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Essex County commissioners approve consent for ECIA bond sale to refinance, update Newark Teachers Village
Summary
The Essex County Board of County Commissioners voted to consent to an Essex County Improvement Authority financing to refinance existing debt and fund improvements at Newark Teachers Village, a 203-unit housing project on Halsey Street in Newark.
The Essex County Board of County Commissioners voted to grant consent for the Essex County Improvement Authority (ECIA) to issue bonds to refinance existing debt and finance improvements at the Newark Teachers Village, a mixed housing project on Halsey Street in Newark.
John Dracowitz of the Gibbons Law Firm told the board that the consent resolution would permit the ECIA to issue bonds in a not-to-exceed amount of $80 million, although the authority’s actual issuance on the transaction is expected to be about $40 million because other funding sources will be used. “This transaction is nonrecourse to the authority,” Dracowitz said, and “there is no county guarantee on this transaction.”
Frank McInerney, the county’s finance reviewer, said he reviewed audited financial statements for the developer and the projections provided. McInerney…
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