Medical school approved for $16.9 million aid
Seton Hall’s School of Medicine was approved for $16.9 million in tax credits for the former Hoffman-La Roche site in Nutley and Clifton, N.J.
This financial support, which gives the credit to the medical school over 10 years, comes five months after the school was denied a $20 million New Jersey state grant for the project.
In a joint statement released by Seton Hall’s President A. Gabriel Esteban and Hackensack University Health Network’s President and CEO Robert C. Garrett, the two said, “We believe the tax credit award of $16.9 million will translate into a significant economic boost to the region.”
The New Jersey Economic Development Authority (EDA), an independent agency that finances small businesses to stimulate local economic growth and stability, granted this sum because of the economic benefits the School would provide to the area.
The venture is projected to yield a net benefit of $67.6 million back to the state over the next 20 years, according to the EDA. In addition, the School is set to create 271 permanent jobs and enroll about 1,200 students and staff members.
According to Garrett, a main goal of the site is to retain the physicians the School trains in order to help combat the predicted shortage of physicians in the state in the next five years.
When asked about further details on the progress of the project following this grant, Seton Hall’s Chief Financial Officer Stephen Graham said in an email, “We are in the middle of very complicated negotiations with multiple parties connected to the proposed Roche site.”
These negotiations include leasing about 14 acres of the 119 acre Roche site, which accounts for more than a third of the vacant commercial space, according to an EDA memo.
New Jersey’s first Catholic medical school was projected to cost around $75 million in construction alone by the time it is ready for its first enrollment, as soon as Fall 2017. A letter from Hackensack UHN and Seton Hall, published on June 26 in The Record, stated that the overall startup cost for this project will be nearly $200 million.
Emily Balan can be reached at email@example.com.