New Jersey Local Finance Board approves Newark’s nearly $500M elementary school lease

By: Samantha Olander

Outlets: Chalkbeat Newark

Published: October 14, 2026

Words: 575

Last Updated: 2 weeks, 3 days ago

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New Jersey finance officials voted Wednesday to approve Newark Public Schools’ nearly $500 million lease agreement for a new elementary school, advancing a controversial proposal despite concerns about its cost.

The state’s Local Finance Board approved the $498.4 million agreement 4-2 after a contentious meeting in which Republican lawmakers urged members to reject it and some board members questioned whether the school could be built more cheaply.

The decision moves Newark closer to opening a school for …

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