The competition between five finalists was postponed in April by university President Richard McCormick, citing the state's budget woes and the fact that the rest of the state's colleges and universities face cuts of almost $169 million after the final budget is worked out. That budget is scheduled to be in place by the end of June as required by the state's constitution. The final budget is expected to include a combination of cuts and tax increases, possibly including an increase in the state sales tax from 6% to 7%. The $1 million donation will be used to complete the competition and pay for the subsequent design phase.
BOA's chairman and CEO Kenneth Lewis handed the $1 million check to McCormick on the Rutgers campus last week. "It's what I call seed money," Lewis told attendees at the presentation. "The College Ave. project is a priority for Rutgers and has tremendous implications for the city's broader economic renaissance," McCormick added.
The makeover plan was unveiled in early 2005, and the project will be anchored by a $125-million, 30-story, 300,000-sf mixed-use building. Rutgers itself will be a major tenant of the building, which is being developed by the non-profit New Brunswick Development Corp.
Changes to the campus itself are less certain, pending the outcome of the design competition. In general, it's expected to take the form of closing off College Ave. to vehicular traffic and turning it into a mile-long landscaped plaza. New academic buildings, housing and dining are other anticipated components.
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