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Hudson County introduces $76 million financing plan for Liberty Science Center high school project
Summary
County commissioners introduced an ordinance to enter a lease and development agreement with the Hudson County Improvement Authority to finance a Liberty Science Center high school project, estimated not to exceed $76 million; officials discussed a $10 million escrow transfer and a Dec. 11 public hearing.
Hudson County commissioners on the dais introduced an ordinance to approve a lease and development agreement with the Hudson County Improvement Authority for the Liberty Science Center High School project, with an estimated cost not to exceed $76,000,000 to be financed through county-secured lease revenue bonds.
The ordinance, presented as part of the county’s capital and bond-authority work, would allow the county to consent to financing and determine related matters needed for the project to proceed. Commissioners and staff spent substantial time asking how the project will be funded and when required escrow and board actions will occur.
During questions from commissioners, a representative identified in the meeting as Mike O’Connor said the Jersey City Redevelopment Authority (JCRA) and the authority must reach agreement on releasing escrow funds. "When the JCRA releases the funds from the escrow ... 10,000,000 of that will simultaneously be wired to the improvement authority," O’Connor said. He added that about $19,000,000 remains in the escrow account and that the authority expects to award the design-build contract after the county adopts the amended bond ordinance and the funds are available. He said procurement timing was tied to receiving proposals (received Oct. 17) and a 60-day window to award a contract.
Commissioners sought assurances that any required board actions—such as a JCRA board authorizing release of escrow—would occur before purchasing or contract awards. County staff said they were working with the JCRA and expected to know in the next day or two whether formal board action would be required.
The clerk noted the public hearing on the ordinance is set for Dec. 11. Until the hearing and any formal votes, the ordinance remains at the introduction stage.
Next steps: the ordinance moves to a public hearing on Dec. 11; staff said they will continue coordinating with the JCRA and the county improvement authority on escrow release and procurement milestones.
