Newark's $498 million school lease plan is approved as opponents vow to fight on

Source Scout · NJ.com reports: Despite vehement objections from Republican legislators and others, a majority of the state Local Finance Board approved a plan by the Newark Public Schools district to lease an elementary school from a private developer for $498 million over 30 years. The board, an arm of the state Department of Community Affairs that reviews school and municipal finance projects, voted 4-2 to approve the lease deal, which now goes to state Education Commissioner Lily Laux for a final OK. The proposal has generated controversy since it was announced last spring, mainly for its cost, financing and ownership.

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