Passage of Building Our Future Bond Act Helps to Make Saint Peter’s Dreams a Reality
Jersey City, N.J. – Saint Peter’s University is pleased to announce that the institution’s School of Business and School of Education will undergo significant upgrades to their academic facilities due to the passage of the Building Our Future Bond Act. The Building Our Future Bond Act, Question #1 on the November 6 ballot, authorizes $750 million in State bonds, which will be used to provide New Jersey’s higher education institutions with a much-needed capital investment.
“We are extremely pleased that The Building Our Future Bond Act has passed.,” said Eugene J. Cornacchia, Ph.D., president of Saint Peter’s University. “This is more than simply about investing in the facilities of New Jersey’s higher education institutions; it is about investing in the future of our students and the economy of New Jersey We need to invest in our colleges and universities in order to attract students and keep them here in the Garden State and build our state’s economy. This bond referendum enables us to make the essential investments we need to provide students with the world-class education they deserve.”
Now that the initiative has passed, Saint Peter’s plans to create a simulated trading room floor for the Saint Peter’s School of Business where students would have access to a wide variety of real-time economic data and could practice interactive trading. Also, with the recent growth and interest in the University’s School of Education, especially the Saint Peter’s doctor of education (Ed. D.) programs with concentrations in educational leadership and higher education, the investment from the Bond Act will be designated to the ongoing education of New Jersey’s current and future teachers and school administrators.
In addition, the School of Business and the School of Education at Saint Peter’s will both benefit with new and improved smart classrooms and access to the latest technology that will ensure their ability to compete in the hyper-competitive marketplace. While a majority of the funds from the Bond Act will go to New Jersey’s public institutions, $50 million will be divided among the state’s 14 private institutions, making these upgrades possible for Saint Peter’s.
There are a number of reasons why the Building Our Future Bond Act was necessary for New Jersey, some examples include:
• New Jersey is one of only five states that spent no money on capital improvements for higher education in the last five years, a list that includes states like Alabama and Montana. Meanwhile New York and Connecticut are investing hundreds of millions of dollars annually in higher education facilities.
• New high-tech facilities at New Jersey’s colleges and universities mean a strong economy into the future, by preparing students to compete in a global economy with China and India – with good jobs and benefits. The ability to invest in our workforce means preparing for the jobs of the future and building a strong New Jersey economy.
• Bond Act funds will only be spent on academic and research facilities, not buildings for bureaucrats or high-priced sports arenas, and colleges will have to pay 25% of the costs meaning the benefits of the Bond Act go far beyond the initial investment. In this tough economic climate, this investment focuses on the most critical priorities to ensure New Jersey can compete.
New Jersey’s colleges and universities supported the Bond Act, which will provide institutions across the state with the funds to undertake new construction projects and make much needed upgrades to current facilities.
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Saint Peter’s University, inspired by its Jesuit, Catholic identity, commitment to individual attention and grounding in the liberal arts, educates a diverse community of learners in undergraduate, graduate and professional programs to excel intellectually, lead ethically, serve compassionately and promote justice in our ever-changing urban and global environment.