The Borough has evaluated subsequent events occurring after December 31, 2022 through August 31, 2023, which is the date the financial statements were available to be issued and identified the following financial transaction:

On January 27, 2023, the Borough entered into a build to suit lease of a building located at 101 North Gaston Avenue in Somerville, New Jersey and the surface parking lot and other improvements to be constructed on that certain parcel of real estate. The building encompasses approximately 45,475 gross square feet. The term of the agreement is forty years. Monthly payments range from $250,000 to $381,203 for a total over the lease term of $58,368,455.