Real Estate Journal — Economic Development — January 26 - February 8, 2018 — 15C
www.marejournal.com
M id A tlantic
N ew J ersey
By William O’Dea, Elizabeth Development Company EDC offers assistance to businesses and developers in accessing Local, State & Federal incentives T he Elizabeth Develop- ment Company prides itself on its knowledge
filling out a simple application online. If you buy $10,000 in new office furniture for your offices, you will save almost $700. Additionally, if you are a retail business, you can charge (for most purchases) only half of the normal state sales tax to customers! 2) GROW NJ offers incen- tives to eligible businesses that relocate or expand their opera- tions in the state. The amount of the award can be as much as $5,000 per employee. If you are a developer building a ho- tel, office or retail project, you
may want to seek out an ERGG which could result in a grant (paid from new state revenues your project generates) of up to 30% of your total project cost. 3) PILOT-Payment In Lieu of Taxes-Better known as a tax abatement. This too is general- ly for new projects and can give you up to 30 years of reduced payments to the City compared to conventional property taxes. Generally, the payment is based on either 2% of project costs or a fixed percentage of gross rents - usually 10-15%. Residential projects may also
be able to apply. 4) Employee Tax Credits and OJT Grants-When you hire eligible employees such as a dislocated worker or a person who has been out of work for an extended period, you can re- ceive a state and/or federal tax credit. These credits can range from $500- $9500 per employee. Additionally, you may also ap- ply for an On the Job Training Grant, which will pay up to 50% of a new hires salary for up to six months. As you can see there are many potential incentives to
you as a business or developer to come to New Jersey and es- pecially to Elizabeth. If you are already here there may be tax breaks you are not taking ad- vantage. To learn more, shoot me an e-mail to wodea@edcnj. org or call Elizabeth Develop- ment Company at 908-289- 0262. New Jersey is known as the Garden State and as such is a GREAT Place to Grow your business. William O’Dea serves as executive director with the Elizabeth Development Company. n
of all the po- t en t i a l i n - centives and b e n e f i t s a business re- locating to or expanding its operation in Elizabeth or elsewhere in
William O’Dea
New Jersey. From walking you through the Urban Enterprise Zone Certification process, to analyzing if a project should apply to the State for a GROW NJ Grant or Economic Rede- velopment Growth Grant, to explaining the intricacies of ap- plying to the City for a PILOT (Tax Abatement), to working with you to access federal and state employee tax credits and job training funds, EDC is a One Stop Shop here to serve the business and development com- munity. Here is a brief over- view of some of the programs: 1) Urban Enterprise Zone-If you are one the of eligible cit- ies in New Jersey and located in the zone, you can receive a 100% sales tax exemption for eligible business purchases by Ridgefield Planning Board approves Pfister application for 275,000 s/f industrial building RIDGEFIELD, NJ — The Ridgefield Planning Board approved an application to allow a 275,000 s/f industrial building on the 18.73-acre Pfis- ter Site at its monthly meeting last night. Located off Rte. 46 on the Eastern shore of Overpeck Creek, the Pfister site is less than one mile from the NJ Tpke. and two miles from the George Washington Bridge. “The team of Boswell En- gineering, Cole Schotz at- torneys and Environetics designers did a fantastic job preparing the plans for the site and clearly the Ridgefield Planning Board embraced this opportunity to revive one of its most prized commercial properties,” said William Procida , founder of Procida Funding , which financed the pre-development program. “We are gratified to see this project move forward and extend congratulations to the team. n
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