State OKs $33 Million in Bonds for Sunoco, El Paso Settlements

A that would end more than two decades’ worth of property tax disputes over the cleared the penultimate hurdle Wednesday, when the state signed off on $33 million in tax refunding bonds proposed by West Deptford officials.

The Local Finance Board (LFB) unanimously approved the proposal, which made it on to the agenda . While West Deptford’s bond counsel ended up meeting with LFB staff in the interim, Mayor Ray Chintall said the proposal remained the same as it was a month ago.

West Deptford’s bonds, which pay off a total of $32.4 million to Sunoco and Coastal/El Paso, were one of 32 items on Wednesday’s agenda, and it didn’t take long for the approval to come through.

“It went relatively smooth,” Chintall said. “There were a couple towns with similar situations.”

With state approval now in hand, the drop-dead date looks to be July 5, the first opportunity for the township to give enough notice to hold a public hearing and second vote on the bond ordinance to finalize the settlements.

Given the settlements passed on a 3-2, party-line vote, Chintall and his fellow Republicans have one more challenge: To convince one of the Democrats to switch from a no vote. Without at least a four-vote supermajority, the ordinance will fail.

“I'm an optimist,” Chintall said. “There's always hope.”

But the Democrats have bucked the deal since it was , accusing the Republicans of not getting the best deal for the township's taxpayers, and more recently, criticizing the fact that the bonds add roughly $3 million in additional interest payments because of how they're structured.

At some point over the next 21 days, Chintall said he hopes there will be more discussion among the committee members to get them closer to a resolution on the settlements.

“Hopefully through that open dialogue, we get that fourth vote,” he said.

Otherwise, as Chintall has repeatedly warned of late, the state tax court and Judge Patrick DeAlmeida wait in the wings.

“I'm sure he's already been made aware of the LFB findings today,” Chintall said.

At last week’s township committee meeting, Chintall said the township could end up in a trial almost immediately, should the bond ordinance fail and settlements fall through.