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Mid Atlantic Real Estate Journal — Economic Development — January 27 - February 9, 2012 — 27A
E CONOMIC D EVELOPMENT
Jersey City Economic Development Corporation Jersey City continues as ‘The Gateway to Opportunity’ for businesses
W
hen the City’s cor- porate seal pro- claims, “Let Jersey
and its Urban Enterprise Zone Program for continuing to fuel the area’s economy with business-growth incen- tives and programs. The JCEDC is a multi- faceted, non-profit agency that utilizes its dynamic and strategic partnerships with government and non-govern- ment agencies — as well as its own network of businesses and business leaders — to help ensure the success of local commercial and indus- trial enterprises, especially those with 500 employees
or less. The JCEDC Small Business Assistance Pro- gram, for example, provides technical assistance to help new startups and established concerns with every aspect of owning and managing businesses, including writ- ing business plans. The pro- gram also offers financing to qualified businesses that may be utilized for repairs and renovations, machinery and equipment, furniture and fixtures, relocation and work- ing capital. Financing for renovations and expansions of business-owned properties
is also available, along with gap financing. Additionally, the program offers refinanc- ing of high-interest leases and business credit-card debt to help restore cash flow. The JCEDC is home to the Jersey City Urban Enter- prise Zone. One-third of Jer- sey City is designated as an Urban Enterprise Zone, and participating UEZ businesses may charge half the standard sales tax —just 3.5%— on certain goods and services. UEZmember businesses may also: purchase items related
to operating their businesses tax-free; be eligible for corpo- rate tax credits on new hires from Jersey City; save up to 50% on unemployment insur- ance taxes for the first four years; and take advantage of Façade Rehabilitation and Relocation grants. UEZ mem- ber businesses may also apply for the New Jersey Business Employee Incentive Program and Customized Training for Employees. For more information, visit the Jersey City Eco- nomic Development Cor- poration’s Website. ■
Prosper,” you just know that this is going to be one of the most business-friendly places anywhere. Indeed, Jersey City lives up to that motto on its seal, and being busi- ness-friendly has contributed to making this a world-class city. “JerseyCity has been trans- formed physically, economi- cally and culturally,” says Mayor Jerramiah T. Healy. “Our diversity, regard for tradition and appreciation of innovation provided the basis of our cultural and economic growth. But certainly, the vision and determination of our residents and business leaders have helped make this one of the most desired communities in the New York/New Jersey area.” An unprecedented num- ber of businesses — large and small, new and long- established — are located in Jersey City. Over the years, nearly 35,000 new jobs have been created within Jersey City. There has been a 500% increase in the number of Finance, Insurance and Real Estate companies locating in Jersey City, and about 85% of all NASDAQ stocks are traded on its waterfront. Many businesses locate in Jersey City because of its proximity to Manhattan, the world’s great seaports, three international airports (Newark Liberty, JFK and LaGuardia) and a compre- hensive mass transporta- tion network. Jersey City also has newer, less expen- sive commercial spaces with impressive amenities and technologies, and lower op- erating costs than those in Manhattan. The City’s care- fully planned development allows businesses to thrive amid incredible housing op- portunities, a flourishing cultural community, nation- ally known retailers, unique and culturally diverse dining spots and shops, and top- rated hotels. And in Jersey City, there is no city income, corporate, payroll or commer- cial rent tax. Mayor Healy credits the Jersey City Economic Devel- opment Corporation (JCEDC)
Jersey City, NJ: World-Class Destination for Successful Businesses
0RYH -XVWPLQXWHVIURP1HZ Building Businesses. Building Lives. Jersey City Economic Development Corporation Paid for by the Jersey City Urban Enterprise Zone Program. 30 Montgomery Street, Suite 820 Jersey City, NJ 07302 201.333.7797 Visit us online at www.jcedc.org.
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