The Assembly and Senate today approved legislation, strongly supported by the New Jersey Business & Industry Association, which would appropriate the remaining $34 million from a voter-approved bond issue for construction projects at higher education institutions, and help boost technology and health science programs and renovate classrooms and labs.
The $34 million is the balance remaining from the $750 million Building Our Future Bond Act that voters approved in 2012. The 32 colleges and universities whose proposals won state-approval for this latest round of funding had to detail how their projects served students and aligned with New Jersey’s workforce needs.
“The higher education bond issue funds will enable our students to have the learning opportunities that are better than or equal to those offered by any other state,” said NJBIA President and CEO Michele Siekerka.
“We must reverse the trend where large numbers of our high school graduates leave New Jersey to continue their education,” Siekerka said. “Taxpayers invest billions in the K-12 education of these students, only to see these youngest millennials leave the state for college and never return.”
For this round of funding, the state received a total of 63 applications from 32 institutions. The applications were reviewed and recommendations were made by the Educational Facilities Authority, the Economic Development Authority, the Schools Development Authority and the Department of Treasury.
The list of approved projects, which will use both the $34 million in bond funds and $146 million from the Higher Education Capital Improvement Fund, can be accessed by clicking here.
The legislation, A-34, now awaits the Governor’s signature.