Paterson (N.J.) district may buy elementary school building it has been renting

The Paterson (N.J.) district is looking at buying the building that houses Alexander Hamilton Academy.

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.