Notice of Public Hearing (TEFRA)
**Below is a copy of the official TEFRA notice that was published in the Trenton Times and South Jersey Times on February 3, 2025**
The New Jersey Economic Development Authority (the “Authority”) will hold a public hearing on February 12, 2025 at 10:00 a.m. at its offices at 36 West State Street, Trenton, New Jersey 08608 and via teleconference at 1-888-790-3708 (Conference ID: 7825427). The public hearing will be held for the purpose of providing a reasonable opportunity for interested persons to express their views, both orally and in writing, with respect to a proposed issuance by the Authority of one or more series of its bonds, from time to time, as part of a plan of financing with respect to the following application for economic development bond financing for the facilities described below:
Owner, Operator or Manager of Project:
The Authority will be the leaseholder of the Series 2025 Facilities (hereinafter defined) under a long-term lease from DRP Urban Renewal 4, LLC (the “Borrower”). The Authority will sublease the Series 2025 Facilities back to the Borrower, which will place responsibility on the Borrower, to be delegated to Delaware River Partners LLC (“DRP”), to construct, operate, maintain and manage the Series 2025 Facilities. The Borrower is a wholly-owned subsidiary of DRP.
Description of Project:
The bonds will be issued to: (i) finance the costs of a project consisting of the expansion, renovation, construction and/or equipping of certain dock and dock-related facilities at the Repauno Port & Rail Terminal (the “Repauno Terminal”), including (a) two new loading arms and related facilities at the existing Terminal dock; (b) a functionally related new above-ground cryogenic tank for storing bulk liquid products at very low temperatures, together with associated product chilling facilities; (c) new piping and related facilities connecting the cryogenic tank facilities to the new liquids dock facilities, and connecting the new system with the existing terminal facilities; and (d) facilities ancillary to the foregoing (collectively, the “Series 2025 Facilities”); (ii) pay certain costs incurred in connection with the issuance of the bonds; (iii) fund a deposit to a debt service reserve fund securing the payment of principal and interest on the bonds; (iv) fund a deposit into an interest reserve fund to pay interest during the construction of the Series 2025 Facilities; and (v) fund one or more deposits to other required reserve funds, if necessary (collectively, the “Project”).
Location of Series 2025 Facilities:
All of the equipment, machinery and other structures that are part of the Series 2025 Facilities will be located at the Repauno Terminal. The Repauno Terminal is a port and rail storage and transloading terminal operated by DRP. The Repauno Terminal has been developed by DRP and its affiliates on a disused brownfield site within an approximately 1,630-acre property in Gibbstown, New Jersey, the former location of DuPont’s chemical manufacturing facility. The Repauno Terminal is in the Township of Greenwich, County of Gloucester, New Jersey. The mailing address for the Repauno Terminal is 200 N. Repauno Avenue, Gibbstown, New Jersey The Gloucester County block/lots within which the Project will be located are as follows: Block 8, Lot 2, Lot 3, Lot 4 and/or 4.02. Within Lots 2, 3, 4 and/or 4.02, the Series 2025 Facilities will be located in an approximately 18.7-acre area adjacent to the Delaware River, about a mile from the nearest Gibbstown residences. This brownfield waterfront area is also the location of the existing Repauno Terminal dock and other existing Repauno Terminal facilities.
Maximum Aggregate Face Amount of Bonds Requested: $350,000,000
At the hearing, members of the public may appear in person or by attorney by calling in on the Authority’s telephone conference line at 1-888-790-3708, Conference ID: 7825427 to provide information and make statements concerning the foregoing application. ECONOMIC DEVELOPMENT FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY WILL BE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE LOAN OR LEASE PAYMENTS MADE BY THE BORROWER TO THE AUTHORITY AND CERTAIN FUNDS AND ACCOUNTS ESTABLISHED UNDER THE INDENTURE FOR THE BONDS AND ARE NOT OBLIGATIONS OF THE STATE OF NEW JERSEY, NOR OF ANY COUNTY OR MUNICIPALITY THEREOF.
This notice is published in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.
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