TRENTON, N.J. (August 27, 2007) – The New Jersey Economic Development Authority (EDA) today joined Amicus Therapeutics, Inc. on a tour of its headquarters and laboratories in Cranbury Township.  The EDA has helped nurture Amicus, a biopharmaceutical company focused on developing novel, oral therapeutics for the treatment of a wide range of human genetic diseases, since mid-2002. 

“Amicus Therapeutics epitomizes the kind of company that the Edison Innovation Fund was designed to support, and truly represents a success story for the variety of state initiatives available to technology and life sciences companies looking to grow in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini.  “Amicus’ headquarters and laboratories are first-rate and will help ensure its continued success in developing treatments that can potentially benefit many throughout the world.”

Franzini said the EDA has been assisting technology and life sciences companies for over a decade, and noted that the latest initiative advanced through Governor Jon S. Corzine’s Economic Growth Strategy, the Edison Innovation Fund, works to further encourage the location and growth of these companies in New Jersey.  The $150 million fund was created to assist technology and life sciences companies throughout their discovery, development and commercialization stages, and is managed by the EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology.  The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.

“We greatly appreciate the EDA’s support of Amicus Therapeutics over the years and our mission to develop pharmaceuticals for a range of human genetic diseases,” said John Crowley, President and Chief Executive Officer of Amicus Therapeutics.  “We look forward to continuing this pursuit with our operations based here in New Jersey.”

Amicus Therapeutics is a biopharmaceutical company-developing novel, oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilize proteins in cells, leading to improved protein folding and trafficking, and increased activity. Amicus is initially targeting lysosomal storage disorders, which are severe, chronic genetic diseases with unmet medical needs. Amicus is currently conducting Phase 2 clinical trials of Amigal(TM) for the treatment of Fabry disease and Plicera(TM) for the treatment of Gaucher disease. The company is currently conducting Phase 1 clinical trials of AT2220 for the treatment of Pompe disease.

In mid-2002, Amicus moved into the EDA’s Commercialization Center for Innovative Technologies at the Technology Centre of New Jersey in North Brunswick, bringing seven employees and taking four of the available 800-square-foot laboratories.  By the time Amicus was ready to move from the Commercialization Center to its new home in Cranbury in 2005, it had grown to 23 employees occupying seven lab units and an additional 375-square-feet of office space. 

During this period, the company also took advantage of the Technology Business Tax Certificate Transfer Program, which enables businesses to sell tax losses or research and development credits to raise cash to finance their growth and operations.  At the same time Amicus relocated to Cranbury, it closed a $55 million Series C financing, which included investment from the Garden State Life Sciences Venture Fund, which is supported by a $10 million investment from the EDA.  The proceeds were used to move its drug pipeline forward based on the company’s unique technology, which has the potential to transform the treatment of human genetic diseases.

The EDA is an independent, self-sustaining 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 entrepreneurial training, and real estate development activities.

For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

Free Workshops, Classes Scheduled in North Jersey

TRENTON, N.J. (August 27, 2007) – Free informational workshops to familiarize aspiring and existing small-business owners with the popular Entrepreneurial Training Institute (ETI) and regional resources are scheduled in early fall at two North Jersey locations.  Fall Session classes have also been scheduled, and are designed to help existing and aspiring small-business owners learn the basics of entrepreneurship, create a detailed business plan and receive feedback, and facilitate introductions to lenders.

The innovative ETI program helps to advance Governor Corzine’s Economic Growth Strategy to foster the growth of small businesses, particularly woman-owned and minority-owned enterprises.  It is sponsored by the New Jersey Economic Development Authority (EDA).  Approximately 1,300 people have graduated from the program since it was established in 1992, many of whom are either well on their way to establishing their own business or are already successful entrepreneurs.

The workshops will provide more detail about the ETI program and focus on how the program can provide the tools for a small-business owner to succeed.  They will also explore the importance of having a detailed business plan, the broad range of resources available to help a business get off the ground and grow, and the mentoring assistance offered to ETI graduates. By attending one of the free workshops, interested individuals can decide if the ETI program is right for them before they register and pay a nonrefundable course fee.  Local service providers and lender representatives will also present information about their technical assistance services and resources.

ETI classes are divided into ETI I and ETI II segments.  In ETI I, “Get Set for Entrepreneurship,” students focus on small-business feasibility, examining their business ideas, evaluating skills and risks, and identifying the resources necessary to move forward.  The cost of $145 will cover six classroom hours (two sessions), plus professional feedback, text materials and resources.  ETI II, “Business Planning,” includes four highly structured three-hour sessions that help students develop a formal business plan with feedback and coaching.  A fee of $295 will cover 12 classroom hours plus professional feedback, text materials and resources, guest speakers and presentation practice.

Primary sponsors of the ETI Program are Bank of America, Merrill Lynch, PNC Bank and the Wachovia Foundation.  The EDA provides financing and technical support to encourage business and job growth in New Jersey. 

Those interested in reserving a seat at one of the free workshops can call the ETI program at (609) 292-9279 or register on-line at www.njeda.gov.  Those interested in attending just the classes should visit the EDA on-line to complete the ETI Self-Assessment Tool to determine their personal and financial readiness for starting and growing existing businesses.  Students enrolled in ETI I are strongly encouraged to complete the self-assessment and bring it to the first class for discussion.

Free Workshops, Classes Scheduled in Central Jersey

TRENTON, N.J. (August 15, 2007) – Free informational workshops to familiarize aspiring and existing small-business owners with the popular Entrepreneurial Training Institute (ETI) and regional resources are scheduled in early fall at three Central Jersey locations. Fall Session classes have also been scheduled, and are designed to help existing and aspiring small-business owners learn the basics of entrepreneurship, create a detailed business plan and receive feedback, and facilitate introductions to lenders.

The innovative ETI program helps to advance Governor Corzine’s Economic Growth Strategy to foster the growth of small businesses, particularly woman-owned and minority-owned enterprises. It is sponsored by the New Jersey Economic Development Authority (EDA). Approximately 1,300 people have graduated from the program since it was established in 1992, many of whom are either well on their way to establishing their own business or are already successful entrepreneurs.

The workshops will provide more detail about the ETI program and focus on how the program can provide the tools for a small-business owner to succeed. They will also explore the importance of having a detailed business plan, the broad range of resources available to help a business get off the ground and grow, and the mentoring assistance offered to ETI graduates. By attending one of the free workshops, interested individuals can decide if the ETI program is right for them before they register and pay a nonrefundable course fee. Local service providers and lender representatives will also present information about their technical assistance services and resources.

ETI classes are divided into ETI I and ETI II segments. In ETI I, “Get Set for Entrepreneurship,” students focus on small-business feasibility, examining their business ideas, evaluating skills and risks, and identifying the resources necessary to move forward. The cost of $145 will cover six classroom hours (two sessions), plus professional feedback, text materials and resources. ETI II, “Business Planning,” includes four highly structured three-hour sessions that help students develop a formal business plan with feedback and coaching. A fee of $295 will cover 12 classroom hours plus professional feedback, text materials and resources, guest speakers and presentation practice.

Primary sponsors of the ETI Program are Bank of America, Merrill Lynch, PNC Bank and the Wachovia Foundation. The EDA provides financing and technical support to encourage business and job growth in New Jersey.

Those interested in reserving a seat at one of the free workshops can call the ETI program at (609) 292-9279 or register on-line at www.njeda.gov. Those interested in attending just the classes should visit the EDA on-line to complete the ETI Self-Assessment Tool to determine their personal and financial readiness for starting and growing existing businesses. Students enrolled in ETI I are strongly encouraged to complete the self-assessment and bring it to the first class for discussion.

Entrepreneurial Training Institute

Fall Session 2007

Free Information Workshops

Class Schedule

* ETI for Spanish-Speaking only

TRENTON, N.J. (August 14, 2007) – Cooper Health System has signed a lease for almost 3,000 square feet at the Waterfront Technology Center at Camden to operate a Center for Special Diagnostics, a pathology laboratory that will service the region. The lab will process blood samples from patients with tumors and leukemia. Cooper plans to retrofit the existing 2,956-square-feet of research and development space to accommodate the special HVAC requirements of a laboratory.

The Waterfront Technology Center at Camden is a five-story, 100,000-square foot facility developed by the New Jersey Economic Development Authority (EDA) along the Camden Waterfront to accommodate businesses in the technology and life sciences sectors. The facility opened in 2006. Current tenants include Gestalt, ACIN’s Camden Center for Entrepreneurship in Technology, and the Rutgers Camden Technology Campus.

“The Cooper Health System has a long history of medical excellence and is committed to providing the most advanced technology available,” said Caren Franzini, CEO of the New Jersey Economic Development Authority. “This deal demonstrates the ongoing efforts to revitalize Camden and we’re proud to have Cooper as part of the city’s growing community.”

The Waterfront Technology Center has also been recognized for bringing high-tech and life sciences companies to Camden, as well as providing jobs in the city and serving as a catalyst for other economic development projects.

“Cooper University Hospital continues to partner with the Camden community expanding its hospital services,” said John P. Sheridan, Jr., Senior Executive Vice President and Chief Administrative Officer at Cooper. “For over 120 years we have supported the growth and redevelopment of the City of Camden and we are proud to continue this tradition with innovative projects like the Waterfront Technology Center at Camden.”

Cooper University Hospital is the leading provider of comprehensive health services, medical education and clinical research in Southern New Jersey and the Delaware Valley. With over 550 physicians in over 75 specialties, Cooper is committed to excellence in medical education, patient care and research. Cooper offers training programs for medical students, residents, fellows, nurses and allied health professionals in a variety of specialties, including prevention and wellness, primary and specialty physician services, hospital care, ambulatory diagnostic and treatment services, and home health care.

The EDA is an independent, self-sustaining 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 entrepreneurial training, and real estate development activities.

For more information on the Waterfront Technology Center at Camden, visit www.waterfronttechcenter.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

EAST BRUNSWICK, N.J. (July 11, 2007) – The Whitman Companies, Inc., one of New Jersey’s leaders in environmental and Brownfield redevelopment, is continuing to expand its services and create new jobs in the state.

Since 2003, when Barry Skoultchi and Todd Gerber acquired the company from founder Ira Whitman, The Whitman Companies has increased its revenues 74 percent, created an additional 20 jobs, and has expanded its offerings to include geotechnical and civil engineering services to serve its public and private clients. By the end of this year, Whitman is looking to increase its office space by 25 percent.

Last month, the company paid off the loan it had arranged with the New Jersey Economic Development Authority (EDA) in 2003. At that time, Skoultchi and Gerber received a loan of $800,000 from Unity Bank, with a 25-percent EDA participation and a 30-percent EDA guarantee of the bank’s portion of the loan, to help them acquire the company.

“The EDA played a critical role in assisting us with the transaction,” said Skoultchi, “and without its participation the deal would have been in jeopardy.”

EDA Chief Executive Officer Caren Franzini said Whitman’s growth is great news for the company, its employees and the state.

“We applaud their efforts and are excited about the continued expansion of their operations,” said Franzini. “We are very pleased to have the opportunity to assist in their growth, and we do look forward to them expanding on what has already been achieved.”

The Whitman Companies was founded in 1985 and has performed over 2,500 site assessments, remedial investigations and remediation designs of varying complexity and size. The company works for all facets of industry, including environmental law firms, commercial realtors/developers, financial institutions, municipalities and school districts. Whitman also provides expert testimony and prepares expert reports for environmental attorneys representing a variety of clients.

“It was great to have the EDA as a resource to us,” added Gerber. “I think it’s very important that the EDA continues to support small businesses across New Jersey.”

The EDA is an independent, self-sustaining 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 entrepreneurial training, and real estate development activities.

For more information regarding The Whitman Companies, contact the company at 116 Tices Lane, Unit B-1, East Brunswick, N.J. 08816 or call (732) 390-5858. For further information, visit www.whitmanco.com.

Trenton, N.J. (June 26, 2007) – The New Jersey Economic Development Authority (EDA) today joined with Redpoint Bio Corporation at a ribbon-cutting ceremony to celebrate the company’s recent move to its new facility in Ewing.  The EDA has helped nurture Redpoint, a company developing compounds to improve the taste of pharmaceutical, food and beverage products, since 2003.

“Redpoint Bio represents another success story for the thriving New Jersey biotechnology sector, and serves as a great example of the state’s commitment to assisting businesses throughout their life cycle,” said EDA chief executive officer Caren S. Franzni.  “Redpoint epitomizes the innovation and entrepreneurial savvy that makes New Jersey such an attractive location for this critically important sector, and we are very pleased to join the company in celebrating the opening of its new headquarters in Ewing.”

Franzini said the EDA has been assisting technology and life sciences companies for over a decade, and noted that the latest initiative advanced through Governor Jon S. Corzine’s Economic Growth Strategy, the Edison Innovation Fund, works to further encourage the location and growth of these companies in New Jersey.  The $150-million fund was created to assist technology and life sciences companies throughout their discovery, development and commercialization stages, and is managed by the EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology.  The fund will leverage $350-million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.

Established in 1995, Redpoint Bio is leveraging recent discoveries in the molecular biology of taste to discover and develop novel taste enhancers and aversive taste blockers for the food, beverage and pharmaceutical industries.  Redpoint’s food and beverage program is focused on identifying flavor enhancers that improve the taste of existing ingredients, reduce the need for excess sugar and salt, and contribute to the development of healthier, better-tasting foods and beverages.  The pharmaceutical program uses a biochemical approach aimed at suppressing the bitterness of medicines, which has the potential to expand the range of formulation options and increase patient compliance. 

The new, 18,577-square-foot, state-of-the-art facility in Ewing will allow Redpoint to expand its operations in New Jersey.

“New Jersey continues to grow as one of the country’s foremost sites for the biotechnology sector,” stated Ray Salemme, Ph.D., chief executive officer of Redpoint Bio.  “We are pleased to partner with the EDA in announcing the opening of our new facility, which is ideally suited to meet Redpoint’s needs and will enable us to move ahead with the planned build-out of our research and development operations.”

The EDA is an independent, self-sustaining 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 entrepreneurial training, and real estate development activities.

For information on the Edison Innovation Fund, visit www.edisoninnvationfund.com.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

TRENTON, N.J. (June 25, 2007) – The New Jersey Economic Development Authority (EDA) has closed a $1-million investment through the Edison Innovation Fund to assist in the growth of myLEADERBOARD, Inc., a service provider of real-time event information at professional golf tournaments.  The company, currently operating out of a facility in Pennsylvania, will be relocating to the EDA’s Waterfront Technology Center at Camden.  The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology companies throughout their discovery, development and commercialization stages.

“Investing in myLEADERBOARD is a perfect example of how the Edison Innovation Fund is working to enhance New Jersey’s strong record of innovation by bringing cutting-edge technology to the state,” said EDA Chief Executive Officer Caren Franzini.  “Governor Corzine’s Economic Growth Strategy has made technology and life sciences investment a priority, and the EDA is committed to nurturing the growth of these companies as we work toward creating a more vibrant state economy.”

The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million Edison Innovation Fund. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life science businesses.

“As a young but rapidly growing company, we were looking for a business environment that provided support and access to the right resources to enhance our growth,” said John Geary, CEO and President of myLEADERBOARD, “and a move to the Waterfront Technology Center at Camden fit the bill perfectly.”

With the goal of enhancing the tournament experience, myLEADERBOARD has created a service utilizing a hand-held device for spectators at professional golf tournaments that electronically transmits real-time event information, including golf scoring for all players, the location of players on any hole, player biographies, past round information, course data and real- time statistics, and information and directions on concession stands, restrooms, first aid stations, and shopping. The company also provides a new and unique medium for advertisers to reach a sought-after demographic (the golf enthusiast) resulting in a highly interactive, consumer- determined experience.

The EDA financing will help support the commercialization of the myLEADERBOARD, salaries of new employees and the purchase of hardware.  The five-year investment was made at a fixed interest rate of 4 percent with no payments or interest due in the first year.  As a result of this investment, the company estimates that 21 new jobs will be created. 

The company will be located within the Rutgers Camden Business Incubator in the Waterfront Technology Center before it moves to the 2,000-square-foot space it has leased on the first floor in the facility.

The Waterfront Technology Center at Camden is a five-story, 100,000-square foot facility developed by the EDA along the Camden Waterfront to accommodate businesses in the technology and life sciences sectors. The facility opened in 2006, and current tenants include Gestalt, ACIN’s Camden Center for Entrepreneurship in Technology, and the Rutgers Camden Technology Campus.

The EDA is an independent, self-sustaining 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 entrepreneurial training, and real estate development activities.           

For information on the Edison Innovation Fund, visit www.edisoninnovationfund.com.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

From 2003 to 2006 Number of Employees Increased 28 Percent to more than 10,000

TRENTON, N.J. (June 21, 2007) – A growing base of well-paid jobs, rising spending on goods and services and swelling tax revenues are strong signs that New Jersey’s expanding biotechnology industry has made significant and increasing contributions to the State’s economy. Between 2003 and 2006, the number of employees working directly for biotechnology companies in the State increased 28 percent to more than 10,000 from 7,800. The multiplier effect from this robust growth has also led to the creation of 9,300 jobs supporting the industry and another 7,600 jobs attributed to higher worker spending. The total impact of the State’s biotechnology industry is estimated to be in excess of $1.7 billion in income to State residents. These are among the findings of a report issued today by the Biotechnology Council of New Jersey (BCNJ) and Deloitte & Touche USA LLP.

Last year, biotechnology companies spent more than $3.3 billion in goods and other services, while the 10,000 employees working directly for biotechnology companies contributed $80 million to New Jersey through State and local taxes, according to the report, New Jersey Biotechnology…A Robust State of Health.

“As this study clearly demonstrates, New Jersey’s biotechnology industry is delivering impressive economic dividends to the State,” said Michael Becker, President and Chief Executive Officer of Cytogen Corporation and BCNJ Chairman. “Thanks in part to great support from State Government, New Jersey is fertile ground for biotechnology. Because of this, biotechnology companies are choosing to move here, new companies continue to emerge here, and established members of New Jersey’s biotechnology sector are thriving. This is great news for those who work in our industry and great news for New Jersey residents.”

Study Highlights Job Growth

Highlights from the study conducted by Deloitte in the spring of 2007 include:

– The number of biotechnology-related jobs increased to 10,071 in 2006 from 7,834 in 2003, an increase of 28 percent.

– The average base salary in 2006, as reported by respondents to a survey, was approximately $86,800.

– The biotechnology industry indirectly supported 9,389 jobs and $644 million in income at vendor companies.

– Workers directly and indirectly supporting the biotechnology industry helped generate an additional 7,637 jobs and $351 million in compensation.

– The biotechnology industry provided employees with generous benefits as high as $40,000 annually.

Supporting State Services and Programs

The biotechnology industry’s workforce contributed significantly to the tax revenue that enables many State programs and services. State and local taxes paid by the industry’s resident workers are estimated to be $80 million, excluding corporate taxes that companies pay directly to the State and the State and local taxes paid by workers who support the industry.

Respondents to a survey also reported making use of several State tax credit, incentive and other programs that are designed to enhance the growth of the biotechnology industry through additions to staff or capital expenditures. The programs included the Business Employment Incentive Program (BEIP), the Technology Business Tax Certificate Transfer Program and business incubators/centers of excellence.

“New Jersey is a leader for biotechnology and life sciences and ensuring that it remains so is a top priority of the Governor’s Economic Growth Strategy,” said Gary Rose, Chief of the Office of Economic Growth. “Through programs such as the Edison Innovation Fund, which supports technology and life sciences companies throughout their discovery, development and commercialization stages, the State is working hard to ensure New Jersey remains an attractive environment for biotech companies to locate, thrive and create jobs.”

Adding to Growth in the Garden State

The impact of the biotechnology industry extends well beyond the direct imprint of the more than 235 research and development companies that make up what the respected online e-letter FierceBiotech described in 2006 as one of the world’s top five growth markets for biotechnology.

In 2006, biotechnology companies and their vendors spent approximately $3.3 billion on goods and services to support their businesses. The services included drug manufacturing, wholesale trade and management services.

“We are fortunate that New Jersey continues to build on its long-standing reputation as an ideal location to establish biotechnology companies,” said Debbie Hart, President of BCNJ. “The growth is coming from a variety of venues: from outright start-ups, from spin-offs created by New Jersey-based biotechnology and pharmaceutical companies, from companies relocating from other states and countries, as well as from spin-offs coming from New Jersey and other universities. The efforts of State Government have provided a welcoming environment.”

About BCNJ

The Biotechnology Council of New Jersey was founded in 1994 by New Jersey biotechnology industry CEOs to serve as the voice of and advocate for the biotechnology industry in New Jersey. With more than 200 member companies, BCNJ is singularly focused on the growth and prosperity of New Jersey’s rapidly expanding biotechnology cluster. For more information, visit the BCNJ Web site at www.biotechnj.org.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte”, “Deloitte & Touche”, “Deloitte Touche Tohmatsu” or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein.

Deloitte & Touche USA LLP is the US member firm of Deloitte Touche Tohmatsu. In the US, services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP.

Funding is First Authorized Under Enhanced Community Development Initiative

TRENTON, N.J. (June 20, 2007) – At its monthly meeting of its Board of Directors on June 12, 2007, the New Jersey Economic Development Authority (EDA) approved three projects aimed at assisting municipalities as they prepare for urban redevelopment. The projects — which advance Governor Jon S. Corzine’s commitment to stimulate urban investment — include $100,000 for two projects in Newark and $47,500 for a project in Pleasantville.

“EDA has taken steps to enhance our assistance programs to ensure municipalities have the tools they need to plan growth,” said Caren Franzini, EDA chief executive officer. “Funding for feasibility studies and predevelopment activity is an essential part of redevelopment efforts that will result in sustainable, vibrant communities.”

Franzini is referring to enhancements EDA has made to its community development lending resources, which allow up to $50,000 in financing to municipalities undergoing feasibility or predevelopment efforts. Previously, such funds were available only to community development organizations. These three projects are the first approved by EDA under the newly enhanced initiative to provide additional resources to municipalities.

In Newark, EDA approved a $50,000 loan to conduct a feasibility study for development property involving a proposed project that would include workforce housing, a structured parking garage, commercial space, a youth club and a movie theater. EDA also approved an additional $50,000 loan to the city to conduct a feasibility study for the redevelopment of the former Hahnes & Griffiths buildings. The proposed project will be the development of retail, housing and parking by Cogswell Realty Group, LLC.

To assist Pleasantville, EDA approved a $47,500 loan to conduct a feasibility study for the redevelopment of a municipality-owned site that houses local government services. The study will analyze the relocation of the services and the redevelopment of the vacant site.

Support for New Jersey’s urban areas is a key priority under the Governor’s Economic Growth Strategy. To support this strategy, EDA is working with the Office of Economic Growth to provide financial assistance, real estate development assistance and entrepreneurial training in the state’s urban aid cities. For more information on New Jersey’s support for business and economic growth, visit the state’s business portal at www.nj.gov/njbusiness or
www.njeda.gov.