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One Bergen County Plaza
 The BCIA prides itself on helping local government become more effective and more efficient. This philosophy is evident in virtually every BCIA project; and the County Administrative Complex at ONE Bergen County Plaza is no exception. This state-of-the-art administration center is home to county offices, including those of the BCIA. At a cost of approximately $67,500,000, ONE Bergen County Plaza was built in 1999 by the New Jersey Economic Development Authority and financed with NJEDA lease revenue bonds. The rates were attractive; the county’s rent equaled the debt service on the bonds. As interest rates fell in 2003, County Executive Dennis McNerney, armed with an extensive Wall Street background, asked the BCIA, the County’s in-house investment bankers, to seek a new deal with lower rates.
The BCIA, working with its placement agent, A. Bridge-Realvest Securities, structured an amendment to the original issue, investing the escrow in a broader range of higher-yielding AAA-rated securities. It then refinanced $24,750,000 of the original bonds, creating a refunding issue with an interest rate of less than 3.80% (weighted average). The BCIA also leveraged the County’s AAA credit rating—so the new bonds not only came with the County’s backing, but they eliminated the additional cost of bond insurance.
Thanks in large part to the BCIA, Bergen County will now save $1.2 million in rent over the next four years. The result? A leaner county government that can save and invest public funds where they are most effective—on behalf of the county taxpayers.
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