"This was certainly not something that was ever in my career trajectory or even something that I ever fancied pursuing," interim New Jersey City University President Andres Acebo told NJBIZ. "It would be completely disingenuous to even say that I had mapped out for myself, in my career, something that would lead to a university presidency. But I think sometimes the greatest privilege is being bestowed responsibility. And this institution has given me an opportunity to be responsible, in consequence of decisions that have been historically made and consequences."

The accord is the first of its kind involving a public university in the state, authorizing all university construction projects that exceed $5 million be completed by unionized workers.

Andres Acebo will be only the second Hispanic to serve as the leader of a public institution in the state, and, at 37, will be the youngest known president to ever lead a public university in New Jersey.

The moves are the latest attempts to right size the finances of New Jersey City University, which after eliminating five athletic programs earlier in December, still faces a $12.67 million deficit.

The move comes as New Jersey City University continues efforts to dig out of a financial hole and right-size its budget, decreasing the total number of sport offerings from 22 to 17.

The reorganization follows Gov. Phil Murphy's call for an investigation into New Jersey City University's finances by the state comptroller in the wake of reports that the school went from a $108 million surplus in 2014 to a $67 million deficit, with another $156 million in debt.

Gov. Phil Murphy recently requested the state comptroller look into New Jersey City University's financial situation. According to a spokesperson for the school, the move is well-received as it works "collaboratively with our partners ... to move our institution onto solid ground and set it on a path to future sustainability."

The school serves over 5,000 undergraduate students and thousands more at the graduate level. According to recent reports, over the past eight years it went from a $108 million surplus to a $67 million deficit, with another $156 million in debt.

The program provides career center funding and semester-long digital skills workshops to Hispanic Serving Institutions like New Jersey City University, where the undergraduate population is 45% Hispanic.

Sue Henderson has led New Jersey City University since August 2012.

The school’s Guarini Institute organized a three-day forum attended by representatives of the nation's Port of Ashdod as well as New Jersey participants across private, public and academic sectors with a focus on port management, cybersecurity, logistics and supply chain.

The joint degree program is the first of its kind between the universities and will allow students to have access to cybersecurity experts and faculty across both institutions.