The district would need to borrow about $8.5 million to acquire the facility, reports northjersey.com.
The district rents the building for $1.1 million per year. If it bought the property, the district would pay about $650,000 per year through 2043 to complete the purchase.
Alexander Hamilton Academy has about 540 students in grades K through 8.
The Paterson district would borrow money through the Passaic County Improvement Authority. The New Jersey Local Finance Board approved the borrowing plan at its meeting earlier this month.
