Township Finalizes Agreement for New Town Hall Through
Public-Private Partnership Without Any Public Borrowing
72,000 Square Foot Energy Efficient Facility Will Consolidate Approximately 55,000 Square Feet of Operations Currently Located in Seven Different Facilities
Township Is Also Entering a Redevelopment Agreement to Sell or Lease Two
Commercial Pad Sites Along Route 35 That Will Generate Millions in Revenue
The Township of Middletown has reached an agreement to construct a new Town Hall for a guaranteed maximum contract price through a capital sale leaseback under which the Township will incur no new debt and instead make annual lease payments for thirty years. The entire cost of the project will be privately financed by the Township’s designated redeveloper.
“A lot has changed in Middletown in the last 60 years except for our town hall, which has undergone piecemeal renovations over decades creating a number of significant problems that can no longer be ignored,” said Mayor Kevin Settembrino. “The public-private partnership we’re announcing today will enable us to expeditiously construct a new state-of-the art facility with a minimal impact on taxpayers that will be further offset through revenue generated by the sale or lease of two pad sites along Route 35.”
Click HERE to view the release and specific details on the project.
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