Democrat Dennis McNerney’s Overpeck Park legacy continues to cost taxpayers big time
Overpeck Park fiasco the gift that keeps giving
Bergen County to pay $1.4 million annually through 2020 on Overpeck Park construction bond
Monday January 7, 2013, 9:02 PM
BY JOHN C. ENSSLIN
STAFF WRITER
Bergen County taxpayers will be on the hook for annual payments of $1.4 million through 2020 as the county pays off its remaining obligation on a construction bond for Overpeck County Park.
Several freeholders reacted with surprise Monday when they learned at a work session that they will be asked to vote next week to transfer the first of those payments to the Bergen County Improvement Authority, the county’s funding arm.
But it’s not as if they have much of a choice. Voting not to make the payment would result in a default of the bond, which in turn could damage the county’s AAA bond rating, county officials said.
Freeholder John Mitchell, a Republican, said he views the payments as the cost of the sprawling $100 million park coming due. The park, which was built on a former landfill, sits in Leonia, Palisades Park, Ridgefield Park and Teaneck.
https://www.northjersey.com/leonia/Bergen_County_to_pay_14_million_annually_through_2020_on_Overpeck_Park_construction_bond.htm
