Avon borrows $1.5 million to repay FEMA Sandy loan

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Avon-by-the-Sea Municipal Building. FILE PHOTO / THE COAST STAR

AVON-BY-THE-SEA — The Avon Mayor and Commissioners passed an ordinance last week bonding $1.5 million for the town’s repayment of its FEMA Community Disaster Loan from Superstorm Sandy.

Avon Commissioner Robert Mahon said that the borough had looked into further relief from different government levels, but ultimately Avon will have to pay the money back.

“What we’re doing is establishing this bond in order to pay off  the CDL loans that we had related going all the way back to Sandy. We’ve looked at this a bunch of different ways, we’ve tried to seek some relief from the state. What we end up with is a bond of a million and a half dollars,” Mr. Mahon said at last week’s virtual commissioners meeting.

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While a significant amount of money Mr. Mahon said that he is “relieved” that there is finally a plan in place to address the CDL loan. 

During Superstorm Sandy in 2012, Avon’s beachfront and boardwalk was extensively damaged, requiring major repairs and renovations. 

“This had to do with the boardwalk, the pavilion, the public works building — all that was done related to Sandy is tied up in this CDL loan,” Mr. Mahon said. 

The town will have to pay back the loan in full, Mr. Mahon said, since the borough’s finances are in very good shape. Other neighboring towns have received some relief, but not Avon.

“Immediately after [Sandy], we had a really good summer,” he said. “The state looked at the amount of money we were able to create from the beach, where most of this cost is attributed. We had pursued some relief, we requested relief from the state, and they determined that we were not eligible for that kind of relief that some of our neighboring towns did receive.”

The next borough mayor and commissioners meeting is on Monday, April 26 at 7 p.m. For virtual attendance instructions visit the borough’s website.

This is an excerpt of the print article. For more on this story, read The Coast Star—on newsstands Thursday or online in our e-Edition.

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