Newark education officials plan to spend nearly half a billion dollars to lease a building to be constructed on the site of a shuttered Catholic school to ease overcrowding in schools located in the city’s Ironbound section.
An estimated cost figure of $498,397,000 was included in an advisory of a state-mandated public hearing on the proposed Riverfront School on Freeman Street, to be held Wednesday at 5 p.m. at Lafayette Street School, also in the Ironbound.
“At the public hearing the Board of Education will present the proposed terms of the lease and provide an opportunity for public comment,” states the advisory, which was issued by Newark Superintendent Roger León. “The estimated cost of the lease will be $498,397,000 funded with district funds.”…