The Passaic County Improvement Authority (PCIA) approved the issuance of not to exceed $60,000,000 Taxable Revenue Notes for the redevelopment of the Hinchliffe Stadium in Paterson, New Jersey.
“Passaic County is known for its rich history, and the redevelopment of the Hinchliffe Stadium will not only reaffirm that, but also restore a great recreational resource to our community,” stated Commissioner Director Pat Lepore. “We’re excited to be working with our partners on this initiative that will not only benefit residents with a new recreational space, but it will also benefit property owners.”
These notes will be non-recourse notes to the PCIA or the County and will help fund the Stadium, in part, by monetizing New Jersey Economic Redevelopment and Growth (ERG) Tax Credits awarded by the City of Paterson. The financing is part of nearly $94 million redevelopment project focusing on the preservation and rehabilitation of Historic Hinchliffe Stadium, a national historic landmark located within the Paterson Great Falls National Historical Park. The comprehensive community redevelopment project including the rehabilitation of Hinchliffe Stadium as a 7,800-seat first-class recreation, cultural, and entertainment facility; a restaurant and exhibition space of approximately 11,000 square feet; a 300-space parking garage; and 75 units of age-restricted affordable housing with ground floor childcare space.
“The PCIA is proud to be a part of this project which will create jobs and stimulate the local economy while also providing a venue for the community events” said PCIA Chairman Dennis Marco. “The Authority is in a great position to use its conduit financing powers to help this project move forward while, at the same time, bringing no financial risk to the PCIA or the taxpayers of Passaic County,” Marco added.
The Paterson Public Schools District will have primary use of the stadium which will include football, baseball, softball, soccer, and track and field. The Stadium will also be used to host events and performances. The exhibition space will highlight the stadium’s history as a Negro baseball stadium and celebrate the importance of Negro League baseball.
The project received the approval from the New Jersey Economic Development Authority for the ERG tax credits on February 10, 2021, the project is also receiving Federal Historical Tax Credits, Federal New Market Tax Credits, State Grants and previous contributions from the City of Paterson. The New Jersey Housing Mortgage Financing Agency has committed funding. The New Jersey Local Finance Board approved the Authority’s application to issue the notes at a meeting on February 10, 2021. The Authority’s action taken is subject to approval of the Board of County Commissioners.