Mid Atlantic Real Estate Journal — New Jersey — April 11 - 24, 2014 — 9B
www.marejournal.com
S OUTHERN N EW J ERSEY
OORHEES, NJ — Last year’s passage of the Economic Op- “We’re not Jersey City. We’re not Hoboken,” “We’re South Jersey.” — Capelli Economic Opportunity Act: Six months later, the ripple effect is already being felt regionally V
job-creation program, and the Economic Redevelopment and Growth Program provides de- velopment incentives. The formula by which money is administered was revised to better reflect regional differenc- es in population and industry to create more balanced develop- ment statewide. That created a larger pool of money for which businesses and potential busi- nesses in South Jersey could be eligible. “These new programs will help New Jersey to better com- pete with other states, such as
New York and Pennsylvania, which have been aggressively developing innovative incen- tive programs,” David Brogan, first vice president of the New Jersey Business and Industry Association, said in an e-mail Friday. “Under the act, New Jersey becomes much more attractive than it had been in the past.” The new law supports the small and medium businesses that are more prevalent in ru- ral, South Jersey communities. “We’re not Jersey City. We’re not Hoboken,” Cappelli said
after the breakfast. “We’re South Jersey, and many of our projects are much smaller than the projects that take place near the New York region. The lowering of the thresholds was necessary in order for us to attract the type of investment that we can have here.” Three projects for Gloucester County were secured thanks in part to the Economic Opportu- nity Act: the Paulsboro Marine Terminal, which will go online within the next year and be op- erated by the South Jersey Port Corp.; a huge redevelopment
project in Glassboro; and an expansion surrounding Rowan University. “We’re working so hard with our educational institutions to provide the education that our workforce needs,” said Gloucester County Freeholder Heather Simmons, liaison to her county’s Department of Economic Development. Busi- nesses “aren’t going to come here unless there are people to hire for those jobs.” Struggling urban centers, including Camden, got another continued on page 10B
portunity Act r e j i g g e r e d the formula to give South Jersey access to grants and tax incentives to lure busi- nes ses and i nve s t o r s -
Louis Cappelli
development carrots that the more heavily populated north- ern end of the state previously held claim to. Six months after the measure became law, many say the ripple effect is already being felt regionally. Among them are officials in Camden County and those as far south as Cumber- land and Salem Counties who gathered in Voorhees. “It’s already having an im- pact,” Camden County Free- holder director Louis Cappelli Jr. said at the Southern New Jersey Chamber of Commerce breakfast at the Mansion on Main St. “We are already get- ting interest from developers and businesses that want to relocate to Camden. We will be creating over a thousand new jobs this year and millions of dollars in new investment.” Cappelli gave a PowerPoint presentation on a large screen highlighting what the act was bringing to his county and oth- ers south of Trenton. Among other things, the new law pro- vides up to $175 million in state aid for economic-development projects for the city of Camden and $600 million for qualified residential projects statewide, and allows companies to pursue tax credits to create full-time jobs. Cappelli said he would an- nounce new projects in Camden and one in Pennsauken under the act in the next 30 days. “Right now, there are devel- opers and businesses meeting on a daily basis with Cooper’s Ferry and with the mayor of Camden,” he said. (Cooper’s Ferry Partnership is a non- profit focused on revitalizing and promoting Camden as a place to live, work, visit, and invest in.) Gov. Christie signed the act into law Sept. 18. It merged five state programs for luring and retaining industry into two and expanded their scope. The Grow New Jersey Assistance Program became the main
Relationship Driven. Execution Focused. Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.
Meridian Capital Group, LLC WYV\KS`HK]PZLKVUÄUHUJPUNMVY[OL MVSSV^PUN[YHUZHJ[PVU! 0UÄUP[`(WHY[TLU[Z )H[[LY`7HYR7SHaH5L^@VYR5@c c^^^TLYPKPHUJHWP[HSJVT
Made with FlippingBook - Online Brochure Maker