Project expected to yield $3 million a year to twp. Revenue from project will pay for school, road and security upgrades BY KATHY CHANG Staff Writer WOODBRIDGE - It's a win-win situation for the township, the school district, and the Denver-based distribution facilities developer ProLogis. "We are making sure ProLogis' project succeeds by helping the company and at the same time we can help the school district with amenities that they couldn't meet with their recent referendum," said Mayor John E. McCormac. Three years ago ProLogis expressed interest in constructing 10 massive warehouses - 300,000 square feet each - in Port Reading and has asked the township for help to finish their plan. "It was either we help them or they would leave the area incomplete," said McCormac. "We want to see the warehouses built and be successful." The mayor presented an ordinance, at the Township Council meeting on Jan. 16, which he calls the most significant public and private business venture undertaken in Woodbridge Township since Woodbridge Commons. In the ordinance, the township would provide a total of $10 million to ProLogis through redevelopment-area bonds as the company constructs their proposed 10 buildings along the waterfront. ProLogis plans to construct two other buildings in Carteret. The township would pay back the bonds with the company's full tax revenue. The township will keep all the tax revenues except for 5 percent, which goes to the county. "We receive 100 percent of the tax revenue from ProLogis," said McCormac. "The project will pay the township three million in taxes when the project is fully complete. The township is going to release the money from the bond in $1 million increments as each warehouse is finished." The township will use $5 million to pave a four-lane road, which would connect Port Reading Avenue and Industrial Highway to Interchange 12 on the New Jersey Turnpike and pay for drainage and environmental cleanup and the other $5 million will help finance school improvements, without any risks to the township and no cost to the taxpayers. "It really doesn't cost anything," said McCormac. "And we felt a responsibility to the Board of Education to help with their needs." The school's referendum addressed the infrastructure needs including the roofs, boilers, air conditioners, windows and other amenities; however, four schools were not able to get new windows through the referendum. The deal would provide $1 million to finish the windows at the four schools - Port Reading Elementary School, Lafayette Estates School in Fords, Woodbine Elementary School and Colonia High School. Colonia High School will receive a new track, which will cost $850,000. John F. Kennedy High School will receive new tennis courts, which will cost $450,000 and Woodbridge High School will receive a new synthetic athletic field, which will cost $1 million. Half a million will be allocated to complete school security upgrades, which was McCormac's first order of business when he became mayor in November. The township will also make contributions of $500,000 to aid the Port Reading Fire District and the Port Reading First Aid Squad to get equipment. "If we didn't decide to take on this project, the township would have received nothing," said McCormac. "But with the project, the township receives road, drainage improvements, school windows and security upgrades, athletic facility improvements, emergency response equipment and significant tax dollars for property tax relief." The mayor said the township has hit a homerun with the project. "We have covered all our bases - township, schools, and business," he said. The entire project is expected to be finished in three to five years.