New Jersey approves P3 law for universities

Legislation has been signed by Governor Christie to support the largest investment in higher education infrastructure in over 20 years.

Bill S-2501 authorises public higher education institutions to partner with private entities willing to underwrite the cost of construction for new facilities, while Bill S-2500 will see a public referendum take place to approve bond funding for upgrades.

"While issuing additional state debt is not a decision anyone should take lightly given New Jersey's current obligations, I believe the question must be asked of the voters," said Senator Tom Kean. "Improving higher education in New Jersey is about more than sending our kids to college; it is a decision about what kind of economy we wish to support in the Garden State."

Also, on May 3, the governor signed legislation that extends to August 1, 2013 from February 1, 2012 the deadline for state colleges and universities to submit project proposals to the New Jersey Economic Development Authority for its review and approval.