Mayor Ravi S. Bhalla and the City of Hoboken today announced the administration’s intent to invest over $500,000 annually into the City’s four public school districts: Hoboken Public School District, Hoboken Charter School, Elysian Charter School, and Hoboken Dual Language Charter School.
Pending Hoboken City Council approval, the City will establish four trusts to allocate a portion of the funding made available through payment in lieu of taxes (PILOT) agreements with the developers of 770 House and the Hoboken Connect project to support the city’s public education system.
The new School Improvements Trusts will mark the first of their kind in the State, serving as an innovative financing solution to support public schools and their need for improved facilities.
The funding will increase each year by 2 percent over the lifetime of the PILOT agreements and can be used by each district to improve physical facilities, offset debt service, purchase equipment, make lease payments, conduct routine maintenance, and acquire additional properties, among other necessities.
“As a councilman in 2016, I was proud to vote for an idea that charted a course for the City to further support its public school system, and now as Mayor I am even more proud to turn this concept into real dollars,” said Mayor Bhalla. “I am thankful to the leadership at the Hoboken Public School District, Hoboken Charter School, HoLa, and Elysian Charter School for collaborating with my administration on this innovative funding solution. This is particularly important today to help close the gap of stagnant State Aid funding, especially when neighboring municipalities of similar sizes are realizing hundreds of millions of dollars more than Hoboken. I look forward to the Hoboken City Council’s impending adoption, so we can put the money to good use in support of our schools.”
The Hoboken City Council is scheduled to vote on the first reading ordinance to create the four trust funds for each school district during its regular meeting on Wednesday, Aug. 21, at 7 p.m. at Hoboken City Hall, 94 Washington St.
