MCIA creates Division of Parking
Revenue stream will support future economic growth in Middlesex County
MIDDLESEX COUNTY, NJ – At the June 9 meeting of the Middlesex County Improvement Authority (MCIA), the Board voted to expand its services by creating a Division of Parking, a new revenue generating function. The newly created Division of Parking will produce revenue that will fund and enable ongoing and future economic development initiatives throughout Middlesex County. This new division is consistent with the evolution of the MCIA as a financial engine of the County as it dovetails with the overall vision of Destination 2040, the County’s strategic economic plan.
The Board’s vote followed a presentation by DEVCO providing updates on the redevelopment of the Rutgers Cancer Institute of New Jersey, Cancer Pavilion. It is anticipated that the MCIA will own, finance, maintain, and manage the parking deck featuring nine floors, and a total of 975 parking spots.
“As the redevelopment entity for the Cancer Pavilion, this is the right opportunity for the MCIA to capitalize on its unique ability to bond and finance projects and create a revenue stream which will enable further investments in economic growth initiatives,” stated MCIA Chairman James Nolan.
DEVCO shared its plans for the parking deck, which will also house the mechanical systems and loading dock for the Rutgers Cancer Institute, Cancer Pavilion. The parking deck is estimated to cost $60 million, would be deeded to the MCIA and is expected to be completed in the Fall of 2024. Parking services would be available to patients, visitors, employees, and the general public.
In addition to the Cancer Pavilion parking deck, the new Division of Parking will also be charged with managing and maintaining the parking structure to be constructed as part of the North Brunswick Train Station development. The MCIA is also working towards purchasing the newly built parking facility in Carteret, which will serve the Carteret Performing Arts & Events Center, and forthcoming residential community and ferry port development.
“As we progress with these projects, this regional approach to managing and maintaining these parking facilities will help reduce the costs associated with maintenance and operations overall, which makes this a win for our municipalities and customers,” said MCIA Executive Director H. James Polos.
First announced in 2019 by then-named Freeholder Director Rios and the Board of Chosen Freeholders, the MCIA has successfully pivoted its focus from general county services to primarily economic development, leveraging its unique ability to bond and finance projects. With Middlesex County’s strong AAA bond rating, secured for the past 21 consecutive years, the MCIA obtains financing at historically low interest rates allowing major capital ventures to be undertaken.
“The MCIA’s journey as the financial powerhouse of the County started more than two years ago, and today it continues to streamline and hone its focus on areas that will bring greater prosperity to our residents and businesses,” said Director of the Board of County Commissioners Ronald G. Rios.
“We are excited to serve as the catalyst for these regional economic development projects and with the County’s steadfast backing, we will continue to develop a professional staff with deep and collective experience to ensure quality, timeliness, and cost-efficiency. As Middlesex County continues to grow and become a premier destination, these projects will create jobs, produce new tax ratables to boost our local economy, and provide critically needed services to our community,” said Chairman Nolan.
MIDDLESEX COUNTY, NJ
Middlesex County is home to numerous Fortune 500 companies, three universities, 18 park systems, and world-class healthcare and research facilities making it one of the nation’s most dynamic regions and a leader in technology, transportation, the arts, and food innovation. As one of the most diverse populations in the country, Middlesex County is home to over 832,000 residents living throughout 25 municipalities and employing nearly 40,000 people. Ranked #1 in the state for best schools, the County offers an award-winning vocational school system, a county college, and workforce development creating a unique ecosystem in which opportunities abound. Conveniently located between New York and Philadelphia, Middlesex County is a leading destination for businesses and residents alike to live, work, and play – and has been since the 17th century. For more information, visit middlesexcountynj.gov and find us on Facebook and Instagram.