Return To Teachers Village, Part III: Who's Learning At Teachers Village?
Here's Part I of this series, and here's Part II.
Let's ask again: how much money have the taxpayers spent on Newark's Teachers Village?
Teachers’ Village represents a complex mixture of innovatively structured public and private financing: $22.7 million of Qualified School Construction Bonds were issued through the New Jersey Economic Development Authority (NJEDA) and purchased by TD Bank; a $4.25 million loan was secured from the Casino Reinvestment Development Authority; and a $1 million loan came from Brick City Development Corporation’s Urban Enterprise Zone Loan Fund, which helped to solidify a unique public‑private partnership with other lenders. The City of Newark provided a $2 million Community Development Block Grant and, in conjunction with the NJEDA, committed $5.3 million in Redevelopment Area Bond financing. NJEDA also issued $39 million of Urban Transit Hub Tax Credits, which were purchased by Goldman Sachs Bank, and New Jersey Community Capital deployed $10 million of its New Market Tax Credit allocations, which were also purchased by Goldman Sachs Bank.To be clear: that's mostly private financing. However, there were quite a few tax credits given for the project, as well as some outright grants. There's just no way Teachers Village ever would have become a reality without public funding.
Further, and most importantly: much of the rental revenue collected by the owners of - See more at: http://jerseyjazzman.blogspot.com/2015/12/return-to-teachers-village-part-iii.html#sthash.Hy6bct4c.dpuf