Moody's Investors Service said the settlement arrived at between the New Jersey Meadowlands Commission and Lyndhurst regarding unpaid township property taxes is a credit positive.

Under the settlement, the Meadowlands Commission, a state agency, must pony up $5 million to the township to settle all back taxes and liens, as well as make a payment-in-lieu-of-tax of $175,000 annually until the properties are sold or become taxable.

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