PATERSON, NJ - Efforts to rehabilitate Paterson historic Hinchliffe Stadium got another boost on February 16 with the Passaic County Improvement Authority’s (PCIA) approval of the issuance of not to exceed $60,000,000 Taxable Revenue Notes for the project.
“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.”
A cornerstone of Mayor Andre Sayegh’s efforts to spur redevelopment in the Great Falls area, the Hinchliffe Stadium transformed site will include a 7,800-seat stadium and recreational and cultural facility with a museum dedicated to Negro League baseball. The project will also include 75 units of affordable housing for seniors and a 12,000 square-foot restaurant and event space. To accommodate residents and visitors, the project also includes a 315-spot parking garage.
“I have frequently referred to Hinchliffe Stadium as a ‘field of dreams,' and fervently believe that is a moniker it will live up to once again,” Sayegh said. “However, for us to get the teams that will call that historic ground home we need a full team effort from every level of government. PCIA’s recent approval shows again that when it comes to seeing this dream become reality we are leaving it all on the field.
New Jersey Governor Phil Murphy has voiced his support for the project numerous times including in December when he visited Paterson and, standing in the middle of the now nearly derelict facility, declared that it will have a “second act.” On February 10 the Murphy Administration made that support official when the EDA approved $67.2 million in Economic Redevelopment and Growth (ERG) tax credits for the massive renovation that is set to be completed by 2022.
These notes 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 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.
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