Summary
PATERSON -- More than $20 million in tax-free bonds is at risk as two Passaic County developers and a Paterson manufacturer scramble to secure bank financing for their projects ahead of a critical government deadline.
County officials say they fear the projects could lose the federal stimulus bonds unless they somehow secure financing commitments from local banks and submit complete applications to the state Local Finance Board by Nov. 10. That's the board's last meeting date before the tax-free bonds expire on Dec. 31.See the full content of this document
Extract
Time Running Out for $20m
Without the tax-free government bonds, some of the projects may not be finished, while at least one would be delayed while the developer searches for other finance options.
The projects are a multimillion-dollar renovation of the long- vacant ...See the full content of this document
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