Nearly 200 Jobs Coming to Newark and Paterson

TRENTON, N.J. (August 30, 2019) – Two small businesses are expanding in North Jersey with financing support from the New Jersey Economic Development Authority (NJEDA). JRL Imports, a fashion accessory company, and MTB AMG, a specialized contracting company and high-end metal fabricator focused on windows, doors, skylights, and custom metal work, are together bringing nearly 200 jobs to Paterson and Newark.
 
“Building a supportive environment where growing businesses have access to the resources they need is an important component of Governor Murphy’s plan to build a stronger, fairer economy,” said NJEDA Chief Executive Officer Tim Sullivan. “We are proud see growing businesses choose New Jersey as the site for their expansion and take advantage of NJEDA programs designed to support their immediate financing needs and put them on the road to long-term success in the Garden State.”
 
Sullivan added that low cost financing offered through the NJEDA in the form of direct loans or loans with an NJEDA participation or guarantee through the NJEDA’s Premier Lender Program provide greater access to capital for companies looking to grow in New Jersey.
 
Through the Premier Lender Program, the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
 
MTB AMG, Inc. is a contracting company that specializes in fenestration solutions—the design, construction, and installation of openings in a building such as windows, doors, louvres, vents, skylights, and storefronts. MTB is also a metal fabricator specializing in custom, high-end metal fabrication including interior and exterior custom metal work, exterior panel work, roofing systems, and interior decorative work. The company closed on a loan in July 2019 for $1.4 million from ConnectOne Bank, an NJEDA Premier Lender, with a $410,000 participation from the NJEDA. MTB AMG is using the funding to relocate the company’s headquarters and 160 jobs from Brooklyn to Newark.
 
“If you run a growing company, moving to New Jersey is the smart move,” said MTB AMG owner Arthur Nelson. “You get access to the same markets and resources you have in New York, but with lower overhead cost. Add to that the deep talent pool and vibrant community in Newark, and it’s clear Jersey offers the whole package.”
 
“We are excited to partner with the NJEDA through the Premier Lender program to play a pivotal role in MTB AMG’s continued growth while bringing new jobs, which in turn, benefits the Newark community,” said Elizabeth Magennis, Executive Vice President & Chief Lending Officer at ConnectOne Bank. “Participating in this program allows us to achieve our people-first mission by supporting small businesses and building up our local communities.”
 
JRL Imports, Inc. launched in 2013 selling fashion accessories to the wholesale market and the retail online industry. Recently the company has also grown its web presence through the “MKF Collection by Mia K. Farrow” brand. JRL Imports was approved for a $524,000 direct loan from the NJEDA in July 2019, which combined with a $655,000 loan from Cross River Bank, will enable the company to acquire a facility in Paterson. JRL Imports plans to maintain 21 jobs and create an additional 7 after completing the move.
 
“As a company that relies on warehousing and solid logistics infrastructure, locating in Paterson was the obvious choice,” said Joseph Lefkowitz, owner of JRL Imports. “New Jersey’s unparalleled connectivity to all the major Northeast markets as well as global connections through the airports in the region will allow us to expand our online business, and the state’s diverse, talented workforce will make it easy to grow.”
 
In addition to low cost financing, the NJEDA offers a wide range of resources for growing businesses, including the Small Business Lease Assistance Program, bond financing for manufacturers and not-for-profit organizations, technical support, and a variety of programs for technology and life sciences programs in all stages of growth.
 
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. 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.
 

OculoMotor Technologies' Management Team. From left: John Vito d'Antonio-Bertagnolli, Chief Executive Officer,  Chang Yaramothu, Ph.D., Chief Technology Officer, and Tara L. Alvarez, Ph.D., Chief Scientific Officer.
 

NEWARK, N.J. (August 20, 2019) – New Jersey Institute of Technology (NJIT) spinout OculoMotor Technologies is garnering worldwide attention for the creation of virtual reality games that help optometrists offer vision therapy to their patients. The startup, which was founded by a management team that includes NJIT graduates John Vito d'Antonio-Bertagnolli and Chang Yaramothu and NJIT professor Tara L. Alvarez, recently became the third company to benefit from rent support through the New Jersey Economic Development Authority’s (NJEDA’s) NJ Ignite Program following its move to NJIT’s VentureLink business incubator.

NJ Ignite helps startup companies realize the benefits of collaborative workspaces – incubators, accelerators, and coworking spaces – by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace. Statistics have shown that startups that operate from collaborative workspaces are far more likely to succeed than companies going it alone. 

OculoMotor Technologies’ virtual reality games focus on helping patients correct a condition known as convergence insufficiency, in which a person’s eyes are unable to work together when looking at nearby objects. OculoMotor Technologies’ virtual reality games address this by training patients to cross their eyes to look at objects and then transition those skills to everyday life.

“I’ve always had an affinity for virtual reality, so I was excited to use my time at NJIT to combine this passion with my interest in biomedical engineering to develop the concept for OculoMotor Technologies,” d'Antonio-Bertagnolli said. “We’ve been fortunate to benefit from the combination of support from NJIT amenities and talent pool, State resources, and investments from local investors. The sense of entrepreneurial community is one of the main reasons we chose to stay and grow in New Jersey.”

OculoMotor Technologies announced late last month that it had received a $500,000 commitment from Foundation Venture Capital Group, LLC, an affiliate of New Jersey Health Foundation (NJHF).

In addition to developing tools to correct vision, OculoMotor Technologies is creating opportunities for emerging innovators. OculoMotor routinely hires NJIT students as interns.

“OculoMotor Technologies is a rising star at our VentureLink facility and within the industry,” NJIT President Dr. Joel Bloom said. “NJIT has repeatedly been cited as a Top 50 university worldwide and it’s a credit to graduates like John and Chang, who are committed to the success of the next generation of entrepreneurs, that we remain as a leader in innovation and education.”

VentureLink is New Jersey’s largest technology and life science business incubator and is one of more than a dozen collaborative workspaces approved to offer rent support through NJ Ignite. The 108,000-square-foot center currently hosts more than 60 member companies, including NJIT students and alumni. Tenant companies frequently collaborate and share resources and ideas.

NJ Ignite is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA covering up to six months’ rent and the workspace covering rent for half the length of NJEDA’s commitment. Due to its affiliation with NJIT, VentureLink can offer its companies participating in NJ Ignite an additional month of rent support.

“Investing in New Jersey’s entrepreneurial community is critical to jumpstarting New Jersey’s innovation economy,” NJEDA Chief Executive Officer Tim Sullivan said. “Collaborative workspaces such as VentureLink are ideal for young companies that have limited resources and entrepreneurs who have a desire to network with other innovators. We are thrilled to see how NJ Ignite is positively impacting this vital sector.” 

The company also received 2018 Auggie Awards in the categories of Most Innovative Breakthrough and Female XR Laureate. The Auggie Awards are considered the most recognized industry augmented reality and virtual reality awards in the world.
 

More Projects Eligible Under New Program Rules 

TRENTON, N.J. (August 13, 2019) – The New Jersey Economic Development Authority (NJEDA) today announced changes to the 21^st Century Redevelopment Program that will revise the eligibility requirements to both open the program to more projects and streamline the application process. Initially launched in 2018, the program makes grants up to $50,000 available to communities to help them redevelop, repurpose, or regreen vacant and underutilized retail or office park properties.

 
“The 21st Century Redevelopment Program is an important component of Governor Murphy’s plan to invest in communities that provides an opportunity for municipalities to focus on creative ideas for repurposing dormant properties in ways that contribute to the economy rather than draining valuable resources,” said NJEDA Chief Executive Officer Tim Sullivan. “Expanding the eligibility criteria for projects that can receive funding through the program and adding a competitive application structure are important changes that will allow more communities to benefit and ensure that the best ideas receive support.”
 
The 21^st Century Redevelopment Program was created in October 2018 in response to a number of demographic and economic trends that resulted in many suburban office parks and shopping malls becoming empty or underutilized, leaving host communities stuck with the costs of maintaining infrastructure and roads while coping with depleted resources resulting from the lost jobs and business opportunities. The program awards grants of up to $50,000 to help municipalities, counties, and redevelopment agencies develop plans to repurpose these properties into productive economic assets. Grant recipients are also required to participate in at least two events hosted by the NJEDA to foster a dynamic discussion about repurposing stranded assets and provide guidance to communities facing similar challenges.
 
Through a stakeholder engagement program, the NJEDA learned that while communities need grant funding to address the challenges posed by underutilized or vacant spaces, some of the eligibility requirements in the original program limited accessibility for many potential applicants. The updated program announced today will maintain the basic structure of the original program but builds in greater flexibility, which will allow more communities to benefit.
 
One challenge to applicants the NJEDA identified was stringent square footage and vacancy requirements that barred too many potential projects from eligibility. The new program expands eligibility by removing space and vacancy rate as eligibility requirements and instead incorporates them into the scoring criteria used to evaluate projects. This will broaden the program while ensuring that properties of significant scope and scale are prioritized.
 
The new 21^st Century Redevelopment Program also expands potential uses for the grant funding to include support for communities seeking “area in need of redevelopment” designation under Assembly Bill 1700. This bill, signed by Governor Murphy on Friday, allows municipalities to designate vacant and underused malls and corporate office parks that have had less than 50 percent occupancy for at least a year as “areas in need of redevelopment,” which gives them greater flexibility surrounding future land-use decisions related to the property.

With this change, potential uses of the grant funding now include, but are not limited to:
 

• Legal analysis to explore the appropriateness of designating one or more relevant properties in the community as an “area in need of redevelopment.”
• Stakeholder engagement and facilitation to identify community desires and needs.
• The identification of appropriate funding sources to support community led re-use of one or more properties.
• Cataloging relevant retail and office properties in a community and identifying priority sites when considering community needs.
• Economic analysis relating to the feasibility of various redevelopment and/or reuse scenarios.
• Land-use planning identifying the most suitable re-use scenarios.

 
Another key improvement to the program addresses the process by which the NJEDA will accept applications. Instead of the rolling application process built into the original program, the NJEDA will now establish a competitive application window of 90 days. Once all applications are received, staff will evaluate and score them competitively, with the five highest scoring applications to be recommended to the Board for grants. This will ensure only the plans with greatest community benefit will receive funding rather than offering an advantage based simply on when the application was received.
 
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. 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.

Newark and Paterson Welcome Major Studio Productions

TRENTON, N.J. (August 13, 2019) – The New Jersey Economic Development Authority (NJEDA) Board today approved two major film projects for tax credits through the State’s new Film Tax Credit program: “JOKER,” a film that delves into the iconic Batman villain’s past and a Steven Spielberg-directed screen adaptation of “West Side Story.” Both projects have qualified for bonus diversity tax credits available under the program.
 
“These two major productions are bringing jobs to our state and bolstering the economy of New Jersey while supporting our diverse communities,” said Governor Phil Murphy. “I am proud to see the film industry growing and thriving in the Garden State and excited to see New Jersey become the backdrop for more movies and television shows in the future.”
 
The Film Tax Credit provides a 30 percent tax credit against the corporate business tax and gross income tax for qualified film production expenses and a 35 percent credit for goods and services purchased through vendors located in targeted areas of the state. To qualify for the program, a film must spend at least 60 percent of its total budget in New Jersey or incur more than $1 million in qualified production expenses in the state.
 
The projects approved today are among the most highly-anticipated films currently in production. The Warner Brothers Studios-produced “JOKER,” filming in Newark, examines the background of the iconic Batman supervillain, telling the story of his evolution from a mild-mannered young man caring for his delusional mother into the infamous figure that has captured fans’ imaginations for years.
 
The other project, shooting in Paterson, is a screen adaptation of the Broadway staple “West Side Story” produced by Twentieth Century Fox. The film brings together legendary director Steven Spielberg and Pulitzer Prize-winning playwright Tony Kushner to present the classic tale in a new way.
 
Both productions may receive a bonus two percent Diversity Tax Credit. To qualify for the bonus, productions had to submit a diversity plan for the recruitment and hiring of women and minority persons. The productions will receive the credit upon completion if the production company can demonstrate a good-faith effort to undertake the strategies and meet the goals of the approved plan.
 
“Film and digital media are among the high-growth sectors targeted in Governor Murphy’s economic plan because attracting major studio productions benefits the communities where filming takes place as well as the hundreds of businesses and workers throughout our state that supply materials and services for the film industry,” said NJEDA Chief Executive Officer Tim Sullivan. “We are especially pleased that Warner Brothers Studios and Twentieth Century Fox – two of the biggest players in the film industry – have not only decided to film here, but have also made hiring a diverse workforce a priority.”
 
Applications for the Film Tax Credit are currently open. The application and a complete list of eligibility requirements can be found at https://www.njeda.gov/filmdigitalmediataxcredit.
 
 
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. 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.
 
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The New Jersey Economic Development Authority (NJEDA) and Department of Environmental Protection (DEP) today announced the list of municipalities that will be included in the expanded the Community Collaborative Initiative (CCI). In addition to the cities where CCI is currently operating – Bayonne, Camden, Perth Amboy and Trenton—the initiative will be expanded to include Bridgeton, Jersey City, Millville, Newark, Paterson, Paulsboro, Salem City, and Vineland.
 
“The Community Collaborative Initiative exemplifies Governor Murphy’s commitment to revitalizing communities in a sustainable way that protects our environment and promotes local priorities,” said DEP Commissioner Catherine R. McCabe. “The program has already been a tremendous success, and we are excited to help more communities throughout the state do the long-term planning necessary to address and remediate the unique environmental challenges faced by individual cities and neighborhoods.”
 
The CCI embeds DEP staff at the ground-level within communities, where they use their expertise to help communities address environmental concerns effectively and appropriately. By targeting communities where multiple environmental stressors exist, the initiative fosters the communication, relationships, and insights necessary to overcome complex obstacles and open pathways to successful remediation and redevelopment of contaminated sites.
 
CCI is already producing impressive results. In Camden, CCI staff collaborated with local leaders and DEP experts to jumpstart the process of transforming a 61-acre landfill into restored shoreline and uplands, with improvements such as the creation of new tidal wetlands and recreational amenities for residents. CCI has had similar success in Perth Amboy, where embedded staff facilitated the launch of a project to clean up a 6-acre scrap heap and build a new park on the site. In Trenton, CCI staff helped to advance the development of the Assunpink Greenway Park—a 99-acre redevelopment project that will include soccer fields, a waterfront walk and other amenities.
 
Recognizing CCI’s successful track record, the NJEDA and DEP in March formed a partnership to expand the initiative into more New Jersey cities. Under the partnership, NJEDA funding will supplement the existing two full-time equivalent DEP employees dedicated to CCI with an additional six full-time equivalent employees. These new full-time employees will work with community leaders, developers, and government officials in the newly-added cities to facilitate brownfield remediation that aligns with the communities’ priorities and plans for the future.
 
“Governor Murphy’s economic development vision recognizes that growth and environmental protection are not competing priorities, but instead complementary goals. That is why we are focused on undertaking smart, targeted investments in New Jersey’s communities that take a comprehensive approach to tackling longstanding environmental and economic challenges,” said Tim Sullivan, CEO of the NJEDA. “Given CCI’s track record of effectively addressing environmental issues in ways that accommodate the local community’s needs, the NJEDA is proud to partner with the DEP to expand the initiative into additional communities around the state.”
 
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. 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 www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 
About the New Jersey Department of Environmental Protection
 
As a national leader in environmental protection, the New Jersey DEP is committed to using the best science available to safeguard public health, support its diverse natural resources and create vibrant and sustainable communities that provide economic opportunity for all. To learn more about the DEP, visit www.nj.gov/dep/ and follow the DEP on Twitter @NewJerseyDEP and Facebook.