Brick officials have voted in favor of cancelling out $5 million in bonds that were left outstanding following the completion of construction on the solar project at the former French’s Landfill property.
Brick bonded $34 million for the project, but it ended up costing $29 million. Though the township borrowed $29 million, it will be repaid by Brick Standard, LLC, the project’s developer. The township could have used the remaining $5 million for other projects, but instead chose to cancel it.
“Instead of using that for another project … we’re going to write it off and bring out net debt down in $5 million in excess,” said Mayor John Ducey, who has made debt reduction a primary goal of his administration.
Brick had $119,519,000 in outstanding bonds and $9,682,000 in outstanding notes in 2015.
Ducey said his administration has reduced the township’s debt by about $8 million since taking office.