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Improvement Authority confirms $7.3M deposit toward Hi‑Tech High project; commissioners raise enforceability of Jersey City operating pledge
Summary
Improvement Authority officials told commissioners $7.3 million of a $10 million commitment from Liberty Science Center has been deposited and that the remaining $2.7 million will arrive at closing. Commissioners questioned whether Jersey City's prior memorandum promising seat guarantees and a $2 million annual operating payment is legally enforceable under current State funding rules.
Hudson County officials said on Dec. 9 that $7.3 million from Liberty Science Center has been deposited with the Hudson County Improvement Authority toward construction of a new Hi‑Tech/Liberty Science Center high school, and that the remaining $2.7 million will be provided at bond closing.
Michael O'Connor of the Improvement Authority told the caucus the $7.3 million is in the authority's accounts and that the remainder of the developer's $10 million commitment will be…
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