Ventnor will consider a low interest loan connected to the Ventnor Pier re-build of 2007. Council might borrow $1.3 million from the New Jersey Department of Environmental Protection Green Acres program. This 2% interest loan was approved but only partially received.
The DEP held back monies when Ventnor did a non-compliant swap of so-called open space from the Ventnor library to Ventnor West. The DEP says the city failed to get permission to modify a prior agreement that would have kept beachfront land housing the former ice skating rink as is.
The Ventnor commission will take action on the Green Acres loan at the Nov. 17 meeting.
While the loan was originally to be used for fixing Ventnor Pier, the city can now use the money in any way it sees fit. The commission could use the low interest loan to pay down debt, or use it for other Ventnor projects.