LYNDHURST, N.J. -- The acquisition and replacement of Lincoln School by the Township of Lyndhurst will primarily be paid by a reduction in debt, officials in Lyndhurst announced in a statement.
An analysis shows the estimated cost of financing $50 million will be paid by the reduction in EnCap debt.
The township will pay $2.037 million plus interest to retire the debt this year. Additional annual EnCap debt reductions will be made over the next several years.
The cost of Lincoln School's replacement will be absorbed in this financial schedule, as the EnCap debt is ultimately reduced, officials said.
The analysis illustrates that for a period of 11 years, 2018 through 2028, the average cost to the taxpayer will be approximately $40 annually.
A shared service agreement to replace Lincoln School with a new junior high school was unanimously approved by the Lyndhurst Board of Education and Board of Commissioners in a joint meeting in March, the Daily Voice reported March 3.
The new facility will be built on Matera Field off of Marin Avenue.
“This is an historic event,” BOE President James “Chizzie” Vuono said. “There hasn’t been a new building proposal since 2000, when we added onto the high school.”