How a New Jersey Town's Parking Department Became a Vehicle for Debt
TMBR conducts independent, in-depth reporting on municipal bond transactions — with a particular focus on document review, including official statements and audited financial statements. TMBR educates citizens on the pocketbook impact of debt-financed projects via property taxes or user fees, from local government approval through public usage, financial performance, and ongoing debt management.
$21.3M
Debt issued by WPA
$50M
Owed through 2054
$70M+
Total potential taxpayer loss
18 yrs
Still no parking meters
Volume 1
-Weehawken Parking Authority (WPA) borrowed $21 million to buy Weehawken Township public facilities
-After 18 years, no parking meters or improvements were made to the facilities
-Weehawken taxpayers are on the hook for $50 million in debt repayment through 2054
-Where did the bond proceeds go?