There will be a Special EDA Board Meeting on Tuesday, December 21, 2010 at 10 am at EDA Offices, 36 West State Street, Trenton, NJ. 







TRENTON, N.J. (Dec. 3, 2010) – The New Jersey Economic Development Authority (EDA) has approved over $15.1 million in funding for six projects under the Clean Energy Solutions ARRA Combined Heat and Power (CHP) Program. This competitive grant program was supported by the American Recovery and Reinvestment Act of 2009 and was jointly developed by the EDA and the New Jersey Board of Public Utilities (BPU).



Launched in September though a competitive solicitation, the program offered project-based grants to support the development, design and construction of commercial, institutional and industrial entity (including public and not-for-profit entities) CHP projects in New Jersey. The program made available grants equal to $450 per kW of installed electric generation, up to a maximum of $5 million.  The six approved projects are expected to leverage more than $101.3 million in total public/private investment, lead to the creation of an estimated 240 construction jobs and 18 new, full-time jobs, and reduce carbon dioxide emissions by 85,695 tons annually.



“CHP systems can provide power reliability for businesses and organizations throughout the state and result in daily operating cost savings,” said EDA Chief Executive Officer Caren Franzini. “From Newark to Atlantic City, this program provided an opportunity for the state to support important projects that will add efficiencies and make doing business in New Jersey less expensive.”



The six projects approved for funding include:




  • Anheuser-Bush, which was approved for a $3.2 million grant to establish a 7.965MW cogeneration plant at its Newark brewery;


  • DSM Nutritional Products of Belvidere, which was approved for a $3.1 million grant to purchase and install a 9.5MW cogeneration unit;


  • ACR Energy Partners LLC, which was approved for a $3.2 million grant to construct a 7.965MW cogeneration facility to serve a new casino in Atlantic City;


  • ACB Energy Partners LLC, which was approved for a $3.2 million grant to establish a 7.965MW cogeneration plant to expand the District Energy Center in Atlantic City currently serving the Borgata Hotel and Casino;


  • NRG Thermal Energy of Plainsboro, which was approved for a $1.9 million grant to establish a 4.6MW cogeneration facility that is part of an Energy Center it is developing to serve the new University Medical Center of Princeton at Plainsboro; and,


  • Ocean County College, which was approved for a $475,200 grant to support the construction of a 1.1MW gas engine generator at the college. 



“CHP is a clean and reliable approach to generating power and thermal energy and these projects help us move forward with Governor Christie’s plan to secure New Jersey’s energy future, enhance our environment and support economic development,” said BPU President Lee Solomon.



Governor Christie’s energy policy for New Jersey emphasizes in-state production of renewable and traditional energy sources with the goal of creating a stronger economy by making energy more affordable, more reliable and more often produced by New Jersey workers.  One of the state’s priorities in this effort is to enhance energy efficiency through on-site power generation with recovery and productive use of waste heat, and to reduce existing and new demands to the electric power grid by providing financial incentives for CHP installations.  A well designed and thermally balanced CHP plant operates between 60-percent and 85-percent thermal efficiency – more than double the efficiency of a standard central power plant. 



For more information on financial incentives for CHP installations, visit www.njcleanenergy.com or www.njeda.gov or contact the Business Action Center at (866) 534-7789.








 

A meeting of the Fort Monmouth Economic Revitalization Authority (FMERA) has been scheduled for Wednesday, December 15, 2010 at 7:00 pm at the Eatontown Municipal Building, 47 Broad Street, Eatontown, New Jersey 07724. Formal action may be taken at this meeting on an agenda which may include the FMERA 2011 Calendar of Meetings. 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.



 

December 16, 2010 Update

The full Board Meeting agenda from the December 15th meeting is available here and through FMERA’s website at www.nj.gov/fmera. 


Please note that actions taken at FMERA Board meetings are not effective until the Governor’s veto period has elapsed.  This is 10 days, excepting holidays and weekends, following the receipt of the minutes.

 

 












The Five (5) Words that Determine Base Closure Success
 
–Bruce Steadman

FMERA Executive Director

December 1, 2010




Five simple words; but they are critical to successful base redevelopment activities:






 
Survive closure; thrive after closure.


Surviving closure is the piece that occupies most communities.  There are many important issues associated with surviving closure that demand much attention: fire and police protection, utility maintenance, tax programs, affordable housing, street repair, school populations, environmental problems…… These are important issues and must be resolved. 



However, many base closure communities spend so much time and effort trying to find perfect answers to these difficult questions, with understandably exacting and detailed strategies to protect the interests of their constituents, that they lose sight of the ONE critical issue.  That is:






 
…how do we create an atmosphere whereby investors will invest and employers will employ, so that we can recoup the thousands of jobs lost and the millions of dollars lost?


There are many important issues, but this is the only critical issue.  Communities that transition with success through the complex and daunting tasks associated with base closure find a way to keep focused on the desired end result: thriving after closure. 

In the late 1800s, a large sailing ship left port destined for a city across the sea.  On board was a precious cargo and a hundred of the smartest and ablest seagoing men of their time.  Soon after departure, the crew members began debating several issues they deemed important: the size and shape of the sails, the color of the uniforms the officers would wear, what the galley would be serving for dinner, and which men would be assigned to the more comfortable berths.  As night approached, the debates turned to squabbles, and then to heated arguments, and then finally to fist-fights.  It took all of the officers, including the Captain and Helmsman, to maintain control as the fighting intensified.  With all of this happening, the ship floated adrift and into danger.  A storm approached and riled the waters.  Huge swells buffeted the ship, and wind-driven rain beat down in torrents.  Un-captained, the ship headed for the rocks protecting the coast of their destination.  The ship continued to flounder, and finally was overcome by a huge swell and began to take on water.  The crew hastened to make emergency maneuvers, but it was too late.  The ship lost its buoyancy, started to sink, and the wind pushed it toward the rocks.  One last swell swept over the ship, breaking it apart, and sending its precious cargo and able crew to the bottom of the sea forever, just a stone’s throw from the shore. 

Our precious cargo is the 1100 acres of land, buildings, and infrastructure that will be left behind by the U.S. Army.  To deliver this precious cargo successfully, we must keep our focus continually on our destination, and not allow ourselves to be distracted by the discourse and disagreement about the important issues along the way.  We have to work together to create that atmosphere whereby investors will invest and employers will employ, so that we can THRIVE after closure.

As the Executive Director of FMERA, I pledge that the FMERA team will focus every day, every week, and every month on delivering our cargo, and helping all of our constituents to do the same.  We will work diligently on resolving the important issues as we go forth, but always we will keep our focus on the end result, on helping our community to thrive.

I am honored to have been given the opportunity to be part of this great undertaking, and I look forward to the challenges and successes that we will find.  I would ask each of our constituents to be guided by the five critical words, as will all of us at FMERA, and I welcome your ideas and comments as we move forward.  Thank you.



 



TINTON FALLS, N.J. (November 4, 2010) – The Fort Monmouth Economic Revitalization Authority (FMERA) today announced that Bruce Steadman has been selected as the Authority’s Executive Director.



Steadman, who comes to FMERA with on the job experience in military redevelopment, said, “I am excited about the job ahead – I see this as a tremendous opportunity for economic growth in Monmouth County, as well as the State of New Jersey.” 

Steadman is the former President and CEO of the Plattsburgh Airbase Redevelopment Corporation in Plattsburgh, NY where he led and managed the redevelopment of the former Plattsburgh Air Force Base, which totals 3,500 acres.

The New Jersey Economic Development Authority (EDA), which staffs the activities of FMERA, conducted a nationwide search for the position. 

“Fort Monmouth has been a vital economic engine for nearly a century, and we feel confident that with Mr. Steadman leading the charge, we will continue to work successfully in collaboration with all partners – local, county and state – to promote job creation, with a commitment to recreation, open space and the highest quality of life for residents, visitors and businesses in the impacted areas,” said Al Koeppe, interim FMERA Chair, as well as EDA Chair.

FMERA was created to guide 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 (FMERPA) and will advance 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 its closure in September 2011.  In addition to staffing FMERA, the EDA will also serve as the redeveloper of the property. 

FMERA is scheduled to meet next on Monday, November 15, 2010.  The meeting will be held at the Tinton Falls Municipal Building, 556 Tinton Avenue, Tinton Falls and will begin at 7:00 pm.

For more information on FMERA, visit www.njeda.gov or www.nj.gov/fmerpa.





The Wednesday, November 10th FMERA Board Meeting has been changed to Monday, November 15th.




A meeting of the Fort Monmouth Economic Revitalization Authority has been scheduled for Monday, November 15, 2010 at 7:00 pm at the Tinton Falls Municipal Building, 556 Tinton Avenue, Tinton Falls, New Jersey 07724. Formal action may be taken at this meeting on an agenda which may include the FMERA 2011 budget and the award of a vendor contract for business operations and consulting services. 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.

November 16, 2010 Update
The full Board Meeting agenda from the November 15th meeting is available here and through FMERA’s website at www.nj.gov/fmera. 



Please note that actions taken at FMERA Board meetings are not effective until the Governor’s veto period has elapsed.  This is 10 days, excepting holidays and weekends, following the receipt of the minutes.

 


Investment is part of the Living Cities Integration Initiative to support ‘game changing’ innovations for urban areas
 
DETROIT, M.I. (October 28, 2010) – Living Cities, a collaborative of 22 of the world’s largest foundations and financial institutions, announced today that Newark is one of five cities chosen as winners in the new Integration Initiative, which supports game-changing innovations that will address intractable problems affecting the lives of low-income people.
 
In Newark and other urban communities, low-income residents cannot afford to live in a healthful environment, and the costs of unhealthy living further destabilize families and entrench people in poverty. Newark’s Strong Healthy Communities Initiative will address these unequal conditions through integrated investments in housing, public safety, access to healthcare, green space, fresh and healthy foods and employment.  Newark’s initiative will leverage cross-sector collaboration throughout Newark and maximize returns on economic development investment by linking those efforts to education transformation and workforce development. 
 
Through the Integration Initiative, Newark is eligible for up to $15 million in grants, commercial loans and Program-Related Investments (PRIs) to support its efforts. PRIs are flexible, low-cost loans provided at below-market rates to support charitable activity.
 
“We are honored to be only of one of five cities across the nation to receive this prestigious award,” said Newark Mayor Cory Booker. “Thanks to the leadership of the Center for Collaborative Change and Prudential, this philanthropic investment will strengthen Newark’s Strong Healthy Communities Initiative which will empower our most vulnerable residents by providing them with the resources they need to overcome significant challenges. Together with our community partners, the neighborhood revitalization we achieve as a result of this initiative will help us continue to build a stronger, safer, and prouder Newark.”
 
The Integration Initiative will leverage the financial investment, influence and leadership of Living Cities members to create a new framework for solving complex problems. It encourages local leaders to work together to challenge obsolete conventional wisdom, “rewire” the systems that are critical to making our cities places of opportunity for low income people, and drive the private market to work on their behalf.  The Integration Initiative seeks to institutionalize these changes through a focus on changing local, state and federal policy. The support to Newark is part of up to $80 million that will be invested in five metropolitan areas.
 
As part of its application, Newark’s public, private, philanthropic and non-profit sectors have agreed to work as true partners on the initiative. The Center for Collaborative Change coordinated the application and will lead the initiative with Prudential and the City of Newark. The Center for Collaborative Change is a community-based non-profit that brokers collaborative solutions to make Newark thrive. Partners of the Strong Healthy Communities Initiative include City of Newark’s Department of Economic and Housing Development and Department of Child and Family Well-Being, Brick City Development Corporation, New Jersey Division on Civil Rights, Newark Public Schools, members of the Newark Funders Group (a consortium within the Council of New Jersey Grantmakers), the Healthcare Foundation of New Jersey, and the Robert Wood Johnson Foundation.
 
Other partners include the Jewish Renaissance Medical Center, the Greater Newark Conservancy, Newark Now, LISC Greater Newark & Jersey City, New Jersey Community Capital, New York University, the Newark Alliance, B.R.I.C.K (Building Responsible Intelligent and Creative Kids), the Newark Police Department, the New Jersey Division on Civil Rights, Lotus in Action, Newark Rx, Newark Health Plus, and a growing list of other supporting partners who share a commitment to the initiative’s vision.
 
“We are excited about the opportunity to invest in Newark,” said Pablo Farias, Chairman of the Living Cities Board of Directors and Vice-President of Economic Opportunity and Assets at the Ford Foundation. “Throughout America, our cities are facing significant challenges, each of which is too large to be addressed by a single approach. Through this integrative approach, the public, private, non-profit and philanthropic sectors can work together to make our cities places of opportunity for low-income people.”
 
The Strong Healthy Communities Initiative will transform three Newark neighborhoods centered around Sussex Avenue School, Avon Avenue School, and Thirteenth Avenue School. In each neighborhood, the initiative will drive a comprehensive neighborhood revitalization strategy focused on alleviating the environmental conditions that create barriers to the educational and economic advancement of residents.
 
 “This selection represents a continuation of our relationship with Newark,” said Living Cities CEO Ben Hecht. “Since 1991, we have invested $13 million in affordable housing and other community initiatives, which has been leveraged to $115 million. In addition, senior mayoral appointees have taken part in our Project on Municipal Innovation, which is held in partnership with the Ash Center for Democratic Governance and Innovation at Harvard’s John F. Kennedy School of Government to help support public sector leaders at the municipal level. We look forward to working with this community create enhanced opportunities for low-income residents through the Integration Initiative.”
 
The five winners announced today were selected after a comprehensive competitive process. Other cities chosen for the Integration Initiative are Baltimore, Cleveland, Detroit and the Twin Cities region of Minneapolis/St. Paul. The announcement was made during a launch event at the Charles H. Wright Museum of African American History in Detroit.
 
The following is an overview of the initiatives to be undertaken in the other four cities.
 
Baltimore – Together with anchor institutions such as Johns Hopkins University, the Annie E. Casey Foundation, city and state government and non-profit partners, the Baltimore Integration Partnership will focus on creating job opportunities and improving neighborhoods in Central and East Baltimore, while preparing residents for opportunities created by the construction of the Red Line, a 14-mile east-west transit line.
 
Cleveland – The initiative will work with nationally significant institutions including the Cleveland Clinic, University Hospitals and Case Western Reserve University  to implement procurement, hiring, employee incentives and capital investment programs that develop local jobs and businesses that benefit low-income people in the region.
 
Detroit – By focusing on the Woodward Corridor, home to Detroit’s major universities and hospitals, the initiative will create a model for older industrial cities of concentrating population and activity in sustainable corridors, expanding opportunity for low-income residents, and reusing vacant land.
 
Twin Cities – The initiative takes advantage of substantial investments in three regional transit lines to create a model of how development of transit can expand opportunity for low-income people.  The initiative brings together leaders from local, regional and state government, along with the private, philanthropic and not-for-profit sectors to develop frameworks to create and preserve transit-accessible affordable housing and mixed-use, mixed-income developments; to help small, often minority- or immigrant-owned businesses weather transit corridor construction; and to forge planning and investment strategies that catalyze neighborhood-led development, link residents with job opportunities, and establish a more appealing private investment environment in transit corridors.
 
About Living Cities
Founded in 1991, Living Cities is a unique philanthropic collaborative of 22 of the world’s largest foundations and financial institutions. Over the past 19 years, Living Cities has invested more than $1 billion in American cities-leveraged into $16 billion and making a demonstrable difference in neighborhoods throughout the nation. Our members are not simply funders. They participate at the senior management level on the Living Cities Board of Directors and contribute the time of 80+ expert staff toward crafting and implementing an agenda that is squarely focused on improving the lives of low-income people and the urban areas in which they live.


Living Cities Members: AARP Foundation, AXA Equitable, Bank of America, The Annie E. Casey Foundation, Citi Foundation, J.P. Morgan Chase & Company, Deutsche Bank, Ford Foundation, Bill & Melinda Gates Foundation, Robert Wood Johnson Foundation, W.K. Kellogg Foundation, John S. and James L. Knight Foundation, The Kresge Foundation, John D. and Catherine T. MacArthur Foundation, The McKnight Foundation, MetLife, Inc., Morgan Stanley, Prudential Financial, The Rockefeller Foundation, Surdna Foundation Affiliate Members: The Cleveland Foundation, The Skillman Foundation
 
A PDF of the press release can be found on our website www.newarkchange.org


 

Please be advised that on March 10, 2010, the State of New Jersey received $215,904,000 in bond allocation authority to issue Qualified School Construction Bonds (QSCB) pursuant to the American Recovery and Reinvestment Act of 2009.  The State Treasurer has authorized the transfer of a portion of its allocation to the New Jersey Economic Development Authority (NJEDA) for the purpose of issuing bonds for the benefit of Charter School projects in New Jersey.

QSCBs may be issued to finance the construction, rehabilitation or repair of school facilities or for the acquisition of land where a school will be built. They provide low-cost borrowing to build and upgrade schools.  Investors who purchase QSCBs receive federal income tax credits at prescribed tax credit rates in lieu of interest.  These tax credit rates essentially allow a school to borrow without incurring interest costs.  For more information on the eligibility requirements for QSCBs, please consult bond counsel to the NJEDA.  A list of eligible bond counsel firms is listed on the NJEDA’s website at www.njeda.gov/web/pdf/Bc2002-2004list.pdf.

The State is actively seeking to identify projects that could utilize the QSCB allocation.  Please notify the NJEDA if you are interested in obtaining a portion of the available allocation.   All requests must meet the following requirements. 

Eligibility Requirements
  1. The project financing must be ready to close no later than December 31, 2010;
  2. The applicant must have site plan approval from the municipality in which the project resides;
  3. The applicant must have secured either:
    • A term sheet or commitment from a financial institution.  The financial institution must be willing to directly purchase the QSCB; or
    • An underwriter for a public bond issue; and
  4. The applicant must have a construction contract.  All construction contract quotes must include the payment of Prevailing Wage pursuant to the NJ Department of Labor and Workforce Development requirements.  The contractor must agree to adhere to the NJEDA’s Affirmative Action requirements; and
  5. The applicant must be in good standing with the NJ Department of Education.

Required Information

  1. Name of the applicant and the project user;
  2. Summary of the project;
  3. Amount of QSCB allocation request;
  4. Pro forma with proposed sources and uses and including projected income and expenses;
  5. Detailed construction budget; and
  6. Copies of all financing term sheets or commitment letters.

All responses must be accompanied by the required information and received no later than November 19, 2010 to:

Lori Matheus, Vice President-Regional Business Development
New Jersey Economic Development Authority
PO Box 990
36 West State Street
Trenton NJ 08625
lmatheus@njeda.com
 
All questions may be directed to Margie Piliere, Director of Business Development-North, New Jersey Economic Development Authority at (609) 292-0360.