TRENTON, N.J  (November 10, 2014) – In support of the Christie Administration’s efforts to stimulate the growth of key industries in the State, the New Jersey Economic Development Authority (EDA) today approved six projects for a total of up to $130 million in assistance under the Economic Opportunity Act. These projects represent over $194 million in private investment, the creation of more than 125 new, permanent jobs, and the retention of 250 jobs “at risk” of leaving the State.

“As these projects illustrate, the Economic Opportunity Act continues to support growth in targeted industries and targeted communities,” said EDA CEO Michele Brown.

Under Grow NJ, four projects totaling up to $120 million in tax credits were approved today.

Diogenix, a molecular diagnostics company, is considering moving a small laboratory from Maryland to the City of Camden in order to expand and transform it into a federally-compliant and accredited facility.  Also considering Camden is global security and aerospace company Lockheed Martin, which is seeking to create two fully integrated lab facilities in the City.

Lockheed Martin has created an innovative, strategic partnership with Rowan University that Lt. Governor Kim Guadagno and Higher Education Secretary Rochelle Hendricks were instrumental in forming.  The Camden-based facility would serve to complement this effort and Lockheed Martin’s longstanding design, development and manufacturing operations in Moorestown.

“Lockheed’s commitment to the region and its partnership with Rowan will generate a ripple effect that will benefit many sectors of our economy,” said Dr. Ali Houshmand, president, Rowan University. “This agreement will be seen as a milestone event and further spur innovation in South Jersey.”

Manufacturer Surfside Seafood was also among the Grow NJ awards approved today.  The company is looking to purchase a building in Millville or enter into a long term lease in Virginia. If New Jersey is chosen, the company will purchase equipment and establish a processing facility near where it currently operates one fleet of vessels off the New Jersey coast. 

Financial services firm Principis Capital LLC is evaluating location options in New York or Jersey City as its current lease in New York City is set to expire. The company is positioning itself for significant growth over the next four years and is seeking to increase its footprint.
The Board also approved two projects today for Residential Economic Redevelopment and Growth (ERG) awards totaling up to $10.9 million.

In Atlantic City, a 14-story, 175 rental unit, senior apartment building known as “Atlantic City Townhomes” was approved for an ERG to support rehabilitation of the property, including new windows throughout the building, and improvements to common areas, the parking lot, roof, and hot water equipment.

Chambers Crescent, a housing development in Lakewood, has been approved for an ERG to rehabilitate the majority of units in the development.  Included will be upgrades to electrical systems, installation of new, individual heating and cooling systems and hot water heaters, and conversion of stoves from gas to electric. 

Signed into law by Governor Christie in September 2013, the Economic Opportunity Act created Grow NJ as the state’s main job creation and retention incentive program.  Grow NJ places extra emphasis on spurring development and private sector job growth in targeted communities and industries.  The ERG Program is an incentive for developers and businesses to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario.

The NJ Business Action Center worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support. As performance-based programs, approved Grow NJ and ERG projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton.  The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov.  All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

The EDA is part of the state’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 

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

Major Pharmaceutical Company’s Expansion Retains 292 Jobs, Creates 70 Jobs in Plainsboro

Trenton, NJ – Showcasing New Jersey’s continued ability to retain life-science companies, Lt. Governor Kim Guadagno today joined executives from Sandoz, Inc. to celebrate the grand opening of its new U.S. headquarters.  The Partnership for Action, which includes the New Jersey Business Action Center (BAC) and Economic Development Authority (EDA), assisted in bringing this project to fruition.

“This project is one more example of the State’s ability to attract and retain businesses while creating quality, sustainable jobs,” said Lt. Governor Guadagno. “In addition to its contributions to New Jersey’s position as the Medicine Chest of the World, Sandoz has breathed new life into a facility that has been vacant for more than a year.  That brings an added boost to the tax base and strengthens the local economy through job creation.”

Sandoz, previously located in West Windsor, is the generic pharmaceuticals division of Novartis and a global leader in the generic pharmaceutical sector.  Prior to making the decision to stay and grow in New Jersey, Sandoz considered a location in Pennsylvania.  The BAC worked in collaboration with the EDA to help cultivate this project, providing ongoing customer service support.

The EDA awarded Sandoz a Grow NJ award worth $9.1 million over 10 years.  The award encouraged the company to lease the more than 154,000-square-foot property that was vacated in 2013 when its previous tenant expanded to a nearby location. The relocation and expansion will retain 292 existing jobs as well as create 70 new full-time positions.  Sandoz executives plan to make an estimated capital investment of $15.2 million.

“Sandoz’s decision to expand in New Jersey helps to illustrate how the Economic Opportunity Act is effectively working to stimulate growth in targeted industries, including life sciences,” said EDA CEO Michele Brown.

Sandoz employs more than 26,500 employees across more than 160 countries, offering a broad range of high-quality, affordable products.  With $9.2 billion in sales in 2013, Sandoz has a portfolio of approximately 1,100 molecules, and holds the #1 position globally in biosimilars as well as in generic injectables, ophthalmics, dermatology and antibiotics.

New Jersey’s life science industry is a thriving and crucial part of the State’s economy.  A recent report by BioNJ and EY (formerly known as Ernst & Young) found that the estimated annual expenditures by the industry are $30.1 billion.  Since the 2012 report, the number of biotechnology companies operating in New Jersey has increased by 12% from 340 to 379 companies.  Overall, the life sciences industry directly employs and indirectly supports a total of 212,556 jobs in the state.

Individuals interested in the report can access it here: http://www.bionj.org/wp-content/uploads/2014/09/Industry-Study-9-19-14-Final-Final.pdf.

Focus Shifts Toward Resilience Programs 

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The New Jersey Economic Development Authority (EDA) announced today that $159 million has been awarded to support small businesses and communities through the Stronger NJ Business programs it was charged with administering following Superstorm Sandy.

“As we mark the second anniversary of Superstorm Sandy, as a State, it’s important to acknowledge the remarkable progress our small business community and municipalities have made,” said EDA CEO Michele Brown.  “As businesses and communities grow stronger, we continue to pursue projects that enhance the State’s resiliency so that we are better prepared for future disasters.”

In addition to funding programs to help businesses rebuild, the EDA is administering two initiatives focused on resilience. Last week, the EDA announced the first 33 approvals under the Retail Fuel Station (RFS) Program, which provides grants that will allow targeted retail fuel stations, on and near evacuation routes, faster and more reliable access to back-up power during an energy emergency.  On Monday, the EDA and the NJ Board of Public Utilities (BPU) announced the launch of the NJ Energy Resilience Bank (ERB) which will support the development of distributed energy resources at critical facilities throughout the State, enabling them to remain operational during future outages.
To date, more than $94.6 million in recovery grants and loans has been approved for 900 small businesses since the Stronger NJ Business Grant and Loan programs launched in May and July of 2013 respectively.

Recent Stronger NJ Business Grant awards comprise businesses from Sandy-impacted communities in both North and South Jersey, including East Dover Marina in Toms River, Harry’s Lobster House in Sea Bright, USA Tealight, LLC, in Avenel, Daily Custom Cabinetry in Ocean City, Forum Fitness Club in Bayonne, and River West Plumbing and Heating Supply in Weehawkin.  Stronger NJ Business Loans include American Maritime in Woodbridge and Royal Baking in Moonachie.

“It has been really incredible to see the way people pulled together to help each other out,” said Richard Weitzel, Owner, East Dover Marina. “We had a very strong summer and hopefully we’ll never have to go through something like Sandy again, but it’s so nice for all of us to know we can count on each other.”

East Dover Marina received a $50,000 grant from the EDA after sustaining major damage from the storm. 

Kristin Catlett, the owner of Casa Comida in Long Branch, received a $224,000 Stronger NJ Business Loan for working capital, in addition to a $24,669 Stronger NJ Business Grant.

“We’re in good shape now, despite how bleak things looked just after Sandy,” Catlett said. “Business has been terrific – perhaps even better than before.  We feel very fortunate, and grateful to our customers, who have been so supportive over the last two years.”

Under the Stronger NJ Neighborhood and Community Revitalization (NCR) Program, which provides funding for long-term economic revitalization priorities in Sandy-impacted communities, $65 million has been approved to date.  At last week’s EDA Board meeting, Development and Public Improvement (D&I) projects were approved in recovering municipalities, including:  Brigantine, Cape May, Point Pleasant, Beach Haven, Township of Lacey, Somers Point, Borough of Tuckerton, Keyport, Carlstadt, and Elizabeth, totaling $52.5 million.  

Also under the NCR program, $10 million was approved for Streetscape projects, and $2.5 million was provided to Community Development Financial Institutions for loans to impacted small businesses.

Stronger NJ Business programs are funded through New Jersey’s Community Development Block Grant Disaster Recovery (CDBG-DR) allocation from the United States Department of Housing and Urban Development (HUD).  Similar to other Superstorm Sandy relief grant programs, there are strict federal eligibility requirements to which the EDA and applicants must comply. 

For more information on the Stronger NJ Business programs, visit Stronger NJ Business or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929). 

Cambio de enfoque hacia programas de resiliencia

Trenton, NJ – La Autoridad de Desarrollo Económico de New Jersey (EDA, por sus siglas en inglés) anunció hoy que se han destinado US$159 millones como apoyo a las pequeñas empresas y comunidades a través de los programas para negocios Stronger NJ, a cargo de su administración, posteriormente al huracán Sandy.

“En este segundo aniversario del huracán Sandy, es importante que reconozcamos, como Estado, los notables avances logrados por nuestra comunidad de pequeñas empresas y municipios”, dijo la presidenta ejecutiva de la EDA, Michele Brown.  “A medida que las empresas y las comunidades se fortalecen, nosotros continuamos dedicando proyectos a mejorar la resiliencia del Estado para poder estar mejor preparados ante futuros desastres”.

Además de los programas de financiamiento para ayudar con la reconstrucción de las empresas, la EDA administra dos iniciativas enfocadas en la resiliencia. La semana pasada, la EDA anunció las primeras 33 solicitudes aprobadas bajo el Programa de Estaciones de Servicio Minorista (RFS, por sus siglas en inglés), el cual proporciona subsidios que permitirán que las estaciones de combustible minoristas y/o próximas a las rutas de evacuación, tengan acceso más rápido y más confiable a energía durante una emergencia energética.  El lunes, la EDA y el Consejo de Empresas de Servicios Públicos (BPU, por sus siglas en inglés) anunciaron la apertura del Banco de Resiliencia Energética (ERB, por sus siglas en inglés) que apoyará el desarrollo de los recursos energéticos distribuidos en instalaciones críticas en todo el Estado, permitiéndoles permanecer en operación durante futuros apagones.

Hasta la fecha, se han aprobado más de US$94.6 millones en subsidios y préstamos de recuperación Stronger NJ para 900 pequeñas empresas desde el inicio de los programas de subsidios y préstamos comerciales Stronger NJ, en mayo y julio de 2013, respectivamente.

Las más recientes concesiones Stronger NJ para negocios comprenden empresas en las comunidades afectadas por Sandy en el norte y sur de New Jersey, incluyendo East Dover Marina, en Toms River; Harry’s Lobster House, en Sea Bright; Tealight USA, LLC, en Avenel; Daily Custom Cabinetry, en Ocean City; Forum Fitness Club, en Bayonne y River West Plumbing and Heating Supply, en Weehawkin.  Los préstamos para negocios Stronger NJ, incluyen American Maritime, en Woodbridge y Royal Baking, en Moonachie.

“Ha sido realmente increíble ver cómo la gente ha salido adelante ayudándose unos a otros”, dijo Richard Weitzel, propietario de East Dover Marina. “Hemos tenido un gran verano y esperamos que nunca tengamos que volver a pasar por algo semejante como Sandy; pero, es tan bueno para todos nosotros, saber que podemos contar con los demás”.

East Dover Marina recibió de la EDA un subsidio de US$50,000 después de sufrir grandes daños por la tormenta.

Kristin Catlett, el dueño de Casa Comida en Long Branch, recibió un préstamo de negocios Stronger NJ por un valor de US$224,000 para capital de trabajo; además, de un subsidio para negocios Stronger NJ por un monto de US$24,669.

“Ahora estamos en buenas condiciones, a pesar de lo sombrío que parecía todo justo después de Sandy”, dijo Catlett. “El negocio ha estado fantástico;  quizás incluso mejor que antes.  Nos sentimos muy afortunados y agradecidos con nuestros clientes, que nos han apoyado en los últimos dos años”.

Bajo el Programa de Revitalización de Vecindarios y Comunidades (NCR, por sus siglas en inglés), que proporciona financiamiento para prioridades de revitalización económica a largo plazo en comunidades afectadas por Sandy, se han aprobado hasta la fecha US$65 millones.  En la reunión del Consejo de la EDA la semana pasada, se aprobaron proyectos de desarrollo y mejoramiento públicos (D&I) por un total de US$52.5 millones para la recuperación de municipios, incluyendo: Brigantine, Cape May, Point Pleasant, Beach Haven, Township of Lacey, Somers Point, Borough of Tuckerton, Keyport, Carlstadt y Elizabeth. 

También bajo el Programa del NCR, se aprobaron US$10 millones para los proyectos Streetscape y se adjudicaron US$2.5 millones a instituciones financieras de desarrollo comunitario para otorgar préstamos a pequeñas empresas afectadas.

Los programas para negocios Stronger NJ se financian mediante el Programa del Bloque de Subsidios para el Desarrollo de la Comunidad/Asistencia para Recuperación por Desastres (CDBG-DR, por sus siglas en inglés) de New Jersey, del Departamento de Vivienda y Desarrollo Urbano de los Estados Unidos (HUD, por sus siglas en inglés).  Al igual que otros programas de ayuda posterior al huracán Sandy, existen requisitos estrictos de elegibilidad federal que deben ser cumplidos por la EDA y los solicitantes de asistencia.

Para más información sobre los programas de negocios Stronger NJ, visite el sitio web Stronger NJ Business o llame a la línea de ayuda de EDA para Sandy, al 1-855-SANDY-BZ (1-855-726-3929).

Instalaciones críticas pueden comenzar a asegurarse fondos de subvención para resiliencia

TRENTON, N.J. (20 de octubre de 2014) – Como parte de los continuos esfuerzos desplegados por la Administración Christie para lograr minimizar el impacto de los grandes apagones en el futuro y aumentar la resiliencia energética, el Estado anunció hoy el inicio de operaciones del Banco de Resiliencia Energética de New Jersey (ERB, por sus siglas en inglés); el primer banco de infraestructura pública de la nación que se centrará en resiliencia energética. Con el acceso a US$200 millones a través de la segunda partida de Subsidios del Bloque para el Desarrollo de la Comunidad – Recuperación en Caso de Desastres (CDBG-DR, por sus siglas en inglés), el ERB apoyará el desarrollo de recursos energéticos, distribuidos en instalaciones críticas en todo el Estado, que permitirán que esas instalaciones continúen funcionado durante cortes de energía en el futuro.

El ERB es el resultado del esfuerzo conjunto entre el Consejo de Empresas de Servicios Públicos (BPU, por sus siglas en inglés) y la Autoridad de Desarrollo Económico de New Jersey (EDA, por sus siglas en inglés).  El primer grupo de instalaciones identificadas por el programa son las plantas de tratamiento de agua y de tratamiento de aguas residuales que, ahora, podrán a empezar a solicitar financiamiento de los US$65 millones asignados a este sector para apoyar proyectos de energía distribuida.

“El BPU y la EDA han trabajado de manera muy estrecha para crear parámetros realizables y planes de financiamiento atractivos para ayudar a las instalaciones a implementar soluciones flexibles de resiliencia que previamente parecían inviables debido a su alto costo”, dijo la Presidenta Ejecutiva de la EDA, Michele Brown. “Estamos muy entusiasmados con la idea de poder avanzar con el proceso de solicitudes de las plantas de tratamiento de agua y de tratamiento de aguas residuales y alentar a las partes interesadas de dichas entidades, con necesidades de financiación, a que sigan muy de cerca las opciones que pueden estar disponibles para ellos”.

El huracán Sandy causó daños extensos a la infraestructura energética de New Jersey, interrumpiendo el suministro de electricidad, petróleo y gas natural a los consumidores en todo el Estado y dejando sin acceso a electricidad a un número estimado de 5 millones de residentes. Sin embargo, la existencia de recursos energéticos distribuidos, incluyendo la producción combinada de calor y energía, celdas de combustible e inversores solares fuera de red con baterías de almacenamiento, permitieron que algunas instalaciones críticas, tales como hospitales, universidades y plantas de tratamiento de aguas residuales, pudieran permanecer operativas mientras la red eléctrica quedó fuera de operación. 

Además de proveer resiliencia, los beneficios potenciales de los recursos energéticos distribuidos incluyen costos de energía más bajos y más estables, un medio ambiente más limpio a través de la reducción de emisiones y un aumento de la eficiencia global.  Posteriormente al período para presentación de solicitudes de las instalaciones de tratamiento de aguas y tratamiento de aguas residuales, habrá un proceso similar para otros sectores críticos, tales como salud, educación y transporte.

“Con la apertura del ERB, la Administración Christie ha dado otro paso adelante en sus esfuerzos para aumentar la resiliencia energética y lograr que New Jersey sea más fuerte que antes”, dijo el Presidente del BPU, Richard S. Mroz. “El ERB abordará las necesidades insatisfechas de nuestras instalaciones críticas, haciéndolas más resistentes, y preparándonos para el futuro”.

Las opciones de financiamiento disponibles a través del ERB, consistirán en subsidios y préstamos para abordar las necesidades de fondos.  Se ofrecerán subsidios y préstamos de condonación para atender hasta el 40 por ciento de necesidades insatisfechas de financiamiento, mientras que estarán a disposición bajos intereses y amortización de préstamos para el restante 60 por ciento de necesidades de financiación no satisfechas.  Los subsidios y préstamos pueden requerir el aporte de capital y, para cualquier componente de condonación del principal, se exigirá evidencia de un mínimo rendimiento como se indica en la guía del programa.

La construcción de las tecnologías elegibles debe permitir que éstas operen aisladamente de la red de energía eléctrica (islanding); que puedan arrancar sin conexión directa a la red eléctrica (blackstart) cuando esté apagada debido a condiciones climáticas extremas, y que tengan capacidad de funcionar con un nivel de carga crítica.  Como mínimo, para poder ser elegible para el financiamiento del ERB, una entidad debe demostrar haber sido afectada por Sandy u otro desastre calificado cuando existan:

• Daños materiales a instalaciones a causa de desastre calificado o
• Efectos indirectos debido a una de las siguientes causas que se indican más abajo, si el proyecto puede demostrar que brinda apoyo a la revitalización de la comunidad en donde se encuentra:
  • Área de inundación o pérdida de energía que impidió que la instalación continuara el tratamiento de aguas residuales, causando la descarga de aguas residuales o agua ciclónica en los canales o vías fluviales circundantes;
  • Área de inundación o pérdida de energía por un desastre calificado que impidió que la instalación siguiera operando y que, por lo tanto, perdiera su capacidad de tratar el agua potable.

El BPU y la EDA aprobaron la Guía del Programa de Financiamiento del ERB y el documento de la Primera Ronda de financiamiento, que describe los parámetros a través de los cuales se otorgarán subsidios y préstamos a instalaciones críticas elegibles, en las reuniones de sus consejos directivos el 30 de septiembre y 14 de octubre, respectivamente.  Estas guías y la Solicitud de Admisión inicial se encuentran en el enlace dewww.NJERB.com o se pueden solicitar llamando al (866) 534-7789 o enviando un correo electrónico a erb@njeda.com.  Después de una revisión de la Solicitud de Admisión inicial por parte del personal del ERB, se dará acceso a la compleción de solicitudes en pleno para las instalaciones críticas elegibles. 

Critical Facilities Can Begin Process to Secure Resilience Grant Funds 

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TRENTON, N.J. (October 20, 2014) – As part of the Christie Administration’s continuing efforts to minimize the impact of future major power outages and increase energy resiliency, the State today announced the launch of the New Jersey Energy Resilience Bank (ERB), the first public infrastructure bank in the nation to focus on energy resilience. Utilizing $200 million through New Jersey’s second Community Development Block Grant-Disaster Recovery (CDBG-DR) allocation, the ERB will support the development of distributed energy resources at critical facilities throughout the state that will enable them to remain operational during future outages.

The ERB is the result of collaboration between the NJ Board of Public Utilities (BPU) and the NJ Economic Development Authority (EDA.)  The first group of facilities targeted for the program, water and wastewater treatment plants, are now able to begin applying for financing from the $65 million allocated for this sector to support distributed energy projects.

“BPU and EDA have worked very closely to create workable parameters and attractive financing packages to help facilities implement resilient solutions that may previously have seemed infeasible due to their high cost,” said EDA CEO Michele Brown.  “We are very excited to be moving forward with the application for water and wastewater treatment plants right on schedule, and encourage stakeholders in entities with an unmet funding need to look closely at the options that may be available to them.”

Superstorm Sandy caused extensive damage to New Jersey’s energy infrastructure, disrupting delivery of electricity, petroleum, and natural gas to consumers across the state, and leaving an estimated five million residents without electricity. Distributed energy resources, including combined heat and power, fuel cells and off-grid solar inverters with battery storage, allowed some critical facilities, such as hospitals, wastewater treatment plants and universities, to remain operational while the electric grid was down.

In addition to providing resilience, the potential benefits of distributed energy resources include lower and more stable energy costs, a cleaner environment through reduced emissions, and increased overall efficiency.  The application period for water and wastewater treatment facilities will be followed by a similar process for other critical sectors, such as healthcare, education, and transit.

“With the opening of the ERB, the Christie Administration has taken yet another step forward in its efforts to increase energy resilience and rebuild New Jersey stronger than before,” said BPU President Richard S. Mroz.  “The ERB will address the unmet needs of our critical facilities, making them more resilient and preparing us for the future.”

Financing options available through the ERB will consist of grants and loans to address unmet funding needs.  Grants and forgivable loans will be offered to address up to 40 percent of unmet funding needs, while low-interest, amortizing loans will be available for the remaining 60 percent of unmet funding needs.  Grants and loans may require equity contribution, and any principal forgiveness component will require evidence of meeting minimum performance requirements as indicated in the program guide.

Eligible technologies must be constructed to operate isolated from the electric utility grid (islanding), be able to start up without a direct connection to the electric grid (blackstart) when the grid is down due to extreme weather events, and have the capability to operate at critical load.  At a minimum, to be eligible for ERB funding, an entity must demonstrate impact by Sandy or other qualifying disaster of:

• Physical damage to facility caused by the eligible disaster, or,
• Indirect impact, demonstrating that the project is supporting revitalization of the community in which it is located, and one of the following –
  • Area flooding and/or loss of power that prevented facility from treating wastewater, causing a release of sewage/storm water into the surrounding waterway;
  • Area flooding and/or loss of power from a qualifying disaster prevented the facility from operating and being able to treat drinking water.

BPU and EDA approved the ERB Program Guide to Program Funds and Round One funding document, which outlines the parameters through which grants and loans will be provided to eligible critical facilities, at their September 30 and October 14 Board meetings, respectively.  These guides and an application can be found at www.NJERB.com, or by calling (866) 534-7789, or emailing erb@njeda.com.