WHAT:
The New Jersey Economic Development Authority (EDA) will host an anniversary celebration to mark the 10-year anniversary of its Technology Centre of New Jersey, a 50-acre complex located along the U.S. Route 1 technology corridor between New Brunswick and Princeton and within the Greater New Brunswick Innovation Zone.

WHEN:
Tuesday, Oct. 18, 2005 at 8:30 a.m.

WHERE:
The Technology Centre of New Jersey
Commercialization Center for Innovative Technologies (CCIT)
675 U.S. Route 1, North Brunswick

DETAILS:
The Technology Centre of New Jersey, a joint development project of the EDA and the AFL-CIO Building Investment Trust, encompasses about 400,000 square of modern, affordable space that currently serves the needs of 20 early-stage technology and life sciences companies.

The EDA began development of the 50-acre former Johnson & Johnson site in 1995 to provide growing high-tech businesses with the opportunity to lease top-quality, customized laboratory, production and office space at competitive prices. More than $100 million has been invested in facilities and improvements.

The anniversary celebration will include a networking breakfast, tours of the facilities and overviews of New Jersey’s Innovation Zones and the EDA’s Techniuum initiative, which provides a continuum of customized financial, technical and real estate development support to assist emerging technology and life sciences businesses as they advance through their life cycle of growth.

SPEAKERS INCLUDE:
Caren S. Franzini, Chief Executive Officer, EDA
Richard S. Kollender, Principal, Quaker BioVentures
Christian Kopfli, Principal, Chromocell Corporation
Michael E. Breton, Ph.D., Associate Vice President, Rutgers University

For directions, click here. (PDF)

Trenton, N.J. (December 29, 2004) – Grants totaling more than $200,000 have been approved by the New Jersey Economic Development Authority (EDA) to advance the cleanup of environmentally contaminated sites and support redevelopment efforts in six New Jersey municipalities – Asbury Park, Bridgeton, Florham Park, Hoboken, Perth Amboy and Pleasantville.

“This month’s actions brings total dollars approved in 2004 for the assessment, investigation and remediation of contaminated and underutilized sites to more than $5.2 million, which has gone to 36 different municipalities,” said EDA Chief Executive Officer Caren S. Franzini. “More than $60 million in grants and low-interest loans has been provided to help municipalities clean up brownfield properties and restore them to productive use since funds for this purpose became available more than a decade ago.”

The largest of the grants approved in November, $83,061, will enable Florham Park to conduct preliminary assessment and site investigation of two contiguous parcels of land on Passaic Avenue currently used to store construction vehicles and materials and suspected of having environmental contamination. The borough intends to redevelop the properties for recreational use.

Other grants approved by the EDA Board in December included:

• $48,213 to Asbury Park for the investigation of potential environmental areas of concern associated with residential and commercial buildings on 28 sites. Asbury Park plans to redevelop the properties for residential use.
  
  
  
• $9,080 to Bridgeton for completion of a site investigation at the former Four Stars produce packaging facility on Grove Street. Bridgeton aims to redevelop the property for industrial use.
  
  
  
• $19,893 to Hoboken for completion of a remedial investigation at the Todd Shipyards site at Park Avenue and 15th Street, which the city plans to redevelop for residential use.
  
  
  
• $35,483 to Perth Amboy for a preliminary assessment and site investigation associated with property once used as a gas station on State Street. Perth Amboy’s plans call for redevelopment of the land for commercial use.
  
  
  
• $4,856 to Pleasantville for a preliminary assessment of properties formerly used as a storage and distribution facility on Old Turnpike, which the city plans to redevelop for mixed use.
  

The funding is made available under the Hazardous Discharge Site Remediation Fund (HDSRF) to New Jersey municipalities for sites they acquire through foreclosure or purchase or on which they hold tax sale certificates. Municipalities can apply for grants or low-interest loans under the program to investigate and clean up contaminated, underutilized properties. The program), which is administered by the EDA in conjunction with the New Jersey Department of Environmental Protection (DEP), also can be accessed by individuals, businesses and other private entities.

Funds may be provided for preliminary assessments for onsite inspections and to review historical ownership and site use to determine if contamination may be present at the sites; site investigations to characterize suspected contamination through preliminary intrusive investigation work; remedial investigations to determine the extent of contamination present; and remedial actions to effectuate cleanup of impacted portions of the sites.

Municipalities can apply for funding for properties that have never been used by any local government for official business, and may qualify for up to $2 million per year in total grant and loan assistance for properties on which they own or hold a tax sale certificate and have a comprehensive plan or a realistic opportunity to develop within three years. The DEP first reviews applications to determine eligibility, reasonableness of costs, and the scope of work needed to investigate and remediate each site. The EDA manages the fund and makes grants or loans to projects the DEP determines are eligible.

The EDA, which is celebrating its 30th anniversary this year, was established in 1974 to promote economic growth and create jobs. It has arranged more than $16 billion in financing since its inception. For more information about funding to investigate and clean up contaminated properties, contact the EDA’s Brownfields Redevelopment Office via e-mail at brownfields@njeda.com, or by calling (609) 341-2723.

Trenton, N.J. (December 28, 2004) – PNC Bank has provided an important boost to New Jersey’s successful efforts to foster the growth of small businesses by making a $50,000 contribution to the Entrepreneurial Training Institute (ETI).

The innovative ETI program is an eight-week course offered twice each year by the New Jersey Economic Development Authority (EDA) and the New Jersey Development Authority for Small Businesses, Minorities’ and Women’s Enterprises (NJDA), whose programs are managed by the EDA. It offers practical information and guidance that has helped attendees develop a strategic, organized, step-by-step development plan for their own business or not-for-profit entity.

“We appreciate PNC Bank’s contribution to the ETI program and its commitment to supporting the success of New Jersey’s entrepreneurs, particularly women and minorities,” said EDA Chief Executive Officer Caren S. Franzini. “Supporting the development of new and aspiring small-business owners and not-for-profits helps create new jobs, strengthens the state economy, expands needed services and builds stronger communities.”

“PNC is committed to supporting entrepreneurial development programs like the ETI program, which will help individuals from diverse backgrounds learn the important skills needed to successfully start a business or build capacity for a non-profit organization,” said William Best, senior vice president and Northeast territory manager for PNC’s Community Development Banking Group. “Our partnership with the EDA and our funding of its ETI program will assist fledgling entrepreneurs as they strive to become successful business owners and non-profit organizations across our state.”

Part of the funds will be used to support Hispanic outreach efforts to identify and assist Spanish-speaking entrepreneurs being carried out in conjunction with the UCEDC, a Union County-based economic development agency serving Monmouth, Morris, Ocean, Passaic, Somerset and Union counties. The rest will support post-graduate mentoring services being provided to not-for-profit organizations through the Seton Hall University Institute on Work by the National Executive Service Corps.

More than 1,000 students have earned ETI graduation certificates since the program began in 1992, including a record 136 individuals who successfully completed the fall 2003 and spring 2004 sessions. Spring 2005 classes will begin in February and March in Jersey City, Lakewood, Mount Laurel, Newark, Pleasantville, Somerville, Trenton, Union, West Paterson and Woodstown. For information about the program, visit the EDA website at www.njeda.gov or call the ETI at (609) 292-9279.

PNC Bank is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the nation’s largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.

The EDA provides financing and technical support to encourage business and job growth in New Jersey. The NJDA offers financing, technical assistance, training and mentoring programs to small businesses, especially woman-owned and minority-owned enterprises.

Trenton, N.J. (December 28, 2004) – The new state-of-the-art technology facility being built along the Camden Waterfront by the New Jersey Economic Development Authority (EDA) now has its own website.

Internet visitors who want to learn more about the Waterfront Technology Center at Camden can now visit www.waterfronttechcenter.com. The five-story, 100,000-square-foot structure has been designed to accommodate existing businesses and startups in the biosciences, microelectronics, advanced materials, information technology and other high-tech and life sciences fields. It is scheduled to be completed and ready for occupancy in early 2005.

“The building has generated a lot of interest in the technology community and leasing interest is strong,” said EDA Chief Executive Officer Caren S. Franzini. “The Waterfront Technology Center at Camden is in an ideal Innovation Zone location, which offers the potential for business collaboration with nearby university research institutions and medical centers. A portion of its financing is coming from the state’s $175-million commitment to redeveloping the city through the Economic Recovery Board for Camden, and we expect it to significantly enhance Camden’s standing as a technology hub in southern New Jersey.”

The contemporary glass and metal facility will offer affordable production, laboratory and office space that can be customized in flexible unit sizes and configurations to handle individual operating requirements. Visitors can find more information on building specifications and features and view renderings and site plans on the website.

The Waterfront Technology Center at Camden website can also be accessed from www.njeda.gov and www.njtechcentre.com, the respective websites of the EDA and its successful technology facility in North Brunswick, The Technology Centre of New Jersey.

For leasing information or other specifics about the Waterfront Technology Center at Camden, contact Frank J. Lucchesi, EDA project officer, at flucchesi@njeda.com or at (609) 292-8786.

Linwood, N.J. (December 30, 2003) – A combined commercial and retail project in this Atlantic County community has received the first financing under the New Jersey Economic Development Authority’s (EDA’s) Smart Growth Predevelopment Loan Fund, established to encourage redevelopment in the state’s urban and developed suburban and rural communities.

The EDA made the Smart Growth loan of $1 million to Cornerstone Commerce Center, LP for two years at an initial interest rate of 3%. Cornerstone estimates the project will generate almost 800 jobs within two years among businesses that will locate in its redevelopment project.

Cornerstone Commerce Center was established last year to acquire, develop and lease property located at 1201 New Road here. The Karman Development Group, LLC, a related entity, will undertake the $21.7 million project, which will involve the redevelopment and renovation of a 250,000-square-foot building that has been demolished down to its outer shell. The goal is to create 140,000 square feet of Class A office space, 80,000 square feet of upscale retail space, and a fine dining restaurant.

“In support of Gov. James E. McGreevey’s smart growth initiatives to redirect the state’s development and conserve open space, the EDA established two new lending programs to provide developers, businesses and municipalities with the financial tools to spur revitalization of older development sites,” said EDA Chairman Al Koeppe.

Thus far, the EDA has committed nearly $3.3 million in financing assistance to these redevelopment efforts.

EDA Chief Executive Officer Caren S. Franzini explained that the Smart Growth loan program provides loans and guarantees up to $1 million for up to three years to developers for noncontaminated site preparation costs such as land assemblage, demolition, removal of materials and debris, and engineering costs. A second initiative, the Brownfields Redevelopment Loan Program, enables developers who have a signed Brownfield Reimbursement Agreement with the Commerce & Economic Growth Commission to borrow up to $750,000 for upfront, interim remediation funding for cleaning up contaminated sites.

Smart Growth Predevelopment loans can be obtained by developers for commercial, industrial, office or mixed-use projects in urban and developed suburban and rural communities provided each project has municipal support and is part of the local redevelopment plan.

Karman Development Managing Partner Robin Karman said, “A key benefit of the loan we received is that it is predevelopment financing that takes care of a lot of upfront research and fact-finding to move the project from vision to reality. And the low interest EDA terms are very favorable. I don’t think you can get more favorable financing.”

Karman said the company had a very good experience with the EDA. “The agency was very responsive and obviously anxious to invest in a project that will create jobs,” she said.

In addition to permanent jobs, the development is projected to generate 255 construction jobs, Karman noted. The development stage will also create and sustain employment in such fields as architecture, public relations and advertising, she said.

The EDA was established in 1974 to promote economic growth and create jobs. It has arranged more than $16 billion in financing since its inception. For more information about the Smart Growth Predevelopment Funding Program or the Brownfield Redevelopment Loan Program, contact the EDA’s Brownfields Redevelopment Office at (609) 341-2723 or by e-mail at brownfields@njeda.com. Internet users can also learn more about EDA brownfield programs by visiting www.njeda.gov.