Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approval of Application to the Local Finance Board in connection with the adoption of a capital ordinance providing for the financing associated with a Capital Lease to be entered into with the Essex County Improvement Authority.
Amount to be Financed: N/A
Source of Appropriation: N/A
Project Information: Approval of Application to the Local Finance Board in connection with the adoption of a capital ordinance providing for the financing associated with a Capital Lease to be entered into with Essex County Improvement Authority (the "ECIA") for the acquisition of approximately 21 buildings and the improvements thereto (which improvements are being made in the approximate amount of $17,000,000 pursuant to an engineering study that has been completed for the City) located at various locations in the City of Newark for an amount not-to-exceed $89,000,000. Said buildings are currently occupied and utilized by the City and will continue to be subsequent to a sale/leaseback transaction with ECIA. The buildings will continue to be maintained by the City as per the Lease Agreement.
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Additional Information: 8a (s) 092110