Did anyone see this? Have any thoughts on what it means? So RU still owns Ru-Camden but doesn't have direct control over Ru-Camden facilities? Control is only effected through the Ru-Camden Board of Directors?
New section) a. The board of governors of Rutgers University shall enter into a 99-year lease agreement with the board of trustees of Rutgers University-Camden, subject to the approval of the Joint Rowan University-Rutgers Camden Board of Governors, pursuant to which all property and assets of Rutgers University-Camden shall remain the property and assets of Rutgers University; except that Rutgers University shall have no responsibility or control over the property and assets or over the maintenance, insurance, and development of the property and assets. The lease agreement shall provide for an annual payment of $1 per year by Rutgers University-Camden to the board of governors of Rutgers University and shall also include the payment by Rutgers University-Camden of any debt service associated with the facilities and property of Rutgers University-Camden. At the end of the lease agreement Rutgers University-Camden shall have the option to purchase the property at fair market value, exclusive of any improvements, buildings, or fixed assets thereon.
That lease section is garbage. It is part of the legislation they initially tried passing. The joint Rutgers-Camden and Rowan board with full authority over both campuses is also not happening. There will be a joint board created but it is only for joint projects in health sciences between Rutgers-Camden and Rowan.
This post was edited on 6/29 10:34 AM by S_Janowski