The technology park on the grounds of the FAA’s William J. Hughes Technical Center will be an auxiliary organization of The Richard Stockton College of New Jersey.
- Terms of the agreement
The Aviation Research and Technology Park’s board is responsible for securing the lease transfer as well as a master developer for the park.
The park will be responsible for managing the property, its contracts and programs, as well as hiring and supervision of employees.
The park will provide the college all financial reports and audits as requested.
Stockton has the right to approve all financial decisions and contracts.
Stockton agrees to supplement the park’s operating revenue during the initial years of development. No specific amount is named.
Subject to the availability of surplus funds, the park will remit financing to Stockton each year to support college operations. The college is entitled a full account of the park’s financial decisions, including decisions about the amount of operation capital it retains.
The agreement will last for three years with an option to extend for an additional three years. After the initial three-year term, if the park is terminated, all of its assets will be turned over to Stockton.
Source: Master management agreement between the The Richard Stockton College of New Jersey and Aviation Research and Technology Park
Posted: Wednesday, September 18, 2013 10:43 pm
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Wednesday, September 18, 2013 10:43 pm.