N.J.S.A. 18A:64O-35 — Findings, declarations.

18A:64O-35 Findings, declarations. 2. The Legislature finds and declares that: a. Kean University is a public urban research university, accredited by the Middle States Commission on Higher Education, with campuses at three locations in New Jersey, including a main campus in Union, a virtual campus through Kean Online, and the only public American university campus in China at Wenzhou-Kean University, and operating under the authority granted pursuant to the �Kean University Act,� P.L.2021, c.282 (18A:64O-1 et al). b. Building on a distinguished 170-year history, Kean University serves as the State�s leading public urban research institution of higher education. In February 2025, Kean University officially earned an R2 research university designation under the Carnegie Classification of Institutions of Higher Education, recognizing the university's high level of research and doctoral activity. The university�s six colleges serve 14,000 undergraduate and graduate students in over 50 bachelor�s degree programs, more than 70 programs of graduate study, including seven doctoral programs, and 23 online programs at its New Jersey-based campuses. c. In 2025, Kean University is comprised of the College of Business and Public Management; the College of Education; the College of Health Professions and Human Services; the College of Liberal Arts; the Michael Graves College, which includes the Robert Busch School of Design and the School of Public Architecture; the Dorothy and George Hennings College of Science, Mathematics and Technology, which includes the School of Integrative Science and Technology; and Kean Online. d. Kean University�s mission is to create a world-class, innovative, and inclusive society through equity and excellence in teaching, learning, global research, and impactful public engagement. Since its inception, Kean University has focused on ensuring that students of all economic and social backgrounds gain access to excellence in higher education by eliminating roadblocks to their advancement. e. New Jersey City University is a 100-year old State college located in Jersey City, New Jersey. f. In 2022, New Jersey City University reported a structural deficit of $22 million, prompting New Jersey City University�s leaders to declare a fiscal emergency, which required the State to appropriate tens of millions of dollars of State aid to help New Jersey City University stabilize its finances and continue serving students. Additionally, the Office of the Secretary of Higher Education appointed a fiscal monitor (�State Monitor�) based upon a finding of instability in the financial condition of New Jersey City University. g. In December 2024, in response to a recommendation from the State Monitor, New Jersey City University sought proposals from four-year public universities accredited by the Middle States Commission on Higher Education for a potential strategic partnership or merger that would sustain access to higher education for the students and communities that New Jersey City University serves. Kean University, recognizing its ability to not only address the current needs of New Jersey City University students, but also its potential to enhance opportunities for future students, submitted a proposal to become the strategic merger partner of New Jersey City University. h. In March 2025, New Jersey City University�s Board of Trustees selected Kean University�s proposal, and Kean University and New Jersey City University exercised a letter of intent on May 15, 2025. i. Kean University has been granted broad powers as a public urban research university to undertake activities that are necessary or desirable for higher education purposes, including the ability to acquire property, enter into contracts, and make decisions regarding its future development. j. Recognizing the public importance of providing higher education to residents in New Jersey�s second most populous city, and determining that it is both necessary and desirable for university purposes, on October 1, 2025, Kean University and New Jersey City University entered into a merger agreement whereby Kean University will acquire New Jersey City University. The agreement stipulates that, after the closing of the merger, receiving approvals from the United States Department of Education and other regulators, and upon notification by the President of Kean University to the Secretary of Higher Education of New Jersey, New Jersey City University is to cease to exist as a separate entity and shall become an additional location of Kean University. k. The preservation of New Jersey City University�s mission through a merger with Kean University is within the public interest and has an important public purpose, as it will preserve and advance the missions of both institutions to uplift the communities they serve through teaching and research by dedicated and supportive faculty, staff, and partnerships that create opportunity and will provide enhanced educational opportunities to the students of New Jersey City University, Hudson County, and the surrounding region. l. It is in the overwhelming public interest of the State to assist Kean University in its merger with New Jersey City University. As such, it is the intent and purpose of the �Kean University � New Jersey City University Merger Act,� P.L.2025, c.218 (C.18A:64O-34 et al.) to effectuate the provisions of the October 1, 2025 agreement between Kean University and New Jersey City University in the most expeditious manner possible. m. As of June 30, 2024, New Jersey City University�s audited financial statements show long-term debt obligations exceeding $150,000,000 that is required to be assumed by Kean University upon the closing of the acquisition. In addition, New Jersey City University previously purchased various parcels of real property that were never developed as intended, and has approximately $43,000,000 in affiliated debt outstanding with respect to a residence hall on the campus. Despite attempts by New Jersey City University to sell portions of this real estate, sufficient assets do not exist to satisfy the outstanding debt obligations. Given the ongoing difficult financial circumstances at New Jersey City University and the proposed assumption by Kean University of these financial burdens, it is the purpose of the �Kean University � New Jersey City University Merger Act,� P.L.2025, c.218 (C.18A:64O-34 et al.) to ease administrative and regulatory burdens associated with this transaction to the extent reasonably possible, to allow the merger of New Jersey City University with Kean University as expeditiously as possible, to promote economy and efficiency in this transaction, and to ensure the ongoing financial stability of Kean University upon its merger with New Jersey City University. L.2025, c.218, s.2.

This is the verbatim text of N.J.S.A. 18A:64O-35, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.