New Jersey to Borrow $50 million More for 3rd Facility

A bill amended by the Senate Monday is adding funds to build an institute in Newark for studying adult stem cells.

This means that New Jersey would borrow $50 million in addition to $150 million earmarked for a New Brunswick-based institute and $50 million slated for a biomedical research center in Camden. The money would come from borrowing against future cigarette taxes.

The Assembly Health and Senior Services Committee has passed its version of the amended bill by a 9-2 vote. The bill includes the new New Jersey Institute of Technology, though not the added funds. Instead it allocates $50 million from the New Brunswick facility to the Newark facility.