With Help from Building Our Future Bond Act
Lincroft, NJ - The Building Our Future Bond Act will provide NJ colleges and universities with the capital needed to improve academic and research facilities, the first large scale capital investment in nearly 25 years.
The approval of this Bond Act will authorize the State to issue $750 million in new bonds to build higher education facilities. With a 25% match, Brookdale Community College would receive $16 million in much-needed capital monies.
At Brookdale, the funds would be used to build out the Higher Education Center at Wall that is also the home of the New Jersey Coastal Communiversity. “The classrooms, computer labs and office space at our Wall Higher Education Center are currently located in trailers. The funds would allow Brookdale to build a brand new facility and provide Brookdale and Communiversity students with a contemporary learning environment that will enhance their educational experience,” says Brookdale President Dr. Maureen Murphy.
The monies Brookdale has budgeted towards the remediation of that site could then be used toward maintenance projects that have been put on hold at the Lincroft main campus or the Hazlet, Long Branch or Neptune Higher Education Centers. “The key here is the flexibility we would gain from the bond funds to use on critical infrastructure and deferred maintenance projects at other locations,” explained Murphy.
About the Building Our Future Bond Referendum
The Building Our Future Bond Act moves to keep the best students, innovators and entrepreneurs in New Jersey. Our last major investment took place 24 years ago. Meanwhile, nearby states New York and Connecticut are investing hundreds of millions of dollars annually in higher education facilities.
The Bond Act passed this summer with overwhelming bipartisan support by the state legislature and signed by Governor Chris Christie. If approved by New Jersey voters in November, the referendum would authorize $750 million in State bonds that would provide grants to New Jersey’s public and private two- and four-year higher education institutions and restrict its use to construction and modernization of academic and research facilities only and not bureaucratic buildings or sports facilities.
The Bond also requires that every college and university that receives the capital project grants provide 25 percent of the funds to cover the cost of each project on its campus. In all, 49 higher education institutions stand to benefit. The last capital bond referendum for higher education in New Jersey passed with overwhelming public support in 1988.
The Building Our Future coalition is comprised of a broad-based support network that includes bipartisan leaders in Trenton, business and commerce groups from across the state, dozens of colleges and universities, trade unions and student organizations.