Newark May Buy Back City Courthouse, Other Properties: Report

NEWARK, NJ — Newark officials may be planning to buy back $61 million of properties from Fairfield-based Essex County Improvement Authority (ECIA), a report says.

The Newark City Council is slated to hold a public hearing and possible final vote Tuesday on an ordinance that would authorize a bond issue to purchase 16 local properties from the ECIA, Jersey Digs reported. (Read the full article here)

Those properties include multiple fire and police stations, the historic Newark Symphony Hall near Lincoln Park, the Municipal Courthouse on Green Street, the old police headquarters at the Ralph A. Villani Memorial Building on Franklin Street, and the offices of the city’s Finance Department on Broad Street, Jersey Digs stated.

Newark sold the 16 properties to the ECIA several years ago as part of a “sales-leaseback transaction,” Jersey Digs reported.

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