EDA approves tax exempt bonds for Rutgers project

The Economic Development Authority approved tax exempt bond status for a mixed use project planned at Rutgers University. Sign Up

The Economic Development Authority approved tax exempt bond status for a mixed use project planned at Rutgers University.

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College Avenue Redevelopment Associates plans to redevelop some 10 acres of land around the Rutgers University campus in New Brunswick that calls for  acquiring 5 acres along Seminary Place, a new 150,000-square-foot academic building, a 175,380-square-foot facility to provide 500 beds for honors students and a 242,090-square-foot, 130-unit, 520-bed apartment building.

The project is expected to cost some $350 million. Tax exempt bonds mean the interest payments on the bonds will not be subject to taxation, and carry a 32-year term.

EDA members said the status will enable the project to move forward. The purchaser of the bonds is Citigroup Global Markets.

Last month, the EDA approved a $33 million Urban Transit Hub Tax Credit. The project is expected to create 1,720 construction jobs.

EDA approves tax exempt bonds for Rutgers project