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