YONKERS, N.Y. (AP) — The city of Yonkers may have to find another way to pay for school construction costs.
The cash-strapped city had proposed recruiting private investors to pay for refurbishing its schools.
But the Wall Street Journal (http://on.wsj.com/1dm6cWP ) says that plan suffered a setback on Wednesday when an initial financial analysis was deemed to have overestimated the cost savings by more than $200 million.
Mayor Mike Spano has been trying to find says to pay for the construction to reduce overcrowding in the 26,000-student district. Most of the facilities are 73 years old.
Spano says he wants the school board and superintendent to review the city-appointed commission's findings. But he says implementing a public-private partnership now seems less likely.
Yonkers faces a three-year budget gap of $377.47 million by fiscal year 2017.
Information from: The Wall Street Journal, http://www.wsj.com