Based on all reporting, it seems the Town of Hammonton will be paying out millions of dollars in hopes of locking up a long-term lease with Stockton College for a downtown classroom, all while Stockton is paying out millions of dollars for properties in other parts of the State. Stockton just finalized a deal to pay $20 milliion dollars for the Seaview Resort in Galloway, while at the same time offering to work on a long term lease agreement with Hammonton if and only if they buy up property for the college:

The town intends to buy the Bertino building, a vacant factory on Front Street, and pay for extensive renovations.
The college then will enter into a long-term lease of the property, with the intention of reimbursing the municipality for the purchase price and renovation costs.
“As soon as the town closes on the property, we’ll sit down with them and go over the lease with them. We’ll work with them very closely,” said Matt Altier, Stockton’s vice president of administration and finance.

Based on this reporting by The Hammonton News, the Town of Hammonton will spend upwards of $4 million for a building and renovations prior to having a lease agreement with Stockton. Furthermore, the agreement in question will be “rent to own,” where Stockton will enjoy the lightened fiscal responsibility of a lease that simultaneously pays down perceived costs of the building, so they would eventually own the building. Think of it as if you’re renting an apartment, not mortgaging, and you get to keep it after you pay a set amount of money.

While Hammonton’s Council has stated they’d like to use grant money to buy the building, as of press time for the most recent article, only $250,000 of the perceived $4 million pricetag has been garnered through grants. This leaves a large sum of money Hammonton taxpayers will have to pay to get Stockton a classroom facility on Main Street. In a final blow to Hammonton, by the Town purchasing and owning the property in question, it will be removed from the town taxrolls, bringing further burden to Hammonton’s residents. The building in question would pay tens of thousands of dollars a year in property taxes if it remained privately owned as a commercial entity.

Let’s hope Hammonton’s Town Council will not stand for taxpayers footing a multi-million dollar bill for Stockton College while Stockton College pays $20 million to Seaview Resort.