This petition is to seek to protest and repeal Ordinance 3519-An Ordinance authorizing the execution and granting of a lease purchase agreement with the Bergen County Improvement Authority relating to issuance of County Guaranteed Lease Revenue Bonds for the Village of Ridgewood parking Deck Project (i.e. Hudson St garage).
You must be a registered voter residing in the Village of Ridgewood to sign the petition.
This has nothing to do with the design or scope of the parking garage-just to stop the funding of it with the BCIA, until Ordinance 3519 can be submitted to the electorate (Village of Ridgewood residents/registered voters) for a vote at next election as a referendum question.
If you have any Questions, please email no2bcia@gmail.com
As of Monday Feb 15, the petitions will be available at following times/locations:
Lorraine Reynolds house, 550 Wyndemere Ave/come to door off John St., Monday, Feb 15th – 1pm-4pm.
Anne Loving, call cell 201-723-8017 to make appt to sign.
Melanie McWilliams – 431 Bogert Ave – Feb 15th-Feb19th (M-F) 9:15-12:15pm, call/text to confirm 201-675-8937
PLEASE CHECK BACK AS TIMES/LOCATIONS WILL BE ADDED.
PLEASE EMAIL no2bcia@gmail.com if you are a registered voter
and can help canvas neighborhoods this week when it’s not so cold out!!!
WE ARE WELL ON OUR WAY RIDGEWOOD!
Please let us know if you want to be part of the petition to say No 2 BCIA,https://goo.gl/forms/KpPtDY2We9
Below are some reasons why people feel we should not have a lease/purchase agreement with the BCIA (Bergen County Improvement Authority):
1. The BCIA will cost us more than what it will cost us to bond through Ridgewood. Yes, the BCIA can get us a better interest rate by 0.03%- to 0.08% compared to what we get from a Ridgewood Issued bond, but that is so small and it eventually costs more to go with BCIA, because of their initiation fees, and annual fees as well as multiple lawyer fees. Here are the final costs -https://mods.ridgewoodnj.net/pdf/manager/hudson/20160129BCIAFin.pdf
2. The BCIA financial comparison from the above link, does not consider the fact that we will now have to charge out-of-town commuters the same price as Ridgewood commuters (a requirement by the BCIA to treat all county residents the same.). Suppose we issue 50 out-of-town commuter passes at $300 less than what we could have charged them, that’s $15,000 more per year for the next 25 years by going through the BCIA. Will non-resident commuters take many of the spaces, leaving few spaces for our own commuters?
3. Once we take money from the BCIA, it will be issued like a loan, not like a Home Equity Line of Credit. We cannot draw the funds when we need them, i.e. as the project goes along. We will have to start paying interest on ALL of the money from day 1, which is May 2016, and the garage will not be complete until Feb 2017. Once the BCIA bond is issued in May 2016, we won’t be able to pre-pay for 10 years. We are locked into the interest for 10 years, even if the design & scope changes to a smaller design and we need less funds.
4. The county will own the garage for next 25 years. They may add more conditions later, for now they have asked us to treat non Ridgewood commuters at the same price.
5.The lease agreement also mentions that the BCIA will build the garage and lease it to us. It’s not clear / not explained to us how much control they will keep during the ‘build’ phase.
6. Overall, all of the benefits explained to us for going through the BCIA route are financial. In the end, with all those benefits, if it still costs more, and if we don’t retain full control of the garage and the process, then why go through the county?
7. We can and should do this with a Ridgewood Issued bond. It is our fiscal and resident responsibility to make sure this bond is issued through Ridgewood and not the County.
