In a bid to alleviate its ongoing financial struggles, the Lakewood School District is putting several properties up for sale, including the Ella G. Clarke Public School and Campuses One and Three on Linden Avenue.
The decision comes as the district faces mounting debt, recently securing a $65 million loan from the state, bringing its total debt to a staggering $230 million. The sale is seen as an attempt to generate revenue for the financially strapped district, though even at the high end of its estimated value, it is unlikely to make a significant impact on Lakewood’s fiscal crisis.
The financial troubles of the district have long been a source of concern, with repeated reliance on state loans to bridge budget shortfalls.
Adding to the controversy, a report published today by the Asbury Park Press revealed that Board Attorney Michael Inzelbuch has received millions of dollars in payments from the district, making him by far the highest-paid school board attorney in New Jersey. The report says that the state-appointed board monitor is now looking into his compensation.
Anyway to get this to become reasonable priced housing instead of just 5000 sf palaces or $1.5m duplexes?!
Sounds like DOGE needs to come to Lakewood…
Definitely financial shenanigans going on here!