18B — August 29 - September 11, 2014 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


2014 G overnor ’ s C onference EDA Board approves three Grow NJ projects located in a targeted community Board meeting highlights success of Economic Opportunity Act

RENTON, NJ — In support of the Christie Administration’s ef- forts to spur investment and job creation in targeted com- munities through the New Jer- sey Economic Opportunity Act of 2013, the state Economic Development Authority (EDA) announced that 68% of the projects approved under the enhanced Grow NJ As- sistance Program are located in a distressed municipality, Urban Transit Hub or Garden State Growth Zone, represent- ing over 80% of tax credits approved to date. T

“The Economic Opportunity Act was designed to encourage growth in targeted communi- ties, including transit hubs and municipalities that have long suffered from disinvest- ment,” said EDA chief execu- tive officer Michele Brown . “We are pleased the results to date illustrate that the Grow NJ program is working to effectively stimulate private investment and job creation in these communities.” The New Jersey Economic Opportunity Act, signed into law by Governor Christie in September 2013, created Grow

NJ as the state’s main job creation and retention incen- tive program. Grow NJ places extra emphasis on spurring development and private sec- tor job growth in targeted com- munities, offering enhanced benefits to businesses that invest in designated distressed or Urban Transit Hub mu- nicipalities, and “Garden State Growth Zones,” identified in the statute as the four lowest median family income cities in the state: Camden, Trenton, Passaic City and Paterson. At its August meeting, the EDA Board approved three

Grow NJ projects located in a targeted community. The Business Action Center worked in collaboration with the EDA to help cultivate these economic development projects, providing interde- partmental advocacy and on- going customer support. D i c a l i t e Mana g eme n t Group, Inc., which specializes in Diatomaceous Earth (DE) and Perlite products, is consid- ering moving its headquarters and constructing a process- ing facility in Pennsauken, a designated distressed munici- pality in Camden County. If

Pennsauken is chosen over a competing location in Pennsyl- vania, the company expects to create 36 new jobs and invest over $8.8 million. Sandy Alexander, Inc. is a full service graphic commu- nication company operating from a 134,000 s/f manufactur- ing and headquarters facility in Clifton. Its lease expires in May 2015 and the company has reached capacity. Sandy Alexander is contemplating an expansion in Clifton, a designated distressed munici- pality, or Rockland County, New York. The project would involve the retention of 216 jobs, the creation of 74 new jobs, and the investment of an estimated $2.8 million. Global payment solutions company First Data Corpora- tion is considering Jersey City for the home of its expanding security applications team. The alternative is to expand at its headquarters in Geor- gia. If the company chooses Jersey City, a designated Urban Transit Hub munici- pality, it expects to create 74 new jobs and invest nearly $1.4 million. As designated distressed municipalities, companies locating in Pennsauken and Clifton can be approved for a base award of $4,000 per job, per year under the Grow NJ program. Companies located in Urban Transit Hub mu- nicipalities may be eligible for a base award of $5,000 per job, per year. Bonus credits, ranging from $250-$3,000 per job, per year, are available to support the advancement of defined public policy goals, in- cluding targeted locations and industries. Dicalite, Sandy Alexander and First Data all received a bonus of $2,000 per job, per year for their respec- tive locations in a Transit Oriented Development, de- fined in the statute as a quali- fied business facility located within a ½-mile radius (one- mile in Garden State Growth Zones) surrounding the mid- point of a New Jersey Transit Corporation, Port Authority Transit Corporation, or Port Authority Trans-Hudson Cor- poration rail, bus, or ferry sta- tion platform area, including all light rail stations. The EDA is part of the state’s results-driven Part- nership for Action, the hub for all economic development activity in New Jersey. n

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