6C — January 25 - February 7, 2019 — Economic Development — M id A tlantic
Real Estate Journal
www.marejournal.com
E conomic D evelopment New Jersey Economic Development Authority
NJ Governor Phil Murphy unveils his vision to build a stronger and fairer New Jersey economy
n October 2018, New Jer- sey Governor Phil Mur- phy unveiled his vision to build a stronger and fairer New Jersey economy by introducing a comprehensive economic plan with goals to foster long-term, resilient, inclusive economic growth in the Garden State. As the agency charged with advancing several initiatives outlined in the plan, the New Jersey Economic Development Authority (NJEDA) is pleased to share some of the accom- plishments and changes that have taken place in 2018 in support of Governor Murphy’s plan. Several new offices were established within NJEDA in 2018 to focus on advancing specific strategic priorities out- lined in the plan. This includes the Office of International Trade and Investment, which is responsible for increasing Foreign Direct Investment into New Jersey by providing resources, information, and assistance for international businesses considering New Jersey as a business and in- vestment destination. Another newly established office within NJEDA is the Office of Eco- nomic Transformation, which supports Governor Murphy’s goal of making New Jersey the State of Innovation by developing and implementing initiatives and programs that will enhance the State’s long- term economic competitiveness in emerging sectors such as clean energy, infrastructure, advanced manufacturing, tech- nology, and life sciences. In addition to organization- al changes, new programs have also been introduced by NJEDA that are designed to support Governor Murphy’s goal of reclaiming the state’s preeminence in innovation. One example is the NJ Ig- nite Program, which provides rent support to technology and life sciences startups that are planning to move into col- laborative workspaces such as incubators, accelerators, or coworking spaces. NJ Ignite enables startups to realize the well-documented benefits of operating in collaborative workspaces, while helping the startups manage rent as a bar- rier to entry. For the collabora- tive workspaces, the ability to offer tenants grants through NJ Ignite serves as a powerful attraction tool. The NJEDA has also enlisted I
historic buildings. As part of the NJEDA, the Fort Monmouth Economic Revi- talization Authority (FMERA) is attracting investment and bringing jobs back to the re- gion that were lost when the Fort closed in 2011, with the goal of creating a vibrant “live, work, and play” environment. Redevelopment efforts led by FMERA have resulted in more than 70 percent of the property on the Fort being either sold, under contract, or advancing in some way, including the development of a technology hub that includes nearly 1,500 people already working on the Fort at various technology companies. Information about opportunities on the Fort can be found at www.FortMon- mouthNJ.com. Fostering a more dynamic, supportive environment for New Jersey’s entrepreneurs and small businesses contin- ues to be paramount to the NJEDA, and we have recently established a dedicated Small Business Services team within the NJEDA who will work closely with New Jersey small businesses to provide financial, workforce, and technical sup- port, with a focus on histori- cally underrepresented busi- nesses, including women, mi- nority, veteran, disability, and LGBTQ-owned enterprises. The programs and support available to businesses of all sizes through the NJEDA are part of a broader array of as- sets and resources that New Jersey has to offer includ- ing world-class institutions of higher education, a talented workforce, and infrastructure that connects millions of people and businesses to a strategic location in the heart of the Northeast Corridor. Under Governor Phil Mur- phy’s leadership and with his plan for a stronger and fairer New Jersey economy, New Jersey has a clear vision and a strategy that will set a path to once again be a leader in our national and global economy. A stronger and fairer New Jersey economy is a single goal – not two goals in tension with each other. By joining these goals, enhanced success can be achieved across measures that matter to all New Jerseyans. The NewJersey Economic Development Authority serves as the State’s prin- cipal agency for driving economic growth.
New Jersey Governor Phil Murphy announces his plan for a stronger and fairer New Jersey Economy at the new ON3 Campus in Clifton/Nutley.
the creativity and knowledge of New Jersey’s municipalities and counties by making fund- ing available on a competitive basis to support innovative proposals at the local level. The Innovation Challenge offers funding to New Jersey municipalities and counties in support of their specific plans to build or augment their local innovation ecosystems. The first round of the Innovation Challenge resulted in nine New Jersey communities each being awarded $100,000 to advance their planning projects in part- nership with higher education institutions and other strategic partners. Projects receiving funding include: the develop- ment of a technology hub for the food industry in Bridgeton, a needs assessment for the installation of a high-speed 5G fiber network in the com- mercial and industrial areas of Paterson and Passaic, and the development of an Avia- tion and Technical Academy
in Atlantic County to equip the local workforce with the skills to service the aviation indus- try. A second round of funding for the Innovation Challenge was recently launched and is accepting new applications through the end of January. Another example of NJEDA providing support to drive lo- cal planning includes the 21st Century Redevelopment Pro- gram, which was introduced in late 2018. This program will provide grant funding to assist communities with develop- ing solutions for repurposing vacant or underutilized office parks, corporate campuses, or retail properties. The 21st Cen- tury Redevelopment Program was launched as a pilot pro- gram with a total of $250,000 in funding and is currently accepting applications through the end of February. In addition to the signifi- cant progress made in 2018 advancing Governor Murphy’s economic development strate-
gic plan, the NJEDA is hard at work on new initiatives for 2019. This includes supporting new incentive programs proposed in the Economic Plan that are highly targeted economic development tools rather than standalone strategies. The proposed programs will place greater focus on targeted in- dustries, global/U.S. head- quarters, R&D activities, and foreign direct investments, with the creation of new jobs prioritized over the retention of existing jobs, and job creation and investment in urban cen- ters, distressed communities, and brownfield sites highly encouraged. Programs will include an annual award cap and other controls to ensure financial sustainability and transparency, while rewarding companies that invest in em- ployee skill development and other community-focused ef- forts, including infrastructure investment and revitalizing
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