$295m US university PPP announced
The Rutgers University Board of Governors and Board of Trustees has endorsed the framework for one of the largest projects in the university’s history and the first new academic building in nearly half a century.
Work includes a 150,000 sq ft academic building to house several departments in the School of Arts and Sciences, a residential honours college and an 800-bed student residential facility which New Brunswick Development Corporation (Devco) is expected to own and manage.
Of the total cost, $199m would be financed through student residential and dining fees and $44m through general operating revenues, both over a 30-year period. Another $52m would be financed through state tax credits secured by Devco.
Formal negotiations between Rutgers and Devco are expected to begin in the coming weeks. If approved, the project would be completed by 2016.