Annie D'Agostino, Author at NJEDA

By Katie Eder/NJBIZ
June 15, 2012

After pitching the economic impact of business incubation to legislators across the state, the New Jersey Business Incubation Network has opened its 13th incubator at Warren County Community College’s Small Business Growth Center, in Phillipsburg, and sparked interest in the state’s other outlying counties to operate more.

According to NJBIN President Suzanne Zammit, while the network’s incubators usually focus on high-tech startup companies, WCCC will host a mixed-use incubator for all types of business ventures in Warren County, where opportunities for entrepreneurs to grow their companies were not previously offered. The 7,500-square-foot center includes office space available for lease at below-market rates, small and large conference and training rooms, shared Internet connection, audio and visual equipment, and in-house business experts.

To help the WCCC incubator grow in its early stages, NJBIN will bring in sponsors, local business experts and angel investors to implement educational programming about the resources available to startup companies.

MOU Between EDA and CRDA Supports Christie Administration’s Plan to Redevelop Significant Part of Atlantic City’s South Inlet

TRENTON, N.J. (June 12, 2012) – Building on the Christie Administration’s commitment to revitalizing Atlantic City, the New Jersey Economic Development Authority (EDA) today approved a Memorandum of Understanding (MOU) between the Authority and the Casino Reinvestment Development Authority (CRDA) that provides up to $50 million in financing for projects in the Southwest Inlet. The non-binding MOU authorizes the EDA to borrow a maximum of $50 million in special obligation loans from a lender to be identified through a competitive process. The CRDA is expected to take action on the MOU at its June 19 meeting.

“These funds are designed to advance significant, new development projects and recreational amenities in Atlantic City’s Southwest Inlet, which is one of the most beautiful and viable waterfront locations on the East Coast,” said Lt. Governor Kim Guadagno. “With the implementation of this MOU, the CRDA can begin work on improving the Atlantic City Inlet area adjacent to Revel Atlantic City and facilitating infrastructure improvements and development of new housing and retail projects.”

The CRDA has asked the EDA to borrow the maximum of $50 million in a special obligation loan from an approved lender in the form of two notes issued approximately 12 to 24 months apart and to advance the proceeds of the loan to the CRDA.

Once a lender is selected, the EDA will negotiate terms of the financing commitment. The EDA members must then approve both the lender and terms of the loan. Request for Proposals will be made available July 9 on the EDA website at www.njeda.gov.

On May 15^th, CRDA authorized a Preliminary Determination of Project Eligibility for the South Inlet Mixed Use Development Project involving portions of five city blocks in the South Inlet. The blocks are bordered by Connecticut, Rhode Island, Oriental and Pacific Avenues and encompass the Absecon Lighthouse and Park. The Preliminary Determination is a process to allow for planning and future expenditure of funds.

“We are pleased to be partnering with EDA to move the South Inlet project forward. This project is critical to the revitalization of Atlantic City as outlined in the Tourism District Master Plan,” said CRDA Executive Director John Palmieri. “The swift actions of the EDA to provide a funding source are indicative of the support Gov. Christie pledged when the Tourism District was created.”

EDA Chief Executive Officer Caren Franzini noted that in addition to these funds, CRDA will utilize future Revel-based revenues to proceed with approved redevelopment projects in the Atlantic City Inlet area. The proposed loan structure is a first step to facilitate this activity by using the EDA loan proceeds to acquire, demolish and improve sites in the area adjacent to Revel identified for redevelopment.

As prescribed in the MOU, repayment for the loan will include the full amount of the Revel Entertainment-Retail District Sales Tax Rebate and future sales of properties. CRDA will provide first mortgages on project sites acquired to the EDA to secure the bank loan and provide debt service coverage of payments on the loan.

These investments follow the EDA Board’s February 2011 award of an Economic Redevelopment and Growth grant (ERG) of $261,364,000 to Revel Atlantic City.

In addition to paying $5 million in annual revenue district payments to CRDA, Revel is also committed to expend the ERG payments for new development projects and recreational amenities in the Southwest Inlet, in accordance with the City’s Inlet Revitalization Plan. Proceeds of the ERG payments will be timed after the revenue payments and after the public infrastructure for these sites is complete with the $50 million in proposed loan.

The Christie Administration has taken unprecedented measures to revitalize Atlantic City including stabilizing the city’s finances and creating jobs through new business investment, authorizing the creation of the Atlantic City Tourism District, providing for the reform and modernization of New Jersey’s casino regulatory structure and paving the way for new investments in Atlantic City by providing for the issuance of two new casino licenses for facilities with a lower minimum bedroom requirement of 200 rooms rather than the 500 previously mandated.

A copy of the MOU is attached.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

A meeting of the Fort Monmouth Economic Revitalization Authority has been scheduled for June 20, 2012 at 7:00 pm at the Tinton Falls Municipal Building, 556 Tinton Avenue, Tinton Falls, NJ. 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 Mary Diduch/The Record
June 12, 2012

As a second-grader, James Gammon, 8, was receiving a lot of math homework.

Fortunately for him, his father had joined the growing trend of North Jersey entrepreneurs breaking into the app business. Rod Gammon launched a small software company in 2005, Limitless Horizons LLC, that soon picked up creating educational apps.

That’s when Math in a Minute, an application designed to help youngsters practice basic math skills, was born. After about a year on the market, the 99-cent app has thousands of downloads from international users who use it every week, and now the West Milford-based Gammons are working to launch their next app in September — a storytelling game inspired by James’ sister, 5-year-old Petra.

By Jared Kaltwasser/NJBIZ
June 11, 2012

The government’s broadest measure of unemployment and under-employment shows the labor situation in New Jersey is about average.

The Bureau of Labor Statistics Monday reported 16 percent of the state’s workers were “underutilized” in 2011. That statistic includes the 9.4 percent of New Jerseyans considered unemployed in 2011, as well as those working part-time instead of full-time, due to the economy; and those who were unemployed and open to work, but weren’t actively seeking it.

New Jersey’s 16-percent underutilization rate — referred to as the U-6 rate by the government — was up slightly from 2010 (15.7 percent) and in line with the national figure of 15.9 percent.

By Chris Bishop/Burlington County Times
June 6, 2012

Claudia B. Hawkins is a fairly new businesswoman.

So any knowledge she can gain about what resources are available from state government is a plus, said the Evesham resident and owner of Ethics Training and Consulting.

Hawkins was impressed with the New Jersey Resources for Business Growth hosted by the Burlington County Chamber of Commerce and held at the Mount Laurel campus of Burlington County College off Route 38 on Tuesday night.

“I liked the format, because there was time to go around and talk to the departments,” said Hawkins, a retired IRS agent.

The New Jersey Economic Development Authority’s next public Board Meeting will take place at 10:00 a.m. on Tuesday, June 12, 2012 at Rutgers University, Berson Boardroom @ The Center for Law and Justice (123 Washington St., 2nd Floor, Newark, NJ). 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.

By Katie Eder/NJBIZ
June 5, 2012

Top executives in New Jersey say their businesses and the state economy are becoming more stable, but a majority report plummeting sales volumes are affecting job creation, according to a quarterly survey of confidence among CEOs and chief financial officers.

“Everyone knows someone who is unemployed,” said Ren Cicalese, managing shareholder of Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co., which conducted the survey, released Thursday. “But executives are worried about their sales declining, so they’re holding positions more conservatively. We had a brief glimpse at optimism earlier in the year, but the many negative reports have belittled it.”

The number of executives who indicated the local economy was improving slipped from 20 percent in the first quarter of 2012 to 9 percent in the second quarter, while those who felt their businesses were improving fell from 30 percent to 16 percent. Still, 62 percent of the 82 executives surveyed believe their companies are currently stable, though 51 percent indicated they have no plans to hire in the next six months.

By Joshua Burd/NJBIZ
May 29, 2012

Business groups, government agencies and other organizations in New Jersey can apply for federal funding under a new $26 million program that aims to build clusters in advanced manufacturing industries.

The funding program was announced today as part of an effort to “foster innovation-fueled job creation through public-private partnerships” across the country, according to a news release from the U.S. Small Business Administration. Under the program, applicants can receive grants if they demonstrate a plan to grow a regional industry cluster, in part by building ties between “local economic development opportunities and advanced manufacturing assets.”

Such a program would likely resonate in New Jersey, where state officials have sought to promote clustering of industries, including manufacturing, as part of a new statewide strategic plan for economic development. The idea has been embraced by business leaders in some of the state’s key development regions.

A special EDA board meeting will be held on Friday, June 1, 2012 at 1 p.m., at the EDA Headquarters, 36 West State Street, 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.