LAKE COMO — The Borough Council held the first reading and introduction of two ordinances that would authorize the financing for the purchase of the former South Belmar First Aid Building [SBFAB] at the Monday, Nov. 18 meeting.
The first of the two ordinances to be introduced introduction was for financing of the purchase of the first aid building. This ordinance would allow the borough to issue $428,500 in bond anticipation notes to help finance the purchase. The total cost of the purchase would be $450,000.
The purchase price of the building is $420,000 and Mayor Kevin Higgins asked Borough Administrator Louise A. Mekosh about the difference in amounts between the purchase price and the $450,000.
Ms. Mekosh said, “The additional $30,000 is what they call soft costs. It covers bond attorney’s fees, municipal attorney fees, title fees, search fees and all of the professional fees to help make the closing happen.”
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