By Rick Ritter/NBC40
September 27, 2011 

ATLANTIC CITY- Lt. Governor Kim Guadagno helped the New Jersey Chamber of Commerce honor four legislators and three business advocates for their outstanding economic growth work on Tuesday night. 

“This is the centential anniversary of the New Jersey Chamber of Commerce and this event here tonight is one of the ways we are celebrating our 100th anniversary and celebrating the legislators of the year and business advocates of the year,” says Ray Zardetto, Communications Director, New Jersey Chamber of Commerce. 

The business advocate awards were presented by Lt. Governor Kim Guadagno, as she honored Caren Franzini, the CEO of the New Jersey Economic Development Authority, and her group members Linda Kellner and Tracye McDaniel. The legislative awards were headed by Senate President Stephen Sweeney, along with Senator Steven Oroho, Assemblyman Albert Coutinho and Assemblyman John Bramnick. 

All parties were put aside for the night as Democrats and Republicans showed they can work together as they were honored for the same achievements.  

“We have both Republicans and Democrats that we are honoring tonight because both have done their fair share to work with the Governor and make our place and state more business friendly,” says Thomas Bracken, President, New Jersey Chamber of Commerce. 

“Everyone here is focused on the growth of our economy and how we can create jobs in the state. It doesn’t matter what your background is or where you come from. Jobs is a positive four letter word that everyone here stands behind, and we are all working together on it with a lot of support for a lot of different issues in the state,” says Caren Franzini, CEO, New Jersey Economic Development Authority.

By Richard Newman/The Record
September 27, 2011

 New Jersey had five banks this year on Sandler O’Neill & Partners’ annual list of 25 “Sm-All Star Banks,” which, in the New York City-based investment bank’s view, are the highest-performing publicly traded banks and thrifts with less than $2 billion in market capitalization.

 The banks are Bancorp of New Jersey in Fort Lee, Investors Bancorp in Short Hills, Oritani Financial Corp. in Washington Township, Peapack-Gladstone Financial Corp. in Bedminster and Valley National Bancorp in Wayne.

 The analysis of 486 banks nationwide is prepared for bank investors and focuses on growth, profitability, credit quality and capital strength.

 Most of the top performers are from Northeastern and mid-Atlantic states, where the economies have held up better than in other parts of the country, the reports said. New Jersey had more banks on the list than any other state, followed by Massachusetts, which had four.

By Joan Verdon/The Record
September 26, 2011

The retail vacancy rate in North and Central New Jersey improved slightly in July, coming in at 8.06 percent, the lowest rate since January, 2009, according to a new report from Paramus-based commercial real estate brokerage The Goldstein Group.

 Chuck Lanyard, president of The Goldstein Group, said that while retail vacancy rates are likely to remain high due to the sluggish economy, “we are seeing some positive signs and an increase in activity” in leasing.

 The firm, he said, also is seeing new retailers come into the New Jersey market for the first time. Included among those, Lanyard said, are Pet Supplies Plus, Hobby Lobby, Carsmetics, and Dr. Dental. New restaurant chains moving into the state include Brick House Tavern, which leased a location in South Plainfield, and Panchero’s Mexican Grill, which is building in Paramus and is looking for other locations.

 The Goldstein Group’s survey of retail vacancies, which it conducts twice a year, in January and July, found 7.8 million square feet of empty space among 96.8 million square feet of retail space on 22 retail highways stretching from Mahwah to Tom’s River. The survey does not include vacancies in enclosed malls.

 Vacancy rates along Routes 4 and 17 in Paramus rose slightly, but Lanyard said those results are probably a temporary blip reflecting a few properties that were in transition. “Paramus on a whole really is doing very well because it is such an important market,” he said, noting the recent openings of the REI outdoor store on Route 4 and the Jo-Ann Fabrics store just off Route 17. 

According to the survey, the retail corridors with the lowest vacancy rates in July were Route 17 in Ramsey and Mahwah; Route 3 in Clifton, and Route 23 in Wayne and Butler. Route 46 in Totowa and Fairfield had one of the highest rates, at 11.3 percent. 

Lanyard said that while he is seeing a lot of interest in properties from retailers and restaurants, “people are still really nervous about where the economy’s going.” 

New Jersey, however, Lanyard said, still has a lower retail vacancy rate than much of the country, where rates have soared to 15 percent – and as high as 20 percent in some states. New Jersey is the 11th most populated state in the nation, the most densely populated, and second wealthiest, statistics that make retailers eager to open stores here, Lanyard said.

A meeting of the Fort Monmouth Economic Revitalization Authority has been scheduled for Wednesday, September 21, 2011 at 7:00 pm at the Freehold Agricultural Building, 4000 Kozloski Road, Freehold, NJ 07728.  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.

September 19, 2011 Update
The proposed agenda for the September 21, 2011 FMERA Board Meeting is available here and through FMERA’s website at www.nj.gov/fmera.


Christie Administration Reaffirms its Commitment to Economic Development for the Fort Property

Eatontown, NJ (September 15, 2011) – The Fort Monmouth Economic Revitalization Authority (FMERA) will pause this afternoon to mark the end of an era.  At 4:30 p.m. today the American flag will be taken down from its flagpole at Fort Monmouth for one last time as a military installation during the final daily retreat ceremony.  Staff will honor this solemn event with reflection and admiration for all that has occurred on these grounds.  FMERA staff will then return to work and move forward with the unprecedented opportunity that lies ahead.  FMERA’s focus continues to be centered on creating an atmosphere that is conducive to investment and redevelopment. 

“There are three priorities at the Fort, jobs, jobs and jobs,” FMERA Board Chair James Gorman said.  “This Board has the needs of the community at the forefront of every decision it makes and we have already begun marketing the Fort property to employers and investors, with a high degree of interest from prospective tenants so far.” 

Currently, staff members at FMERA are holding regular meetings with the Army to ensure a smooth transition once the flag comes down.  From Fort security to environmental issues, detailed plans are being prepared with specific actions being taken to minimize any negative impacts on the community’s health and vitality through the transition period. Following the post’s closure, the Army will retain a small caretaker workforce, including contractors who will handle building and grounds maintenance and other upkeep activities. 

“FMERA recognizes the tremendous assets available at the Fort,” noted FMERA Executive Director Bruce Steadman. “We want to make it crystal clear to the surrounding community, potential investors, and employers that there will be a 24/7 police presence and that those assets will be protected and maintained as of September 16, after the Army leaves.  Having the New Jersey State Police provide law enforcement protection on the Fort only reinforces FMERA’s strong commitment to ensuring a secure environment.” 

“The New Jersey State Police are ready to provide law enforcement protection for the Fort.  Having a high level of security at the Fort is a key FMERA priority.  The partnership between FMERA and the New Jersey State Police has been a great one and we look forward to continuing our work together in furtherance of the redevelopment effort,” said Major Louis Klock, Acting Deputy Superintendent of Operations.                                        

Signed into law by Governor Chris Christie on August 17, 2010, FMERA was created to provide investment, continuity and economic growth to the communities impacted by the federal government’s decision to close Fort Monmouth.  FMERA replaces the Fort Monmouth Economic Revitalization Planning Authority and advances that entity’s Reuse and Redevelopment Plan for economic development, growth and planning, with a focus on technology-based industries, for the 1,126-acres of real estate at Fort Monmouth following the base closure on September 15, 2011. Chaired by James Gorman, FMERA Board members include EDA Chairman Alfred Koeppe, Governor’s Authorities Unit Director Deborah Gramiccioni, Monmouth County Freeholder Lillian Burry, Eatontown Mayor Gerald Tarantolo, Oceanport Mayor Michael Mahon, Tinton Falls Mayor Michael Skudera, New Jersey Department of Community Affairs Commissioner Lori Grifa, Department of Environmental Protection Commissioner Bob Martin, New Jersey Department of Labor & Workforce Development Commissioner Harold Wirths, New Jersey Department of Transportation Commissioner James Simpson, and Public Members Michael Pane, Esq. and Dr. Robert Lucky. 

The next Board meeting is scheduled for Wednesday September 21, 2011 at 7:00 p.m. in the Freehold Agricultural Building, Freehold, NJ. 

For more information, please visit us at www.fortmonmouthredevelopment.com.

JERSEY CITY, N.J. (September 12, 2011) – Lieutenant Governor Kim Guadagno recently met with Fluitec International and Fluitec NV to celebrate the company’s decision to consolidate its U.S. operations and all global corporate functions in New Jersey. The Belgian-based clean technology company currently has sales in 36 countries with offices in the U.S., Belgium and China.      

“Our administration has been saying for the last year and a half that New Jersey is open for business and the decision by Fluitec to establish operations in New Jersey reinforces that view,” said Lt. Governor Kim Guadagno. “I am most gratified that in deciding to establish operations in New Jersey that Fluitec recognizes the attributes we offer all businesses – an educated work force, a stellar transportation system, a great location and an enriching quality of life.” 

Fluitec develops and sells products that significantly increase turbine efficiency and reduce operations and maintenance costs through increased reliability and availability.  The products focus on real-time analysis, condition monitoring and contamination control. The roots of the company are in the technology developed by the U.S. Air Force to help helicopters stay afloat longer during the first Gulf War. This predecessor technology allowed for quick measure of antioxidant levels in helicopter turbines.  The technology has since been optimized, adopted and augmented to create products that monitor fluid degradation and remove degraded products.  In addition to improving turbine life, reliability and availability, Fluitec’s products also increase the life of machine oils by up to 400 percent. The business has averaged 80 percent annual growth rates over the last three years and expects this trend to continue. 

“With its talented workforce, diverse population, excellent transportation network and supportive State partners like Lt. Governor Guadagno, we are very pleased to announce our plans to relocate to and grow in New Jersey,” said Frank Magnotti, CEO of Fluitec.  “We expect to bring more than 80 jobs to New Jersey over the next five years and hope to soon be counted as one of the State’s many Fortune 500 companies.” 

Magnotti added that Fluitec has strong growth prospects due to its experienced management team, laser focus on customer service, and the huge market opportunity that exists in energy and industrial efficiency.  Fluitec was recently voted the “top company” at Cleantech Forums held in Paris and New York.   

The NJ Business Action Center (BAC) worked with Fluitec to help encourage the company to choose NJ over competing sites in Florida and Belgium.  Additionally the New Jersey Economic Development Authority (EDA) approved a Business Employment Incentive Program (BEIP) grant worth an estimated $927,600 over ten years tied to the creation of 30 new, high-paying jobs within the next two years. Fluitec expects to invest approximately $5.6 million to establish its New Jersey location. 

For more information on Fluitec, visit www.fluitec.com.

The New Jersey Economic Development Authority’s next public Board Meeting will take place at 2:00 pm on Wednesday, September 14, 2011 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.

By Phil Gregory/88.3 WBGO FM
September 7, 2011

New Jersey is taking action to help businesses recover from the damage caused by Hurricane Irene.

The New Jersey Economic Development Authority is expanding its business assistance program by partnering with more banks. Authority CEO Caren Franzini says a line of credit available to businesses that suffered storm damage is being doubled to a half million dollars.

“If you’re a supermarket you just lost all you food, if you’re a restaurant, if you’re a small business you lost all your computers, you need to get back into business this week,” she said. “We want the funding available to you now while you wait for your insurance or under FEMA payments.”

New Jersey Business and Industry Association president Phil Kirschner said some businesses were already having trouble getting credit because of the weak economy. Expansion of the assistance program will be a lifeline for companies that were hard hit by the storm, he said.

Meanwhile, more than 15,000 New Jersey residents have already filed claims with FEMA seeking help paying for damage from Hurricane Irene. All 21 counties have been declared major disaster areas.