TRENTON, N.J. (October 25, 2012) – Building on the Christie Administration’s commitment to fueling economic growth in New Jersey, the New Jersey Economic Development Authority (EDA) today launched a competitive solicitation to spur major residential projects in the State’s urban centers. The EDA will utilize tax credits under the Urban Transit Hub Tax Credit (UTHTC) program to support qualifying projects.
Those interested in applying for the program should visit: www.njeda.gov/uthtc-res
The solicitation, which closes December 20, 2012, will offer up to $100 million to support residential projects, and residential projects with mixed-used components, in eligible areas within the cities of Camden, East Orange, Elizabeth, Hoboken, Jersey City, Newark, New Brunswick, Paterson and Trenton. Tax credits are available for up to 35 percent of the total qualified capital investment per project with a maximum of $33 million, whichever is less. Last February, the EDA suspended applications for the residential portion of the UTHTC program, pending a review by staff.
“Governor Christie and the Legislature have worked to increase the efficiency of this program over the years, and as a result, New Jersey has been able to help advance transformational projects that are stimulating economic activity and improving the quality of life in our cities,” said Michele Brown, Chief Executive Officer of the EDA.
The UTHTC program was designed to encourage capital investment and increased employment in targeted urban rail transit hubs to catalyze economic development in these areas. Investors must make a minimum $50 million capital investment in an eligible location, with a minimum of $17.5 million of capital investment made in the residential component of the project. Tax credits are not distributed until a project is completed and the project has met the minimum $50 million investment criteria, offering performance based protection of public funding. Tax credits may be claimed over a 10-year period. No more than two projects per municipality will be awarded tax credits under the solicitation. All awards are subject to availability of funding.
Dates of note (all times are provided in Eastern Standard Time):
- Solicitation Opens: October 25, 2012.
- Mandatory Pre-Submission Conference: Friday, November 16, 2012 at 2:00 PM
- Q & A Period Ends: Thursday, December 13, 2012 at 5:00 PM
- Due Date: Submission Packages are due Thursday, December 20, 2012, at or before 3:00 PM
- Estimated Recommendation for Awards: April 9, 2013 EDA Board Meeting
- Expiration of Gubernatorial Veto Period: On or about April 25, 2013
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lieutenant Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA. The Partnership’s goals include attracting new business and helping existing businesses thrive by focusing on relationship building and person to person outreach, promoting the state’s incentives and resources, developing pro-growth policies, and assisting businesses in navigating state government and programs.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
Suburban News
October 17, 2012
Highlighting a Christie administration employment program that landed all ten graduates into jobs, Commissioner Harold J. Wirths of the Department of Labor and Workforce Development joined leaders of the New Jersey Business and Industry Association and the New Jersey Community College Consortium today in a tour of DureX Inc., a small manufacturing business that hired two of the graduates.
The 12-week “Fabricated Metal Product Training” program was launched as a pilot project earlier in the year by the Department of Labor (LWD), the New Jersey Community College Consortium (NJCCC) for Workforce and Economic Development and the New Jersey Business and Industry Association (NJBIA) Manufacturers Network. Even before the 10 graduates attended a course completion ceremony at Middlesex County College in July, half of them had received job offerings and all of them became employed in the weeks that followed.
Clifton Journal
October 12, 2012
Passaic County Board of Chosen Freeholders announced that Passaic County Department of Planning and Economic Development, Division of Economic Development and William Paterson University Small Business Development Center will sponsor a free seminar for Passaic County businesses Thursday, Oct. 18 from 8:30 a.m. to noon.
The seminar topic is “How to Secure Financing to Survive and Expand in a Challenging Economy” and will be held at William Paterson University, 1600 Valley Road, Wayne.
A meeting of the Fort Monmouth Economic Revitalization Authority (FMERA) Board has been scheduled for Wednesday, October 17, 2012 at 7:00 pm at the Tinton Falls Municipal Building, 556 Tinton Avenue, Tinton Falls, NJ 07724. Formal action may be taken at this meeting. A copy of the proposed agenda can be found 48 hours prior to the meeting at the websites of the Fort Monmouth Economic Revitalization Authority: www.nj.gov/fmera, and the New Jersey Economic Development Authority: www.njeda.gov.
By Tom De Poto/The Star-Ledger
October 9, 2012
Among the first orders of business yesterday for new Economic Development Authority president Michele Brown was to lift a cap on tax credits for residential projects.
With little fanfare, Brown got right down to business at her first meeting and rolled efficiently through the morning’s agenda in 70 minutes.
The board yesterday modified a decision at last month’s meeting that approved $100 million in Urban Transit Hub funds for large-scale residential development. The program had been on hold since February when demand outpaced the funding. The agency had approved $250 million in funds, with only about $30 million remaining.
Please be advised that the Urban Transit Hub Tax Credit Residential Competitive Solicitation, as outlined in this public notice posted in the New Jersey Register, is expected to be released in late October 2012. Deadlines for responses to the solicitation will be adjusted to reflect this revised timeframe.
The New Jersey Economic Development Authority’s next public Board Meeting will take place at 10:00 a.m. on Tuesday, October 9, 2012 at 36 West State St., Trenton, NJ 08625. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.
Basking Ridge Patch
October 2, 2012
New Jersey Lt. Governor Kim Guadagno visited Bernards Twp. on Monday to meet with business owners and discuss the state of business in Bernards, following an invitation from the Bernards Township Regional Chamber of Commerce, the chamber’s executive director said.
After receiving a call from the governor’s staff, the chamber’s executive director, Al LiCata said he arranged stops at several businesses in the downtown area to meet with the owners, a tour of downtown business area and a roundtable discussion with chamber members about “the state of business in Bernards.”
By Stacy Jones/Star-Ledger
September 27, 2012
When Mario Casabona reminded TechLaunch’s 10 resident CEOs on Tuesday to start thinking about tax returns, the room filled with groans and sighs.
The truth is that poring over Schedule C or 1065 forms is a good problem to have. As the first TechLaunch cohort, the entrepreneurs had $20,000 to spend on their startup companies and several even managed to find paying customers.
TechLaunch, a startup itself, is the state’s first technology accelerator. With a $150,000 investment from the New Jersey Economic Development Authority, and twice that in matching funds from private investors, the center has been mentoring, educating and grooming 10 early-stage companies for a Nov. 1 debut with investors. New Jersey hopes if it builds a startup-friendly ecosystem, with accelerators, incubators and affordable co-working spaces, the entrepreneurs will stay instead of flocking to New York City or Silicon Valley in California.