Office of the President

MEMORANDUM

To: NJIT Faculty, Staff, and Students

From: Robert A. Altenkirch

Date: Friday, January 23, 2009

Subject: Gateway Plan update

I thought I would update you on substantial progress made toward realization of the NJIT Campus Gateway Redevelopment Plan. Wednesday evening of this week, the Newark Municipal Council unanimously adopted the Broad Street Station District Redevelopment Plan, and, because the Gateway Plan is a component of the Broad Street Plan, the Gateway Plan was adopted as well. Additionally, the Council passed a resolution confirming NJIT’s designation as Redeveloper for the Gateway Plan footprint, the designation being approved in March conditioned upon adoption of the Broad Street Plan.

Next steps are to negotiate a Redevelopment Agreement (RDA) with the City, which must be completed within sixty days of Plan adoption, and complete a Memorandum of Understanding (MOU) with Jones Lang LaSalle (JLL) as Master Developer for NJIT. Both agreements are being drafted for consideration by the Board of Trustees. The NJIT/JLL MOU will provide that JLL effectively takes on liabilities that NJIT may have as a result of the RDA between NJIT and the City. Once these agreements are in place, JLL will begin the process of securing investors and developers to execute the various components of the Plan.

While getting to this stage of the Gateway development effort has taken some time, we are, nonetheless, well-positioned to move forward with implementation.

Thanks,

Bob