiated the donation of 7.5 acres of the property for the expansion of an adjacent park and the payment of $1,500,000 in development fees to the Township. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

McManimon & Scotland, L.L.C. represented Elberon Development Co., L.L.C. in structuring one of the few Recovery Zone Facility Bond transactions to close in New Jersey. The Recovery Zone Facility Bonds were issued as part of the 2009 American Reinvestment and Recovery Act intended to stimulate private investment into new projects by offering tax-exempt interest rates. With the bonds, Elberon was able to secure $44,499,000 in tax-exempt bond financing to construct a new 524,000 sq. ft. state-of-the-art warehouse for Wakefern Food Corp. in Elizabeth. This project will generate 130 construction jobs within Elizabeth and help the City retain over 345 jobs. For more information on this project, please contact Joseph P. Baumann, Jr., Member.