With Peter Cunningham leading the fight, the City continues to take the steps essential to moving forward with the construction of a new 6 acre park at the BASF site at 11th and Madison Streets.
The City Council voted last week to approve a $16.7 million bond issue with most of the funds dedicated to the acquisition of the BASF site. It will also fund the design and engineering costs for the park and a new 900 car parking garage to be built adjacent to the park.
Open Space Funds and a low interest loan from the New Jersey Environmental Trust will serve as cost-effective funding streams for paying back the bond.
An underground storm water retention chamber will be installed in the park as part of the City’s comprehensive effort to tackle the flooding problem.
Peter Cunningham said, “The establishment of a large new park will enrich our quality of life by providing more opportunities for active recreation and open space as well as serve as a bulwark against flooding. I am pleased that the Council moved forward with putting the financing in place.”
This past Spring, Peter Cunningham sponsored and led the successful fight to proceed with an application for a low interest loan from the New Jersey Environmental Trust which is serving as a major funding source for the new park.