Archive for the ‘UC Improvement Authority’ Category

UCIA/Aries Biosolids Scheme in Linden

Here is the scheme as I see it now:

  1. Union County Improvement Authority (UCIA) sells $50 million in tax-exempt bonds;
  2. UCIA loans most of that money to Aries Linden, LLC to refurbish a building owned by the Linden Roselle Sewerage Authority;
  3. Bond default in 2022 after all the usual suspects have taken their cuts.

But maybe it is different this time so I did a little digging and this is what I came up with so far.

Continue reading

Advertisements

UCIA Doing Biosolids for $50 Million

You will recall from the last blog that the Union County Improvement Authority (UCIA) has gotten about $30 million* from county taxpayers since 2004, lately to keep from defaulting on bonds from an inane solar panel scheme. That amount is headed higher with another deal going down:

2019-529: Resolution of the Board of Chosen Freeholders of the County of Union, New Jersey providing the consent for the Union County Improvement Authority to undertake and implement the construction of a Biodosolids Processing Facility to be located in the City of Linden, New Jersey.


Continue reading

UCIA Cashes In

The Union County Improvement Authority (UCIA) needs cash to pay off bond debt from the solar panel fiasco and for political payoffs. One way to get it:

2019-172: Resolution authorizing the County Manager to enter into a Memorandum of Understanding with the Union County Improvement Authority (the Authority) to solicit proposals from qualified entities for the Lease or Purchase of the Union County Juvenile Detention Facility and directing the Authority to deliver an amended Exhibit A to the Lease Purchase Agreement to include professional and other services and related work in connection with this undertaking, in an amount not to exceed $325,000.

What will the UCIA be doing for their $325,000?

Continue reading

UCCF 1/25/18: Roselle Mind & Body Complex Status

There used to be a banner at the site:
.

.
Not there any more:
.

.
and at the last freeholder meeting:
.

UCCF 12/21/17: County Out Of Roselle Project

Tonight was supposed be the last hurdle in getting the building of the Roselle Mind and Body Complex moving as Union County was scheduled to have a second reading of an ordinance to guarantee the Roselle Board of Education’s portion of the bonding for the project.

It didn’t quite work out that way.

Continue reading

Lawsuit Proceeds; Roselle Complex Doesn’t

Judge Robert Mega ruled yesterday on whether the lawsuit by Anthony Esposito against building the Roselle Mind & Body Complex can continue.

Continue reading

Lawyering Up Roselle Mind & Body Complex

Ordinance 701-2017 extending an additional $24 million to Union County’s guarantee of the bonds for the Roselle Mind & Body Complex boondoggle included these conditions:

Appearing on tonight’s agenda setting meeting agenda was this item on page 13 of 15:

4. A resolution appointing Schwartz, Simon, Edelstein & Celsco of Whippany, as special counsel in a matter relating to the Mind and Body project in an amount not to exceed $5,000.

Adding more troops to the battle: