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$16.9 Million Tax Break Granted To New Medical School

Robert C. Garrett
Robert C. Garrett Photo Credit: HUMC

CLIFTON, N.J. -- The New Jersey Economic Development Authority (EDA) authorized $16.9 million in tax credits to help Seton Hall University and the Hackensack University Health Network go forward with plans to establish a private medical school at the former Hoffmann-La Roche campus, NorthJersey.com reports.

The facility, which is expected to open on the 116-acre site in 2017, will be the first new medical school in New Jersey in the last 50 years, according to NorthJersey.com.

The tax credits will be combined with an anonymous donor’s commitment of $10 million to help offset costs for the school, which the EDA expects will create 271 new jobs, NorthJersey.com reports.

In a joint statement, Robert C. Garrett, president and chief executive officer of Hackensack University Health Network, and A. Gabriel Esteban, president of Seton Hall University, predicted the tax credit would ultimately amount to an economic gain for the area, NorthJersey.com reports.

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