State to Apply Long-Term "Impact Measurement" Research to Opportunity Zone Initiatives

TRENTON, N.J. (September 24, 2019) – The New Jersey Economic Development Authority (NJEDA) today launched the NJ Opportunity Zone Marketplace, an online portal designed to help connect investors nationwide with business investment, real estate, and community improvement projects in New Jersey’s 75 Opportunity Zone municipalities. The Marketplace is part of a suite of programs the NJEDA is advancing in partnership with the New Jersey Redevelopment Authority (NJRA) and New Jersey Department of Community Affairs (DCA) aimed at supporting investments that will provide positive growth in New Jersey communities in Opportunity Zones.
 
Access the New Jersey Opportunity Zones Marketplace at oppsites.com/newjerseymarketplace.
 
“Opportunity Zones were designed to empower community leaders to attract investment and create opportunity for their residents,” Senator Cory Booker said (D-NJ). “The New Jersey Opportunity Zone Marketplace is exactly the type of tool needed to connect investors to the state’s 75 Opportunity Zone municipalities to fully take advantage of this program. The Marketplace, along with the State’s suite of initiatives like Impact Measurement, will open up investments in our Opportunity Zones and help unleash our state’s full potential, while tracking and analyzing projects to ensure they reach targeted communities that have for too long been overlooked. With that goal in mind, I am pushing bipartisan legislation to make certain we have reporting like this on the federal level too.”
 
The NJ Opportunity Zone Marketplace includes a Project Marketplace featuring business and real estate project opportunities, and a Network that facilitates connections between investors, developers, local leaders, project sponsors, business and property owners, and service providers to drive meaningful investments in Opportunity Zones throughout the state. Individuals and organizations can join the Statewide Network, as well as Local Networks in every city, county, township, and borough to learn about opportunities and start communicating with project sponsors, community members, and local leaders about potential projects. This resource will enable all municipalities in the state’s Opportunity Zones to post business and real estate projects at no charge.

 
“Attracting investment to areas that have long been overlooked is a critical component of Governor Murphy’s plan for a stronger and fairer New Jersey economy,” said NJEDA CEO Tim Sullivan. “The New Jersey Opportunity Zone Marketplace will connect investors from all over the world with growing New Jersey businesses and redevelopment projects in parts of the state that have suffered from disinvestment. This is a critical step to advance community-supported change in these areas of the state, and the DCA’s Impact Measurement research will provide the data we need to ensure the Marketplace and other programs targeting Opportunity Zones are achieving the administration’s goals.”

Parallel to the launch of the NJ Opportunity Zone Marketplace, New Jersey will begin to assess the impact of Opportunity Zones using the Impact Measurement research initiative, a long-term analysis of Opportunity Zone communities in New Jersey focused on measuring progress toward the Murphy Administration’s goals. The DCA-led effort launched during the summer of 2019 is an analysis of multiple measures to look at the impact of Opportunity Zone investments on community development activity, business growth, and other key economic indicators. This data collection will be critical to ensuring New Jersey’s Opportunity Zone program effectively advances catalytic projects that improve the targeted communities.
 
“One of our top priorities is using the Opportunity Zone program to drive positive change in communities that have suffered from decades of underinvestment,” said Lieutenant Governor Sheila Oliver, who serves as DCA Commissioner. “The valuable data collected through the NJ Opportunity Zone Community Impact Measurement initiative will allow us to identify the programs that are having the biggest impact. This is critical to addressing the challenges Opportunity Zones face in an efficient, effective way that puts the community’s interests first.”
 
“NJRA has a long history of success in areas facing redevelopment challenges,” said NJRA CEO and President Leslie Anderson. “Now, as we partner with the NJEDA and DCA, New Jersey is well positioned to optimize the chance Opportunity Zones present for driving capital into underserved communities to have a triple bottom line impact.”
 
The NJ Opportunity Zones Marketplace was developed by OppSites, a national Marketplace and Networking platform that connects people to real estate and business project opportunities in cities across the country. The NJ Portal is connected to OppSites’ national Opportunity Zone Marketplace and Network.
 
“We are thrilled to work with the NJEDA to establish the NJ Opportunity Zones Marketplace. We are particularly excited to see NJEDA putting their support behind such a wide range of public and private sector project opportunities that will improve communities throughout the state,” said Ian Ross, CEO and Co-Founder of OppSites. “Fostering prosperity in cities and towns is why we launched OppSites in the first place and it is clear New Jersey’s government shares our vision.”
 
In addition to the NJ Opportunity Zone Marketplace, New Jersey’s whole-of-government approach to driving Opportunity Zone investment includes the NJEDA’s Opportunity Zone Challenge, a Community Asset Map with data on Opportunity Zone communities, and various technical support resources for Opportunity Zone communities and entrepreneurs. More information about these and other resources is available at: https://nj.gov/governor/njopportunityzones/
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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TRENTON, N.J. (September 18, 2019) – As part of Governor Phil Murphy’s trade mission to India, leaders from the New Jersey Economic Development Authority (NJEDA), Rowan University, and India’s National Research Development Corporation (NRDC) signed a Memorandum of Understanding (MOU) advancing efforts to coordinate resources and programs to support Research and Development (R&D) projects with an end goal of commercializing new inventions, patents, and processes.

“Reestablishing New Jersey’s place as the State of Innovation requires taking advantage of our unparalleled location, connectivity, and diversity to forge partnerships with other leading innovation economies around the world,” said Governor Phil Murphy. “The MOU signed today is the first step in a collaboration that will help companies in New Jersey conduct the research necessary to bring new products to market and grow our state’s innovation ecosystem.”

The MOU, signed Tuesday by Sullivan; Beena Sukumaran, Vice President for Research, Rowan University; and Dr. H. Purushotham, Chairman & Managing Director of NRDC, will enable coordination of resources and programs to support R&D projects and startups. It also contains an early-stage plan for providing financial support to approved projects.

“Building collaborations that transcend time zones and bring together innovative thinkers from around the world is crucial to cementing New Jersey’s status as a leader in the global innovation economy,” said NJEDA CEO Tim Sullivan. “We are proud to work with NRDC to bring new ideas and resources to New Jersey companies while providing India’s innovators with access to the Garden State’s top-notch talent and leading academic research universities.”

Rowan University has also offered free space at its Technology Business Incubation Centre to NRDC to foster the growth of Indian startups.
 
“Rowan University prides itself on taking innovative ideas all the way from the classroom to practical applications,” said Sukumaran. “We are thrilled to welcome innovative Indian startup companies to the South Jersey Technology Park at Rowan University, where they will have access to our facilities, faculty, students and other resources that will help them grow.”

“New Jersey is well positioned to welcome young, dynamic Indian companies eager to test the waters in the international arena,” said Jose Lozano, CEO of Choose New Jersey, which funded the trade mission. “The MOU between New Jersey and the NRDC will help to solidify tangible opportunities for Indian startup companies to benefit from the State’s academic and innovation ecosystems.”
 
The Indian Government established NRDC in 1953 to promote, develop, and commercialize the technologies, inventions, patents, and processes emanating from various national R&D institutions and universities. In this role, NRDC has been instrumental in launching various programs including commercial programs for technology transfer, IP consultancy, technology, and patent applications. During the past five years, NRDC has also forged strong links with the scientific and industrial community in India, as well as overseas, and developed a wide network of research institutions, academia, and industry.
 
“We are excited to collaborate with the NJEDA and Rowan University to build on NRDC’s track record of success growing Indian companies and forging international partnerships,” said Dr. Purushotham. “New Jersey’s location, international connectivity, and diverse, highly-educated workforce make it a natural partner for building India’s innovation economy and advancing cutting-edge R&D projects.”
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy.
 
The NJEDA’s Office of International Trade and Investment (OITI) is the lead international business development office in the New Jersey State government committed to promoting the Garden State as a premier business and investment destination. OITI works with government and private-sector partners to foster innovation and sustainable job growth by widening New Jersey’s global reach and supporting international trade and investment.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
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Housing Development, Supportive Housing, Neighborhood Revitalization, and Economic Development Recognized at 2019 Conference
 
ATLANTIC CITY – Three affordable housing projects that address the needs of underserved populations and a redeveloped, long-dormant landfill transformed into a hub of innovation received the 2019 Governor’s Excellence in Housing and Economic Development Awards today during the annual Governor’s Conference on Housing and Economic Development.

"The availability of affordable, secure housing for all New Jersey residents, regardless of their income, is the foundation of a stronger and fairer New Jersey economy. A thriving economy also hinges on innovative businesses collaborating with communities to advance projects that benefit residents through the job opportunities and neighborhood enhancements they provide,” said Acting Governor Sheila Y. Oliver, Commissioner of the New Jersey Department of Community Affairs (DCA). “Governor Murphy and I applaud this year’s award winners for their skill and perseverance in completing these formidable projects that are supporting the state’s economy and improving people’s lives.”

The annual conference, now in its 23rd year, is hosted by DCA, the New Jersey Housing and Mortgage Finance Agency (NJHMFA), the New Jersey Economic Development Authority (NJEDA), and the New Jersey Redevelopment Authority (NJRA). This year’s conference featured a keynote address by Reverend Dr. DeForest B. Soaries, Jr., senior pastor of First Baptist Church of Lincoln Gardens in Somerset and former Secretary of State of New Jersey (1999 – 2002), and an opening Plenary Session led by Margaret Chinwe Anadu, Managing Director and Head of the Urban Investment Group, Goldman Sachs.

"From supportive and affordable housing opportunities to economic and neighborhood revitalization, these award-winning developments exemplify innovative efforts and partnerships to build a stronger New Jersey," said NJHMFA Executive Director Charles A. Richman. "These developments have provided homes for families and residents with special needs, improved neighborhoods and invigorated local economies, and I congratulate all of the winning project partners."

The Leading Neighborhood Revitalization Partnership Award was presented to the Dr. Lena Frances Edwards Apartments in Jersey City, Hudson County. The development is the culmination of the redevelopment of a blighted and contaminated site into 64 units of affordable housing with five set aside for homeless veterans. The building is named in honor of Dr. Lena Francis Edwards, a prominent African-American female physician who spent many years serving low-income residents of Jersey City and in 1964 was recognized with the Presidential Medal of Freedom by President Lyndon B. Johnson. The award recognizes achievement in the development of a neighborhood revitalization project that not only transforms an individual site, but also has a catalyzing impact on the surrounding community.

The award-winning development team included: Jersey City Redevelopment Agency; Genesis Companies; Bank of America; U.S. Environmental Protection Agency Region 2; and Kitchen & Associates.

The Leading Innovative Economic Development Award was presented to the Harrison Avenue Landfill Redevelopment Project in Kearny, Hudson County. Hartz Mountain Industries, the owner/developer, took on acquisition, remediation, and redevelopment of the 26-acre, long-dormant project to develop the Cummins Power Systems Training and Maintenance Facility and Preferred Freezer Services Freezer Warehouse. The award recognizes a transformative redevelopment project that promotes economic growth and job creation in the innovation economy.

Award winners included: PS&S Integrated Services; Hartz Mountain Industries, LLC; Preferred Freezer Services; Cummins, Inc.; and the Town of Kearny.

The Leading Housing Development Award was presented to Hudson Ridge Residences at Aberdeen, Monmouth County, which transformed a contaminated Superfund site that had been vacant for 20 years into 145 units of affordable housing, including family and senior apartments, with 20 set aside for individuals with special needs, including 10 apartments for veterans, and a standalone community center. The award recognizes achievement in an affordable housing revitalization project. Projects must demonstrate the revitalization or redevelopment of distressed or blighted neighborhoods while including an affordable or workforce housing component.

The development team that received the award included: RPM Development Group; the Township of Aberdeen; Inglese Architecture + Engineering; and the New Jersey Department of Environmental Protection.

The Leading Supportive Housing Development Award was presented to Camp Salute in Clayton, Gloucester County. The project provides 76 units of affordable housing, with 19 set aside for homeless and/or disabled veterans, with a veteran preference for the remaining apartments. Camp Salute offers a robust array of support services for veterans and non-veteran residents, including health care, medical insurance, legal services, job training, counseling, and education. The award recognizes achievement in the creation of a supportive housing project designed to serve special needs populations such as homeless individuals; survivors of domestic violence; people with mental, physical and developmental disabilities; people with HIV/AIDS; and youth aging out of foster care.

The award recipients include: Conifer Realty, LLC; People for People Foundation of Gloucester County, Inc.; Housing Authority of Gloucester County; The Home Depot Foundation of New Jersey Metro Region; and the Borough of Clayton.
 
“This year’s award winners represent Governor Murphy’s theme of a fairer and more equitable New Jersey.  All of the selected projects will improve the quality of life for the residents, and help neighborhoods become safer, more economically viable and affordable places to live and work,” said NJRA President and CEO Leslie Anderson.

“Governor Murphy’s vision for New Jersey’s economy is to build communities that provide security and a sense of well-being for all residents,” said NJEDA CEO Tim Sullivan. “The projects honored today represent some of the best of what we can achieve when the public and private sectors work together to transform dormant or damaged properties into vibrant community assets.”

For more information on the Excellence in Housing and Economic Development Awards and the 2019 Governor’s Conference on Housing and Economic Development, visit www.njhousingconference.com.

TRENTON, N.J. (September 6, 2019) – Illustrating a strong appetite for the Garden State’s expanding offshore wind industry, the New Jersey Economic Development Authority (NJEDA) today announced that more than 400 businesses have joined the state’s Offshore Wind Supply Chain Registry since it launched less than five months ago.

 
The NJEDA, through its Office of Economic Transformation (OET), has been working closely with the Board of Public Utilities (NJBPU) and other agencies on the Offshore Wind Task Force to expand New Jersey’s offshore wind industry. A consistent piece of feedback throughout this process has been a desire for a comprehensive list of New Jersey-based companies that established offshore wind companies can partner with or purchase from as they advance projects in the state.

The free, searchable registry creates a profile of each business, including their contact information and core competencies, and makes the information available to other businesses and projects throughout the offshore wind industry. The registry was developed as part of the NJEDA’s membership in the Business Network for Offshore Wind to address the feedback by helping to attract more offshore wind companies to New Jersey and create new opportunities for Jersey-based companies by integrating them into the offshore wind supply chain. The online portal enables investors exploring offshore wind-related projects in New Jersey to find Jersey-based companies to partner with or purchase from. 

“Governor Murphy has set a bold vision for 100 percent clean energy by 2050 and businesses up and down the supply chain will be a driving force behind achieving this critical goal,” NJEDA Chief Executive Officer Tim Sullivan said. “New Jersey’s Offshore Wind Supply Chain Registry is a powerful tool for helping to ensure that our state’s companies are positioned for the opportunities created by this emerging sector, which has the potential to create thousands of good paying jobs.”

Businesses that have joined the registry run the gamut from construction / installation to subsea surveying, including engineering (more than 150), installation (106), cable (including construction and cable protection) (52), surveying (50), education and training (31), supply-chain logistics (23), and steel fabricators (7). More than 160 New Jersey companies, in 19 out of the state’s 21 counties, are represented on the registry.

“New Jersey’s location and natural resources make us uniquely qualified to be a global leader in offshore wind. This new registry will take that one step further, enabling us to harness the state’s collective talents to support the industry’s supply chain from end to end,” NJBPU President Joseph L. Fiordaliso said.

“New Jersey is a relatively new player in the offshore wind space, but what it lacks in longevity it has more than made up for with enthusiasm, resources, and productivity,” said Liz Burdock, Chief Executive Officer of the Business Network for Offshore Wind. “The speed with which New Jersey hit the 400-registrant mark shows that businesses throughout the state are realizing not only the environmental impact but also the economic advantages that offshore wind brings to the Garden State.” 

More information about New Jersey’s offshore wind industry and the supply chain registry can be found at https://www.njeda.gov/offshorewind.

About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

About the Business Network for Offshore Wind
The Business Network for Offshore Wind is a 501(c)(3) organization dedicated to establishing an offshore wind supply chain in the United States. The Network is focused on delivering education, creating partnerships, and advancing the industry. All membership and event proceeds are invested back into supporting the industry by helping the Network continue programmatic education and develop the tools and networks necessary to create a U.S. offshore wind supply chain. The Network hosts the annual International Offshore Wind Partnering Forum (IPF), the leading technical conference for offshore wind in the United States dedicated to moving the industry forward.
 

The NJEDA hosted it first-ever sports betting networking event discuss New Jersey's expanding

TRENTON, N.J. (September 5, 2019) – The New Jersey Economic Development Authority held its first-ever sports betting networking event to connect leaders within the Garden State’s growing sports wagering industry. The event, held in Newark, showcased New Jersey’s expanding presence as a global sports betting hub.

According to statistics released by New Jersey’s Division of Gaming Enforcement, sports wagering has generated $127.5 million in gross revenues in 2019 through July 31. The sports wagering gross revenue for July 2019 alone was $17.9 million, up more than $14 million from July 2018’s $3.8 million. In both May and July, New Jersey led the nation in the amount of money bet on sporting events.

“New Jersey’s expanding sports betting industry represents an opportunity for high-tech firms to bring high-paying jobs into New Jersey,” NJEDA Chief Executive Officer Tim Sullivan said. “This first-of-its-kind sports betting networking event will foster connections among established sports wagering companies and their New Jersey partners that will allow this quickly-growing industry to continue expanding in our state.”

New Jersey became the one of the first states outside of Nevada to legalize sports betting in June 2018.The previous month, in Murphy vs. NCAA, the United States Supreme Court overturned the 26-year-old Professional and Amateur Sports Protection Act, which prohibited state-sanctioned sports gambling outside of Las Vegas.
New Jersey’s Division of Gaming Enforcement is seen by many in the gaming realm to be one of the most progressive and innovative regulatory agencies in country. Under the director of Director David Rebuck, the agency has overseen the rapid expansion of New Jersey’s legal sports wagering industry.

“New Jersey has emerged as a leader in one of the world’s fastest-growing industries,” said New Jersey Division of Gaming Enforcement Director David Rebuck. “We are proud to work with our partners at the NJEDA to continue to grow sports wagering in New Jersey in a responsible way – one that serves both sports wagering patrons and the broader industry.”

Eighty percent of New Jersey’s sports betting revenue is driven by mobile wagering. This means that unlike traditional gambling, much of New Jersey’s sports betting industry is driven by high-tech companies that provide applications for betting. This creates opportunities for startups in New Jersey’s technology sector to grow as the sports wagering industry expands, which in turn creates job opportunities for skilled workers.

“New Jersey has all the elements that make it the perfect location to be a hub of sports gambling world,” said New Jersey Technology Council President Aaron Price. “We are the number one most connected state, with the most comprehensive wireless internet coverage, which facilitates the growth of the mobile sports betting industry. In addition, we are home to one of the most talented, diverse workforces in the nation and we are quickly becoming a hub of innovation and investment, which makes it easy for existing and new companies to launch in the state smoothly.”   

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.