A public hearing will be held by the New Jersey Economic Development Authority (NJEDA) regarding the proposed issuance of revenue bonds totaling up to $6 million. The hearing is scheduled for Thursday, October 9, 2025, at 10:00 a.m., in the main boardroom on the first floor at 36 W. State Street, Trenton, New Jersey.
According to the notice, "NOTICE IS HEREBY GIVEN to all interested persons that a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the 'Code'), will be held by the New Jersey Economic Development Authority ('Authority') at its regular monthly meeting on Thursday, October 9, 2025, which commences at 10:00 a.m., at the offices of the Authority in the main boardroom on the First Floor at 36 W. State Street, Trenton, New Jersey 08608, with respect to the proposed issuance by the Authority of revenue bonds, in one or more series, in an aggregate principal amount not to exceed $6,000,000 (the 'Bonds'). The Bonds will constitute 'qualified 501(c)(3) bonds' within the meaning of Section 145(a) of the Code and will be issued pursuant to a plan of finance as described below."
The proceeds from these bonds are intended to be loaned to Second Street Youth Center, Inc., a nonprofit organization recognized under section 501(c)(3) of the Internal Revenue Code. Funds from this financing will be used for several purposes: acquiring approximately 25,000 square feet of land; purchasing an existing building facility for use as an early childhood education center; acquiring associated property and equipment located at 200 Plainfield Avenue in Plainfield; establishing a debt service reserve fund if necessary; and covering certain costs related to issuing these bonds.
The announcement also clarifies that "The Bonds will be special limited obligations of the Authority payable solely from the loan repayments to be made by the Borrower to the Authority and certain funds and accounts established by bond documents relating to the Bonds. The Bonds will not be a debt or other obligation of the Authority or of any other governmental entity in the State of New Jersey."
Members of the public who wish to comment on any aspect of this project—including its merits or location—may attend in person or participate via phone using a provided call-in number.
Additionally, NJEDA’s website offers access to Google Translate for informational purposes only. The agency states that it does not review or endorse content translated through this service and users assume any risk associated with relying on such translations.
