-The Borough plans to issue approximately $19,400,000 through a tax-exempt Bond or a combination of tax-exempt Bonds and Notes to fund the construction of a new Borough Hall. For purposes of this preliminary analysis it is assumed that the entire project amount of $19,400,000 is funded through the issuance of Bonds in 2019.
-Based on current market conditions, this transaction would result in an approximate tax increase to the Borough’s residents in 2020 of $0.05/$100 of home assessment. This equates to an increase of $51.23 for a home with an assessment of $100,000 or $157.38 on the Borough’s average home assessment of $307,211.
-It is anticipated under this financing scenario that there would be one tax increase (in 2020) to the Borough’s residents over the life of the Bond issue as the Borough plans to structure the Bonds with level debt service over the course of 25 years to avoid large spikes or dips in the tax base. Please note that these numbers are preliminary and subject to change.
Please click on link below for more information on Borough Hall Financing Analysis as of 12/20/2018: