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Essex commissioners approve ECIA consent for bond refinancing of Newark Teachers Village
Summary
The board approved a consent resolution allowing the Essex County Improvement Authority to seek tax-exempt bond financing (authority issuance ~ $40 million; not-to-exceed $80 million) to refinance debt and fund improvements at Newark Teachers Village; commissioners emphasized the deal is nonrecourse to the county and limited to qualified institutional buyers.
The Essex County Board of County Commissioners on Wednesday voted to approve a consent resolution permitting the Essex County Improvement Authority to pursue tax-exempt bond financing to refinance existing debt and pay for improvements at Newark Teachers Village, an affordable housing project near Halsey Street.
John Dracovitz of the Gibbons Law Firm, representing the authority, told the board the transaction is structured as nonrecourse to the authority and the county and described a not-to-exceed authorization of $80,000,000. He said the authority’s issuance is expected to be approximately $40,000,000 because other funding…
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