In a public-private partnership, a university provides the land to build on, agrees to manage it upon completion, and will make lease payments thereafter. The private financiers dole out the cash to build the hall, and own the property.
Rutgers, along with other colleges and universities throughout New Jersey, could see an influx of construction money come their way next year if a ballot measure is approved this November.
Gov. Chris Christie signed a bill Aug. 8 that would ask New Jersey voters to approve $750 million in state money for various campus renovation and construction projects in an ongoing effort to replace aging buildings.
The law, known as the “Building Our Future Bond Act,” would be the state’s first campus bond act passed since the late-1980s. The $750 million up for a vote in November is less than one-third of the $3.5 billion in renovation funding first requested by higher-education decision makers from across the state.
If the bond is approved, the state funds would not be available for the state’s private colleges with an endowment of more than $1 billion.
For more campus construction news, see:
Anatomy of a campus construction project
- Extron AV Switching, Streaming, and Control Systems Aid Higher Learning at Idaho’s First Medical School - June 1, 2021
- Extron XTP, Streaming, and Control Systems Empower Point Park University’s Varsity Esports Program - June 1, 2021
- Extron NAV Series Delivers AVoIP Throughout Allied Health Veterans Hall at UNC Wilmington - June 1, 2021