Government

Seaside Park Boardwalk Replacement Financing Approved; May be Completed in Phases

by
Daniel Nee
May 17, 2024

The Seaside Park boardwalk, a mix of timber and Trex, Sept. 2023. (Photo: Shorebeat)

After being snubbed by the state’s $100 million round of boardwalk preservation funding, the borough has received approval from another state agency that would finance the replacement of the borough’s boardwalk, potentially over the course of several years to prevent the boardwalk from having to close during busy portions of the year.

The borough received notice this week that it was approved for funding from the New Jersey Infrastructure Bank, better known as the “I-Bank,” to replace its boardwalk to the tune of more than $12 million. The funding is flexible in that it would be allowed to be used all at once or over the course of as many as five years. Officials believe that the flexibility will allow the borough to complete the boardwalk replacement in phases rather than all at once, avoiding closing portions of the boardwalk in the summer or even during the height of fishing season.

The Seaside Park boardwalk, March 2024. (Photo: Shorebeat)

“It was explained as being something like a home equity line of credit,” Mayor John Peterson said. “If you don’t spend the money, you don’t pay any interest on it, and you can stretch it out up to five years. It’s a very positive, long-term development.”

The I-Bank is a state-run bank that loans money to municipalities and counties for infrastructure projects. Under the terms of the deal offered to Seaside Park, 50 percent of the loan would be given with zero interest and the other half would be provided at a rate far lower than the market rate – less than an agency with an AAA bond rating. The money could be paid back over the course of 30 years.

In total, the I-Bank would finance up to $12,218,273, which is expected to be enough to cover the entirety of the project.

Specifically, the boardwalk would be replaced from K Street to 5th Avenue. In addition to the redecking and replacement of underlying infrastructure, the project would also include the construction of new handicap-accessible ramps to the boardwalk.

“This is the full amount, and we’re in the process of getting bids and authorizing our engineer to see how to move forward,” said Peterson. “We’re talking about 17 blocks, which is a huge stretch for an infrastructure project, and it would be way too disruptive to do all at once.”

This section of boardwalk is made of timber rather than the gray Trex-style decking material that makes up the rest of the boardwalk. It starts approximately at the lifeguard headquarters in the northern portion of the borough and runs south for 17 blocks.

The Seaside Park boardwalk, March 2024. (Photo: Shorebeat)

The Seaside Park boardwalk, a mix of timber and Trex, Sept. 2023. (Photo: Shorebeat)

Unlike a simple redecking project, the 17-block portion of Seaside Park’s boardwalk most in need of work requires the replacement of additional infrastructure.

“We need to actually dig out and reconfigure the infrastructure, including the support pilings, cross beams and stringers,” Peterson said previously.

The Seaside Park boardwalk, March 2024. (Photo: Shorebeat)

The borough will also require a CAFRA (Coastal Areas Facilities Review Act) permit from the state Department of Environmental Protection before any work can begin.