To: NJIT Faculty, Staff, and Students
From: Robert A. Altenkirch
Date: Friday, January 23, 2009
Subject: Gateway Plan update
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.