NEWARK-The city needs to raise $50 million tout suite or risk a state takeover and the proposed solution is dynamic, but perhaps only short-term.
By Paul Bubny & Ryan Clark|August 25, 2010 at 07:17 PM
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NEWARK-Taking a cue from a long-used commercial real estate strategy, the city is planning to sell municipal buildings to help close an $83-million budget shortfall, the Star-Ledger reported Wednesday. Under a plan released Tuesday, the Essex County Improvement Authority will sell bonds to buy the properties, including police precincts, firehouses and office buildings, then lease them back to Newark. The city hopes to raise $50 million through the sale. Andy Zezas, SIOR partner and GlobeSt.com blogger points out that the state of New Jersey and a few other city governments have looked into this option as well, so the plan isn’t radical for its originality.
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