“Despite the economic challenges facing our state and our nation, the EDA continued to be a catalyst for achieving job creation and economic growth as we worked to support Governor Corzine’s comprehensive economic development initiatives,” said EDA Chief Executive Officer Caren S. Franzini. 

Preliminary 2008 results show that the EDA has delivered nearly $154 million of this total to nine designated cities included under the New Jersey Urban Fund – Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick, Paterson and Trenton – supporting over 1,200 current jobs, the creation of an estimated 2,700 new jobs, and total investment of more than $547 million.  An additional amount of nearly $69 million in bonds, loans, loan guarantees and environmental assistance grants has been provided to projects in other Urban Aid communities, supporting total investment of more than $140 million in the state’s economy and the creation of almost 900 new jobs. 

To support the growth of technology and life sciences businesses, the EDA has provided nearly $84 million under the Edison Innovation Fund in 2008. These investments have leveraged more than $129.6 million in total project costs and over 900 new jobs.

Among its other highlights in 2008, the EDA:

• Consolidated its resources with those of the New Jersey Commerce and Economic Growth Commission, giving businesses one location to visit for assistance and information.


• Reduced interest rate floors by 100 basis points, equivalent to 1 percent, on several of its lending programs to generate economic activity and met the changing needs of the marketplace.


• Created the FastStart for Small Business loan program to provide low-interest financing for New Jersey companies and the Urban Plus loan program to encourage business growth and community revitalization in urban communities throughout the state.


• Established the Clean Energy Manufacturing Fund in concert with the New Jersey Board of Public Utilities and the New Jersey Commission on Science and Technology to support the use of renewable energy and energy efficiency technologies.


• Earned the Soft Landings International Incubator designation from the National Business Incubation Association in 2008 for its Commercialization Center for Innovative Technologies in North Brunswick.  This award recognizes an incubator’s focus on welcoming international firms into its domestic market.


• Expanded its Preferred Lender Program, adding Cornerstone Bank, Columbia Bank, Peapack-Gladstone Bank, Roma Bank and Susquehanna Bank to increase access to timely and affordable financing for smaller New Jersey companies.

“Enhancing our urban communities helps to re-energize our cities and provides additional resources to encourage community economic development and growth,” said EDA Chief Executive Officer Caren S. Franzini. “The redevelopment of West Lake Avenue, particularly during these tough economic times, will serve to strengthen the Neptune community by providing residents with a neighborhood center and by stimulating economic growth in the city.”

CityWorks, a nonprofit corporation created in 2004 to facilitate real estate projects in economically distressed neighborhoods throughout New Jersey, was tapped by Neptune in 2006 to redevelop the commercial corridor of West Lake Avenue, an area that has been in decline since the 1960s.  With the support of various state and local governmental entities and organizations, the project aims to restore the commercial vitality of the corridor and create a town center for the community. 

“It is truly an historic day for Neptune to see the beginning of a project which has involved and touched so many lives within the Midtown community and all of Neptune,” said Neptune Mayor Randy Bishop. “I am proud of CityWorks, NJEDA, TD Bank and our own Midtown Urban Renaissance Committee for the countless hours and efforts that have made what many thought impossible, now possible.”

“Nonprofit empowerment and community development are at the core of CityWorks’ mission, and the West Lake Avenue project fulfills all aspects of that calling,” said CityWorks Executive Director Tom Clark.  “CityWorks is proud to oversee a project focused on recreating Neptune’s urban center to meet the needs of its residents and to serve as a catalyst for economic growth throughout the community.”

The $18.75 million redevelopment project consists of commercial and residential buildings, including a family health center, retail stores, office space, senior housing, off-street parking and a park.  State assistance included a New Markets Tax Credits allocation, $2 million loan through the Local Development Financing Fund, a $1 million EDA guarantee of a $10.7 million senior leveraged loan from TD Bank, and a $250,000 direct loan to bridge environmental funding resources.  The project is expected to create over 370 construction jobs and nearly 100 new, full-time jobs upon completion.
“TD Bank is proud to play a role in the revitalization efforts of Neptune and the surrounding communities,” said Jim Kiernan, market president, TD Bank.  “TD Bank’s involvement is at the heart of our community culture and we believe it is both a privilege and responsibility to support our community.”

The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the States strategic advantages to attract domestic and international business.

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

Trenton, N.J. (Dec. 10, 2008) – After remaining unfinished for more than 80 years, the third floor of the historic Trenton Masonic Temple is being renovated and improved for use as the new headquarters for the same architecture and planning firm that is overseeing the rest of the building’s restoration and rehabilitation.

Clarke Caton Hintz (CCH) is completing the nearly $3.5-million third-floor renovation project for its new main offices at 100 Barrack St. in the heart of the State House Historic District after exploring various options for expanding and relocating its business.

“Urban revitalization is a critical element of our strategy to ensure New Jersey’s economic strength,” said New Jersey Economic Development Authority (EDA) Chief Executive Officer Caren S. Franzini at today’s unveiling of the CCH facilities.  “The firm’s decision to move into the Masonic Temple will keep a successful local company and important jobs in our state’s capital city as it preserves an historically significant building.  It’s a great example of Trenton’s past melding with its bright future.”

CCH is making the transition with the help of a $1.5-million loan from the EDA’s Urban Plus program.   The low-interest loan is part of a financing package that also includes funding from The Bank of Princeton and the state’s Urban Enterprise Zone Program.

“Urban Plus was specifically created to support Governor Corzine’s strategic economic development focus on nine key urban centers in New Jersey, including Trenton,” Franzini said.  “This Masonic Temple project is a big step forward for Clarke Caton Hintz and the city.”

CCH, which is currently located in West Trenton, has signed a lease to occupy the approximately 14,500 square feet of third-floor space and anticipates relocating its nearly 40 employees to the Masonic Temple in June 2009.  The firm expects to create 10 new jobs within two years.

CCH had outgrown its West Trenton facility and became aware of the available space at the Masonic Temple and its adaptability potential for new offices during the process of preparing New Jersey Historic Trust grant applications associated with the building’s renewal, said John D.S. Hatch, AIA, a CCH partner managing the project. 

As CCH continued to work with the Masons on the long-term stabilization and renovation of the building, the third-floor relocation seemed more and more intriguing, he said.

“The move will allow for better communication and interaction among our various disciplines,” Hatch said.  “So much of our work is about urban revitalization, smart growth and sustainable design.  These are all perfectly embodied in this project.  This project is a wonderful expression of what Clarke Caton Hintz is all about.”

CCH has an extensive portfolio of work in urban design and community development throughout New Jersey, including the planning of large-scale, mixed-use projects in the urban communities of Trenton, Newark, Hoboken, Jersey City, Plainfield and Atlantic City.  It was responsible for the renovation and expansion of the Roebling Mansion at 222 W. State St., which now serves as the home of the New Jersey State League of Municipalities, as well as the multi-phase redevelopment plan for the 40-acre Roebling complex, both in Trenton.  The EDA provided nearly $1.4 million in financing to support the League headquarters project.

Hatch says the EDA loan was critical to advancing the transformation of the Masonic Temple’s uppermost floor.  “We needed to find financing that was as cost-effective as possible. We had done work with the EDA before, so we looked to see what EDA product would be the best fit for us,” Hatch says.  “Urban Plus worked.”

The EDA loan is being used to pay off a portion of a Bank of Princeton construction loan, which closed Sept. 5, and will be finalized after a certificate of occupancy is issued.  The interest rate on the EDA loan will be fixed at closing at one-half of the Federal Discount Rate with a floor of 2 percent for the first five years of a 10-year term.  The balance of the construction loan then will be converted to a permanent loan on the bank’s books.

The Urban Plus program provides financing up to $5 million for small, woman-owned or minority-owned businesses, manufacturers, redevelopers and nonprofit organizations in nine targeted municipalities that also include Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick and Paterson.  Eligible borrowers must have the support of the municipality in which their project is located and possess fixed-asset collateral such as real estate or equipment.  Funding provided by the EDA must be used to create or maintain jobs, increase ratables or leverage public financing by a ratio at least 1:1.

CCH’s new offices have been designed to meet certification standards established under the Leadership in Energy and Environmental Design (LEED) program for commercial interiors.  The designation is awarded by the U.S. Green Building Council, a Washington, D.C.-based nonprofit coalition of building industry leaders, which administers the national ratings for high-performance, sustainable buildings.

The design for its new facility takes advantage of the extraordinary spatial and material qualities of the third floor, Hatch says.  Steel trusses supporting the roof are being exposed and new skylight openings have been added.  Most of the large, open spaces remain unobstructed, providing drafting and work spaces for the architects and planners.  Enclosed offices and meeting rooms are located along the perimeter, enclosed with a glass partition system that continues to allow light into the center.

The mezzanine is expanded and houses the library, additional drafting space and a staff meeting area.  The concrete columns remain exposed, along with some of the brick exterior walls, providing a satisfying contrast with the new, modern materials and systems, CCH says.

The Trenton Masonic Temple was originally constructed in 1927, the same year that Charles Lindbergh completed the first solo trans-Atlantic flight from New York to Paris, the Holland Tunnel opened under the Hudson River to connect New York and New Jersey, and Babe Ruth set a single-season Major League Baseball record by hitting 60 home runs.  It is the last of the impressive lodges in the state still used by the Masons.  The Grand Lodge of Masons in Burlington City acquired the Neo-Classical limestone building in 2004. 

A $750,000 grant from the Garden State Historic Preservation Trust Fund was awarded to the Masons to help pay for the structure’s exterior restoration, interior rehabilitation and repair, and accessibility improvements that were recommended in a preservation plan that was funded by the Trust in 2002.  This work is largely completed, and the first two floors of the building are now available for public meetings and conferences.

To learn more about EDA products and services to assist redevelopment projects, contact EDA Customer Care at CustomerCare@njeda.com or (609) 777-4898.  For more information about doing business in New Jersey, visit www.NewJerseyBusiness.gov.

The EDA is a state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and real estate development activities.

Iselin, N.J. (December 9, 2008) – To help New Jersey businesses face the fiscal challenges of the current national economic crisis, Governor Jon S. Corzine today signed legislation creating the Invest NJ Program. The bill, A3294/S6, establishes the program within the New Jersey Economic Development Authority and authorizes $120 million in grants to stimulate capital investment and job creation in the Garden State for a two-year period.

“We can either wait for the economic cycle to take its course, or we can act now to mitigate the effects of the recession, curtail its duration, and better position New Jersey to take advantage of the recovery,” Governor Corzine said during his address at the New Jersey Business & Industry Public Policy Forum. “We must regard this downturn as an opportunity to re-align our priorities and improve the business environment.

“With the Invest NJ bill that I am signing today, we are taking a necessary step to get New Jersey businesses investing again to make capital investments that spark economic growth throughout this state.”

The program, part of Governor Corzine’s Economic Assistance and Recovery Plan presented to the Legislature in October, is comprised of several facets.

One component provides a $3,000 grant to New Jersey businesses for each new job created and retained for one year. To be eligible, businesses must have operated continuously in New Jersey for at least the prior two years and must employ at least five full-time workers.

“The signing of this bill signifies the State’s commitment to help improve its own economic status at a time when the financial stability of the nation is in question,” said Senator Barbara Buono, (D-Middlesex), who chairs the Senate Budget and Appropriations Committee. “With this law, we are picking ourselves up by our own bootstraps, and providing resources for home-grown businesses to grow and thrive in the Garden State.”

The job creation grant component will provide up to $50 million, not to exceed $500,000 per grantee, for each eligible position created after Dec. 1, 2008 and before Jan. 1, 2011 by qualified businesses that experience a net increase in employment of eligible positions in the state during the same 12 consecutive months.

“In these tough economic times businesses are going to be looking to cut costs and consolidate anywhere they can, which could translate to an even higher number of lay-offs for New Jerseyans,” said Senator Shirley Turner, (D-Mercer). “Through this new law we are easing some of the financial burden on local businesses, and laying a strong foundation for them to be able to flourish, and for New Jerseyans to be able to remain employed.”

“Employees and employers both need confidence that much-needed jobs will remain in New Jersey,” said Assemblyman Nelson Albano (D-Cumberland/Atlantic/CapeMay). “With this measure in place, we can ensure they will.”

Another component of the program authorizes the payment of grants equal to seven percent of a business’s qualifying capital investment of at least $5,000 made prior to January 1, 2011. Up to $70 million is available for capital investment grants, not to exceed $1 million per grantee, to fund expenses for the direct use and operation of a business.

These expenses may cover site preparation, construction, renovations, improvements, and the purchase of fixtures, machinery and equipment. Under certain conditions, site remediation costs may also be included. To be eligible, business must have operated continuously for at least the prior two years, and must employ at least five full-time workers.

“Businesses need this comprehensive program to both spur job development and help retain their employees here in the Garden State,” said Assemblyman Matt Milam (D-Cumberland/Atlantic/Cape May).

“The current status of the economy, on both a national and local level, has left too many New Jerseyans searching for employment,” said Senator Jeff Van Drew, (D-Atlantic and Cape May). “Through this incentive program, the State will be able to help fill the void left by the numerous business closures and lay-offs, and provide opportunities for New Jersey’s workers to support themselves and their families.”

Primary sponsors of the bill in the Senate were Senators Barbara Buono (D-Middlesex), Shirley Turner (D-Mercer) and Jeff Van Drew (D- Atlantic and Cape May). In the Assembly, primary bill sponsors include Assemblymen Matthew W. Milan (D-Cape May, Atlantic, Cumberland), Nelson T. Albano (Cape May, Atlantic, Cumberland), Joseph Vas (D-Middlesex), Louis D. Greenwald (D-Camden) and Assemblywoman Linda R. Greenstein (D-Mercer, Middlesex).

The New Jersey Economic Development Authority (EDA) will administer the program. For more information, visit www.njeda.gov.