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Alexander Hamilton Academy
Alexander Hamilton Academy
Alexander Hamilton Academy
Alexander Hamilton Academy
Alexander Hamilton Academy

Paterson (N.J.) district may buy elementary school building it has been renting

June 27, 2022
The district has been paying about $1.1 million per year to rent the building that houses Alexander Hamilton Academy.

The Paterson (N.J.) district is looking at buying the building that houses Alexander Hamilton Academy.

The district would need to borrow about $8.5 million to acquire the facility, reports northjersey.com

The district rents the building for $1.1 million per year. If it bought the property, the district would pay about $650,000 per year through 2043 to complete the purchase.

Alexander Hamilton Academy has about 540 students in grades K through 8.

The Paterson district would borrow money through the Passaic County Improvement Authority. The New Jersey Local Finance Board approved the borrowing plan at its meeting earlier this month.

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