DRBA commits $5 million to Tech Park

Home/Archives/DRBA commits $5 million to Tech Park

The Delaware River and Bay Authority (DRBA) Commissioners unanimously approved $5 million in funding for the South Jersey Technology Park at Rowan University. The funding will be used to construct a 45,000-square-foot building on the Tech Park campus. The facility will accommodate academic and private sector research and development programs and provide the resources necessary to incubate small for-profit technology start-up companies.

“The South Jersey Technology Park has a number of advantages—situated near major highways; access to a skilled, talented labor market; and devoted advocates with a vision to improve the regional economy,” said Dr. Warren S. Wallace, vice chairman of the DRBA. “The mix of academia, research and development tools and technology incubation are the necessary ingredients to provide an atmosphere conducive for innovative and cutting-edge technological advancements that will create jobs.”

“My administration is working to make New Jersey the best place in the nation for scientific and medical research,” New Jersey Governor James E. McGreevey said. “The South Jersey Technology Park is an exciting part of that plan. The partnership between Rowan University and private sector researchers will help new high-tech companies get started; it will create good-paying jobs; and it will speed innovations from the lab to the marketplace. All of that will breed even greater success for New Jersey’s strong and growing economy.”

The University will repay the DRBA loan using fees charged to companies leasing space at the Technology Park. “We are pleased to have the Delaware River and Bay Authority’s confidence in this project. We should be able to have architectural plans in place and break ground within 8 months and have the building open approximately a year after that,” said Dr. Donald Farish, president of Rowan University.

Through its economic development powers, DRBA manages corporate and aviation properties—two airports in New Jersey (Millville Airport and Cape May Airport) and three in Delaware (New Castle Airport, Civil Air Terminal and Delaware Airpark). All DRBA operating revenues are generated through the bridge, ferry and airport facilities.