PCIA Projects Paterson Parking Facility Paterson Parking Authority working in conjunction with the Passaic County Community College to build parking garage for use of students, faculty and visitors due to the growth of student population and projected growth. A Memorandum Agreement between the PCIA, PPA and PCCC set forth the terms of the project. The garage consists of approximately 960 parking spaces, 28,340 square feet of retail and office space with a walkway to connect the parking facility to the college. Preakness Healthcare Center Passaic County financed the expansion and renovation of the Center’s existing facility. The Authority first issued $65 million and later an additional $22.9 million in Bonds to construct a 259,736 square foot building with 340 additional beds, demolition of the existing building and landscaping around the new and old facility. The County owns the property and entered into a lease agreement with the Authority. The County will make rental payments to the Authority’s trustee to pay debt service on the bonds. Prosecutor’s Office Building Renovations were needed on an existing facility in order for the County to consolidate various functions of the Prosecutor’s Office into one facility. The Authority funded the project in order to make several renovations such as interior demolition, interior renovations, replacement of doors and windows, installation of wiring and fiber optic cables for technology, site work, landscaping and other improvements to premise. Haledon/Ringwood Pooled Loan The Passaic County Improvement Authority issued $8,587,000 in County-Guaranteed Loan Revenue Bonds to assist the Boroughs of Haledon and Ringwood in financing capital improvements. The Boroughs are the first municipalities to finance capital improvements through the Improvement Authority in addition to four County projects. By financing their short term obligations through the PCIA, the Boroughs were able to lock in low long-term interest rates and save dollars by sharing costs between both Boroughs.

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