Boro seeks extension on payback of $37M loan Four developers' proposals due Aug. 6 for Nat'l Lead project BY MICHAEL ACKER Staff Writer SAYREVILLE - Borough officials are hoping to receive an extension from the county, as the deadline looms next week to repay the county's $37 million loan. "Right now, the county and our attorney are hammering things out," Christine Spezzi, chairwoman of the Sayreville Economic Redevelopment Agency (SERA), told the Suburban. "They're chatting about what can be done." As SERA seeks an agreement with the county for another extension on the loan it took out to condemn the 400-plus-acre former National Lead (NL) property, it is also awaiting formal proposals from four of the 12 developers who presented their ideas for the redevelopment project in April and May. The proposals are due Aug. 6. The commissioners are also calling for a special meeting to be held in August if the county extends the due date on SERA's debt, Spezzi said. She added that the county has been a "gracious benefactor during the process." SERA Executive Director Randy Corman told the Suburban that the agency has been keeping the county abreast on developments related to the NL site. "They are well aware that the proposals are coming in on Aug. 6," Corman said. "We have kept them informed every step of the way." Four "hard proposals," including purchase prices, are expected from four developers - LCOR Inc., of New York City; Riverbend Metropolitan Corp., of New Jersey; Forest City Enterprises, of Cleveland, Ohio; and O'Neil Properties, of King of Prussia, Pa. Corman said the financial ability of each of those firms was one of the factors in the decision to seek those proposals. He added that the agency is not excluding the other eight developers in the event that SERA decides next month that the four formal proposals are not desirable. "No one has formally been eliminated," Corman said. "If it turns out that we are not happy with these, we reserve the right to ask other developers for other proposals." Once the agency's professionals review the formal proposals from developers, Corman anticipates that public presentations will be made on what was submitted so that the public can be involved and ask questions. "The developers needed time to prepare hard proposals," Corman said. "... They needed time to go over environmental data from NL's environmental consultant. Even Aug. 6 is a very short time frame." Council President Thomas Pollando told the Suburban that he is confident the process of redevelopment will move forward. "I feel comfortable that it will all be worked out," Pollando said. "I have confidence in the commissioners, as well as county Freeholder Director Dave Crabiel." Crabiel told the Suburban that there will be a press conference in the freeholders' conference room July 30 at 10 a.m. He said he could not disclose the content of the announcement, but it is related to the loan SERA owes to the county. Meanwhile, the borough is looking to add 57 acres to the National Lead redevelopment zone. The Planning Board will prepare a redevelopment plan that includes those properties, so that it can be adopted as an ordinance by the mayor and council, Corman said. The land includes the active Beacon Metal Co. Inc. and the vacant Amboy Cinemas site.