In today's challenging fiscal environment, public-private partnership development projects can be the key to enabling redevelopment and expansion that might otherwise be out of reach.
PPP projects connect cash-strapped public entities with well-funded investors who can assume the majority of financial, development and operational responsibilities for projects designed to benefit public entities, such as universities and hospitals.
Today, an example of a successful PPP is the new $300 million Glassboro Redevelopment/Rowan Boulevard development project. As the largest municipal redevelopment project to date in New Jersey, the Glassboro Redevelopment/Rowan Boulevard is transforming Glassboro's downtown and adjacent Rowan University into a destination for shopping, dining, education and conferences. Making the project possible is a public-private partnership between the borough of Glassboro, Rowan University and private investors.
Public-private partnership solutions can expand the tax base in communities using private capital investment, rather than tax revenues or user fees. With thoughtful PPP planning and capital from private developers, vacant, untaxed land becomes a taxable property, benefitting public and private entities.
COO and CFO of Nexus Properties Inc.