When 28-year-old Ferdinand W. Roebling Sr. purchased his home at 222 West State St. in 1870 from U.S. Senator John P. Stockton, little did he know that the property was destined to one day become the headquarters for the state’s pre-eminent association serving all of New Jersey’s 566 municipalities.

Today, some 136 years after the second of three sons born to industrial magnate John A. Roebling acquired the historic building, financing from the New Jersey Economic Development Authority (EDA), Wachovia Bank and the Garden State Historic Preservation Trust Fund is making it possible for the League of Municipalities to relocate from its long-time 407 West State Street home to the larger, renovated former Roebling Mansion.

Permanent financing for the $6-million project, located within the State House Historic District and directly opposite the State House complex, will include nearly $1.4 million in low-interest EDA loans and a $3.6-million Wachovia loan provided under the federal New Markets Tax Credits program.

New Markets loans, which are also available through the EDA, are targeted for commercial, industrial and mixed-use projects in New Jersey’s economically distressed areas. The loans help to encourage investment and economic growth in these communities. A $40,000 EDA predevelopment loan also was used to finance a feasibility study for the project. Additionally, a $750,000 Capital Preservation Grant helped fund the restoration and preservation of the building.

Ferdinand Directed Finances
The financing package likely would have intrigued Ferdinand Roebling. As secretary/treasurer of the Roebling Wire Company, which his father founded in Trenton in 1849 at the height of U.S. Industrial Revolution, Ferdinand Roebling was the business’s financial officer.

The technology behind the business was the senior Roebling’s invention of wire rope, or steel cable, which had far-reaching applications for the transportation, communications and construction industries in a growing America. He chose Trenton as his new location to be close to the Cooper Iron Works business, his major wire supplier, and because of the city’s proximity to railroads, waterways and thriving East Coast markets.

John Roebling is best remembered for the application of his invention in suspension bridges, culminating in his design of the Brooklyn Bridge. John’s sons, Ferdinand, Washington and Charles, were all involved in carrying on their father’s business legacy. They incorporated after their father’s ironic death from tetanus poisoning, which he contracted during the early stages of the Brookyn Bridge’s construction.

Over its life span, the Roebling Wire Company/John A. Roebling’s Sons Company supplied steel cable for more than two dozen suspension bridges in the United States, Canada and South America. The company was sold to the Colorado Fuel & Iron Company in 1952, which, in turn, was sold to the Crane Corporation in 1969. All Roebling plants were out of operation by 1974.

Lone Surviving Roebling Mansion
The three Roebling sons all built homes along West State Street in the late 19th and early 20th centuries, but the residence at 222 West State St. is the only one that remains standing. The home, later occupied by Ferdinand Jr. and his sons, has been vacant for three decades, but not without controversy. An attempt by a developer to demolish the building, which is listed on both state and national Registers of Historic Places, was rebuffed in the 1980s. The city acquired the mansion in the late 1990s through eminent domain.

The League of Municipalities purchased the 5,000-square-foot structure from the City of Trenton in 2005 and is restoring much of the exterior and first floor. The second and third floors are being transformed into modern office space. Additionally, approximately 11,000 square feet of office space is being added to the rear of the building. The League will occupy about half the space and lease the remaining space to tenants. A parking lot will also be accessible at the rear of the property. It’s a major move for the League and a historically significant undertaking for the city. And, it was all made possible with a combination of public and private financing and a strong partnership among the EDA, Wachovia and the League.

Low-Cost Resources Available
New Markets, predevelopment and direct loans are among the many low-cost resources available along a continuum of financial and technical support made available by the EDA that is designed to make the community development process advance more quickly and cost effectively. To help build thriving communities, the EDA can work directly with a municipality, a community development organization, a private developer or a business seeking to embark on a redevelopment project or locate or expand in an area.

The EDA, for example, through its New Jersey Community Development Entity (NJCDE), recently finalized a $5.3-million loan to Matrix East Front Street Urban Renewal Associates, LLC, a unit of the Matrix Development Group that was part of the permanent financing obtained by Matrix to purchase and complete a 66,500-square-foot building in downtown Trenton formerly known as Liberty Commons. The building, now home to the southern New Jersey headquarters of Wachovia Bank, is a shining example of the city’s commitment to continue revitalization of its downtown district.

The New Markets Tax Credits program was enacted in December 2002 as part of the Community Renewal Tax Relief Act and is administered by the U.S. Department of Treasury through the Community Development Financial Institutions Fund. It offers a seven-year, 39-percent federal tax credit for investments made through community development entities, which use the capital derived from the tax credits to make loans to or investments in businesses and projects in low-income communities. Funds may be used for fixed assets such as building construction, renovations, real estate acquisitions and equipment purchases, and also may include working capital. Developers, businesses and nonprofit organizations are eligible. The projects must be located in an eligible census tract and in a Smart Growth planning area.

The EDA is making available New Markets loans up to $10 million. There are eligible areas in more than 175 New Jersey municipalities located throughout the state’s 21 counties.

October 2005 - After 30 years, Roebling Mansion outlook is finally positive By Glenn R. Modica