Haddon Township plans to raise $8.04 million in Taxable Bond Anticipation Notes to refinance its purchase of the former Dydee diaper plant, so it can continue remediating toxins in the property and prepare for its planned sale to Pennsylvania developer Fieldstone, which plans to build 200 residential units on the property.
Moody's Investors Service analyst Dan Seymour has rated the new notes MIG-1 and has affirmed the township's Aa3 credit rating.
Haddon has been trying for most of the past decade to get developers onto the Dydee site and other ex-industrial properties, including the Russell Cast Stone works. Bonds and notes that finance such projects "are taxable because they are financing a private development," notes Seymour in a report to Moody's clients.
Once remediation work is finished later this year, the township still has to resolve fair-housing complaints from developers trying to force low-income housing onto the site. Haddon says its existing senior housing takes care of its low-income obligation, Mayor Randy Teague told me.