Approved Projects Expected To Create More than 1,100 Jobs

TRENTON, N.J. (February 11, 2014) – Continuing the Christie Administration’s commitment to fuel job growth and promote business expansion in New Jersey, the Board of the New Jersey Economic Development Authority (EDA) took action today to approve incentives and financing that encourage a diversity of businesses to increase employment in New Jersey, as well as to advance significant redevelopment in Paterson and Ewing. In total, these projects spanning Camden County to Passaic County are anticipated to result in the creation of nearly 1,165 new jobs, 590 retained jobs and 435 construction jobs.

“The projects approved today by the Board reflect the scope of New Jersey’s efforts to maintain and advance its business-friendly environment,” said EDA Chief Executive Officer Michele Brown. “EDA assistance is often a crucial first step for these projects to advance and materialize, and when they do, they spur significant economic development and job growth in our State.” 

Expanded and strengthened under the Economic Opportunity Act of 2013 (the Act) signed by Governor Christie in September, the Grow New Jersey Assistance (Grow NJ) Program is designed to be the state’s main job incentive program, providing New Jersey with a more effective tool to spur job growth in targeted areas and to assist businesses looking to grow throughout the state. In the more than three months since the program’s launch, the Board of the EDA has approved 15 Grow NJ awards, including today’s four approvals, for a total of over $239.3 million in assistance tied to the creation of over 2,365 new, full-time jobs, 1,760 retained jobs at risk of leaving New Jersey, and 365 construction jobs.

Notably, Liscio’s Italian Bakery, Inc. was approved for Grow NJ support of up to $13.5 million over 10 years to advance the wholesale bakery’s major expansion project in Glassboro that will help improve its production capacity and operations to keep pace with demand. Under the project, Liscio’s Italian Bakery would retain 176 existing jobs at risk of leaving New Jersey and create 71 new, full-time jobs at the new manufacturing facility, which would have a net benefit to the State estimated to be $25 million over the 20-year period required under the law.

Another South Jersey manufacturer approved for Grow NJ support is Stoncor Group Incorporated, trading as Stonhard, a global leader in manufacturing and installation of high performance epoxy and urethane seamless floors, wall and lining systems in facilities that require a sterile environment. Stoncor Group’s Grow NJ award of up to $9.9 million over 10 years encourages the company’s acquisition of a vacant 132,223-square-foot building in Pennsauken, instead of exercising a lease-purchase option on its 11.5-acre manufacturing-distribution campus in Ft. Wayne, Indiana. If Stoncor chooses New Jersey, the company’s new Pennsauken location will house 85 Stoncor employees that were at risk of leaving the State and 75 new, full-time employees. The project would have an estimated net benefit to the State of $25.2 million over 20 years.

A Grow NJ award of up to $9.1 million was approved for Sandoz Inc to encourage their relocation to Plainsboro, New Jersey over a location in Pennsylvania. Sandoz Inc. manufactures and markets leading innovative generic prescription drugs used to treat a number of diseases and conditions. The Grow NJ award is tied to the company’s retention of 292 existing New Jersey jobs at risk of leaving the State as well as the creation of 70 new, full-time jobs, and the project would have an estimated net benefit to the State of $147.1 million.

Also of note, the Board approved TR US Inc., a subsidiary of Thomson Reuters, for a Grow NJ award of up to $25.9 million, which includes an increase for the project’s Urban Transit Hub-eligible Hoboken location. TR US Inc. provides intelligent information that enables business leaders across the globe to make astute decisions. The award is tied to TR US Inc.’s relocation of 450 out-of-state employees to the company’s Hoboken facility instead of its Carrollton, Texas site, and the project would have an estimated net benefit to the State of $123 million.

The Board of the EDA approved two Economic Redevelopment and Growth (ERG) incentives for projects in Paterson and at the College of New Jersey campus in Ewing, bringing the total year to date approvals under the program to three projects.

PRC Campus Centers, LLC was approved for a Residential Economic Redevelopment and Growth (Residential ERG) award worth up to $15.7 million to help advance an $84.9 million development project on the campus of The College of New Jersey (TCNJ). The proposed plan includes the construction of 9 low-rise buildings to create a 241,000-square-foot, mixed-use development that includes 202,000 square feet or 130 units of undergraduate housing, 82,000 square feet or 23 units of ground-level retail and other space, and 500 parking spaces. In April of 2012, the EDA had approved the public-private partnership between PRC Campus Centers and TCNJ under the Higher Education Private Public Partnership Program. Completion of construction is expected in July of 2015.

The Board approved a Residential ERG award worth up to $7.8 million to advance the second and last phase of Paterson Commons II Urban Renewal Associates, LLC’s residential development project at 66 Gray Street in Paterson. The overall project involves the rehabilitation of two vacant, four-story former industrial buildings that aggregate 140,000 square feet of space. The development already consists of a 20,000-square-foot, 300-student high school and a residential rental apartment building with 39 units, both of which were completed in 2004. Under the Act, the project is eligible to receive an increased award for being located in a Garden State Growth Zone and an Urban Transit Hub, as well as for meeting the Affordable Housing standards. The Residential ERG supports the final phase of the development, which calls for the creation of 92,000 square feet of residential space in 99 units and 10,000 square feet of retail space that will be allocated 41 parking spots in an adjacent lot.

In support of Governor Christie’s commitment to assist the recovery of businesses and communities in the aftermath of Superstorm Sandy, the EDA approved Stronger NJ Business loans to help support the working capital needs of Formica Brothers in Atlantic City, Susan Wagner Designs in Point Pleasant, Leonard Novelty Bakery in Moonachie and American Maritime Services of New Jersey in Woodbridge.

The Fort Monmouth Economic Revitalization Authority was approved by the Board to enter into a Purchase and Sale Agreement and Redevelopment Agreement with HovWest Land Acquisition, LLC for Howard Commons in Eatontown. HovWest Land Acquisition plans to demolish the existing buildings and construct 275 two- and three-bedroom for-sale town homes, of which 20% will be reserved as affordable housing.

The Board also continued support for small businesses throughout the state via EDA core programs, including loan guarantees, participations and direct term loans under New Jersey Business Growth Fund, Premier Lender and Small Business Fund Programs.

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.

More information and applications for the Grow NJ and ERG programs are available at Grow NJ and ERG websites: https://www.njeda.gov/GrowNJ and https://www.njeda.gov/ERG.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov. For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call 1-855-SANDY-BZ (1-855-726-3929).

Grow NJ Assistance and Economic Revitalization and Growth incentives programs point to increased development and employment in New Jersey in 2014

TRENTON, N.J. (January 15, 2014) – Preliminary 2013 totals show the New Jersey Economic Development Authority (EDA), in support of the Christie Administration’s commitment to fuel  business and job growth in New Jersey,  provided nearly $1.2 billion in total financing to 213 projects throughout the state. This funding helped support the retention of more than 35,000 jobs including more than 5,200 jobs at risk of leaving New Jersey, the creation of more than 5,300 new jobs, over 9,400 construction jobs, and leveraged more than $2.6 billion in public/private investment.   

“The past year was busy, exciting and productive as we worked towards enhancing New Jersey’s business friendly environment,” said Michele Brown, CEO of the EDA.  “The EDA supported many significant projects that will result in new jobs, increased private investment and an enhanced quality of life for residents.”

Building on the momentum created by the Economic Opportunity Act of 2013, the  EDA Board at its January meeting approved the first project under the revised Economic Redevelopment and Growth (ERG) program as well as six projects, including two with locations in southern New Jersey, under the enhanced Grow NJ Assistance (Grow NJ) program.

In a major redevelopment undertaking for Newark, Four Corners Millennium Project Urban Renewal Entity, LLC was approved for an award of approximately $19.4 million under the Residential Economic Redevelopment and Growth Grant Program (RES ERG) and concurrently received approval for an Urban Transit Hub Tax Credit (UTHTC) not to exceed $33 million or $3.3 million annually for ten years.  The incentives will help advance the Four Corners Millennium Project (FCMP), a $410 million, multi-block, mixed-use redevelopment in the historic core of downtown Newark.

The RES ERG supports the rejuvenation of the former Paramount Theater on Market and Beaver Streets, one of two components that make up the first phase of the overall three phase project. The renovations and new construction will result in a fifteen-story building with an aggregate  estimated 321,376 square feet consisting of 182,270 square feet of residential space with 220 rental units, 49,731 square feet of retail space and 92 parking units in proximity to Penn Station, Newark light rail and major bus lines. The project will create an estimated 65 new full-time jobs and approximately 200 construction jobs.

The strengthened Grow New Jersey program, now the state’s main job incentive program, is designed to assist businesses looking to grow throughout the state and provide New Jersey with a more effective tool to spur job growth in targeted areas.  Accordingly, the EDA took action to approve projects in Cranbury, Jersey City, New Brunswick, Pennsauken, Salem City and Woodbridge for Grow NJ incentives. These projects are slated to receive a total of approximately $88.3 million tied to the creation of 837 new full-time jobs and the retention of more than 291 existing full-time jobs in New Jersey. 

Notably, Forbes Media LLC, the company that publishes Forbes, ForbesLife and Forbes Asia magazines, received Grow NJ support of up to $27.1 million over ten years to move its headquarters to Jersey City, from its current location in New York.  In addition to the lease and improvement of the new 93,000-square-foot site, 350 jobs will move to Jersey City.  The net benefit to the State is estimated to be $72 million over the 20-year period under the law.

Wenner Bread Products, Inc., currently based in Long Island, is planning an expansion to New Brunswick to accommodate future growth, contingent upon incentive support.  A Grow NJ grant worth up to approximately $30.3 million was approved to encourage the company to increase employment in New Jersey and as a result, 253 new jobs will be created.

Ardagh Glass, Inc., a leading supplier of glass and metal packaging with a focus on the food and beverage markets was approved for a Grow NJ award of up to $20.1 million over ten years to support the installation of a new glass furnace at its Salem City facility, which will return the facility to full capacity and create greater efficiencies overall.  If the plan cannot be executed, Ardagh would plan to shift its production to lower cost facilities, eliminating the bulk of the jobs in Salem County and ultimately closing the site.  The Grow award incentivizes Ardagh to retain 258 existing jobs as well as add 72 new jobs.  It is estimated that the project will create a net benefit for the State of $54.5 million over the 20-year period required by the statute.

LiDestri Foods and Pennsauken Packing Company, LLC, a well-known manufacturer of sauces, dips and salsas, including the Francesco Rinaldi brand, received a Grow NJ incentive of up to $6,247,500 over ten years to expand operations and retain 27 jobs and create 60 new jobs at its Pennsauken facility, which has seen workforce reductions over time.  The job expansion plans are the result of an exclusive manufacturing agreement with TetraPak, a global leader in aseptic technologies, such as juice boxes. 

Stericycle, Inc., a company that provides disposal services for medical and biohazardous waste was approved for incentive support of up to $2.9 million over ten years to expand its business in Woodbridge Township, by leasing 20,000 square feet for an autoclave waste treatment facility. This project would create 42 jobs which would otherwise be lost to an existing facility in Pennsylvania.

Also in Middlesex County, Vintage Pharmaceuticals, LLC, will create 25 jobs and establish a research and development presence in Cranbury, as a result of a $972,790 Grow award.

The Board also continued support for small businesses throughout the state via  EDA core programs, including loan guarantees, participations and direct term loans under New Jersey Business Growth Fund, Premier Lender and Small Business Fund Programs.

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.

More information and applications for the Grow NJ and ERG programs are available at Grow NJ and ERG websites: https://www.njeda.gov/GrowNJ and https://www.njeda.gov/ERG.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov. For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call 1-855-SANDY-BZ (1-855-726-3929).

Despite Sandy Damage And The Wettest June In History, 2013 Tourist Stats Close To Banner Year Of 2012

Trenton, NJ (January 13, 2013)  – The Christie Administration today released a report detailing early indicators of the success of the Stronger Than The Storm (STTS) campaign indicating that the 2013 summer vacation season was much stronger than expected. 

According to a report authored by MWW, the agency of record for the STTS Campaign, publicly available and objective third party data on hotel tax receipts, hospitality employment, beach pass sales, hotel occupancy rates, and transit activity illustrate that despite the challenges of the storm and recovery – the tourism industry overall was not only able to overcome low expectations – it was able to grow and expand in several areas.

• Hotel Tax Receipts – Although June 2013 was the wettest ever recorded in the state, overall 2013 receipts were down only 4% from 2012, which was the highest year for tourism tax receipts on record.  Municipal and state hotel tax receipts were the second highest total in the last five years for the four shore counties (Monmouth, Ocean, Atlantic and Cape May) combined.
• Hospitality Employment – For the three metropolitan statistical areas that make up the shore, August hospitality and leisure employment were very close to 2012 levels or increased compared to 2012, according to data from the Bureau of Labor Statistics.  The anticipated loss of an estimated 11,000 tourism-related jobs in the third quarter due to the storm did not materialize. 
• Beach Pass Sales – Despite significant damage from the storm, overall beach pass revenue in 2013 decreased only slightly (-3%) when compared to the previous four-year average. Beach pass revenue in particular was reflective of the various states of recovery along the shore with some towns realizing solid gains (Asbury Park, Long Branch) and others seeing significant drop-offs (Toms River, Mantoloking).
• Hotel Occupancy – The Jersey Shore summer season finished on par or better than some competing summer destinations.  Data provided by STR Analytics indicates the shore matched Cape Cod’s hotel occupancy for the second two-thirds of the summer season and beat out the Delaware Shore and Nassau and Suffolk County, New York hotels in increased occupancy from 2012 and was down less than 1% year over year.
• Transit Ridership – Areas serviced by the major shore public transit alternatives all saw a boost in arrivals compared to 2012. The Coast and Atlantic City rail lines on NJ Transit experienced ridership increases from the July 4^th holiday through to Labor Day, while all four major bus lines serving the shore also saw an aggregate increase in ridership over their 2012 figures. The year-over-year increase in transit ridership is a direct indicator of the STTS campaign’s success in activating this important segment of shore visitors.

The report is a preliminary assessment of several tourism industry metrics following the 2013 NJ tourism season.  For more detail, please visit https://www.njeda.gov/web/pdf/STTSReport.pdf.  A fuller report with additional data on the NJ tourism season is expected later this spring.

Stronger Than The Storm was developed following HUD approval of a Community Development Block Grant for Disaster Recovery (CDBG) to support the recovery of communities and small businesses in the aftermath of Superstorm Sandy. The EDA launched the STTS public awareness campaign on May 25, 2013, with the goal of making citizens in NJ and surrounding states aware that the Jersey shore was open for business as a vacation and day trip destination. The $25 million campaign included television and radio ads, a website, and events such as concerts and competitions in impacted communities throughout the summer.  Social media was a key component of the campaign, as evidenced by more than 98,000 Facebook “likes”, 6,616 Twitter followers, and more than 83,000 video views of the STTS commercial on YouTube. 

Before the campaign was launched, the outlook for the summer tourism season was uncertain.  Pre-season predictions from Rutgers University estimated the state’s tourism industry would have losses of $950 million in the third quarter alone.

• More than 50% of NJ residents stated they did not believe the shore would be “back to normal” for at least three years.
• 15,600 summer rental properties reported suffering “severe” or “major” damage, which represents approximately 1.5 million potential lost accommodation nights along the shore for the peak tourism season.
• About 30% of NJ residents who have previously taken shore vacations of at least 4 days in previous summers were planning to cut back on their visits to the shore.

The Christie Administration’s efforts to grow the state’s technology, biotechnology and life sciences sectors flourished in 2013 with an unprecedented amount of support in various forms to these sectors spanning the last four years. In 2013, the New Jersey Economic Development Authority (EDA) Board approved more than 70 projects to support our “innovation” economy, leading to an estimated 1,770 new jobs in the clean energy, technology and life sciences sectors. Please click here for infographic which illustrates the statewide impact of technology support.

Following the launch of the Angel Investor Tax Credit program in July, the New Jersey Economic Development Authority (EDA) has approved 28 investments, representing a total of more than $14 million in private investment in start-up tech and biotech companies. Signed into law by Governor Christie in January, the program was developed as a tool to create an innovation-friendly atmosphere, providing credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. Businesses with fewer than 225 employees, 75 percent of whom must work in New Jersey, are encouraged to apply for this program.

“Programs and initiatives that spur innovation and job creation, such as the Angel Investor Tax Credit, demonstrate the Christie Administration’s continuing focus on nurturing early-stage technology businesses and ensuring that the next scientific advancements take place right here in New Jersey,” said EDA Chief Executive Officer Michele Brown.

Another state initiative used to assist early stage companies is the Technology Business Tax Certificate Transfer (NOL) Program. This competitive program allocates $60 million annually to technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.  Since the program was established in 1999, more than 490 different businesses state-wide have been approved for awards totaling $770 million. Fifty-four companies will receive a share of the $60 million allocation for 2013. Advocates of the program said the ability to sell losses for cash through the NOL program has been critical to keeping their growing business on track during the early years.

The EDA helps increase available capital for emerging technology companies by investing as a limited partner in venture capital firms. This year, the EDA Board approved an investment of $2.5 million in ff Rose Venture Capital Fund, L.P., as well as an investment of up to $1.3 million in Milestone Venture Partners IV. The funds are expected to raise a combined $87 million to invest  in technology companies.

“The interest from these two traditionally New York-focused venture firms is a testament to the strong ecosystem for entrepreneurs who are growing businesses in NJ,” Kathleen Coviello, Director of the EDA’s Technology and Life Sciences department said.

The EDA additionally approved several projects that also seek to capitalize on the talent in our region and provide an environment that catalyzes innovation, entrepreneurship and job creation. This includes approving leases and lease extensions at the EDA’s facilities at the Technology Centre of New Jersey and Commercialization Center for Innovative Technologies (CCIT) in North Brunswick as well as the Waterfront Technology Center in Camden.  Rutgers University finalized a 64-month lease in Camden this year and CCIT saw ten new tenants this year, as well as 12 lease renewals. In August, a lease with Orthobond Corporation helped ensure that CCIT’s largest tenant also remained on the North Brunswick campus, bringing CCIT’s total occupancy to 30 tenants.  To support its growth and the expected creation of eight additional jobs, Orthobond plans to move into its larger space at the campus’ Biotechnology Development Center II later this month.

The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and 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.

174 Businesses Now Approved for over $8.3 Million in Total Funding

Continuing the Christie Administration’s commitment to the recovery of small businesses in the aftermath of Superstorm Sandy, the New Jersey Economic Development Authority (EDA) announced today the recent award of Stronger NJ Business Grants to several businesses in Ocean County in support of their recovery.

La Luz Salon in Bay Head, Royal Sands Realty in Ortley Beach, Purpuri Shoes in Toms River, and Jersey Shore Laundry and Ohana Grill in Lavallette have all been approved for grants.

“While many Sandy-damaged businesses have come a long way, many are still recovering,” said EDA Chief Executive Officer Michele Brown. ”Any business with at least $5,000 in physical damage from the storm should contact us as the deadline to apply for a Stronger NJ Business Grant is December 31. The Stronger NJ Loan program will continue to be available after that date, so help is still available.”

To date, 174 businesses have been approved for grants totaling more than $8.3 million through the Stronger NJ Business Grant program, which offers grants of up to $50,000 to New Jersey businesses damaged by the storm. 

The entire interior of La Luz Salon in Bay Head was destroyed following extensive flooding from the storm.  The salon reopened in mid-February.  According to owner, Luz Zavala, “It took so much of our time, energy, and financial resources to rebuild, but we were determined to remain a part of the Bay Head community.  We are so thankful for the ongoing support of our customers and appreciate the help the state has provided.”

In Lavallette, flood waters damaged the building occupied by Jersey Shore Laundry and caused major loss of equipment and supplies. “We’re happy to be back and are grateful for the support of the state and our customers,” said Tammy Schmidt, owner, Jersey Shore Laundry.  “It hasn’t been easy, but we were determined to reopen in time for the busy summer season.” 

Governor Christie called on the EDA to administer $460 million of the state’s CDBG Disaster Recovery allocation to support the recovery of impacted businesses. The Stronger NJ Business Grant program is the first of these CDBG-funded business recovery programs and is utilizing $260 million of the allocation.  On July 1, the EDA unveiled the $100 million Stronger NJ Business Loan program, which offers  loans of up to $5 million with no interest or principal payments for up to 24 months to businesses impacted by the storm, as well as businesses looking to expand within storm-impacted communities.

The third Stronger NJ Business program, the $75 million Neighborhood and Community Revitalization Program, offers financial assistance to support 1) development and public improvement projects; 2) main street revitalization; and, 3) Community Development Financial Institutions providing loans to small businesses.

Grant applications must be submitted by on or by December 31, 2013.  For more information on the Stronger NJ Business programs, including the complete list of eligibility criteria and eligible uses of funds visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).

New and improved incentives program helps businesses remain and expand in New Jersey

The Board of the New Jersey Economic Development Authority (EDA) took action today to approve the first projects under the Grow NJ Assistance (Grow NJ) program to encourage businesses to increase employment in New Jersey. Grow NJ originated as a Christie Administration initiative in 2011 and was enacted into law in 2012.  It subsequently was expanded and strengthened under the Economic Opportunity Act of 2013 signed by Governor Christie in September.

The enhanced Grow New Jersey program, now the state’s main job incentive program, will support businesses looking to grow throughout the state and provide New Jersey with a more effective tool to spur job growth in targeted areas. To enable smaller businesses to qualify for incentives, the revised Grow NJ program expands geographic boundaries within which businesses can qualify for assistance and lowers capital investment and employment eligibility requirements. By lowering eligibility thresholds, more small and mid size businesses can now be assisted.

“The revised Grow NJ program provides the State with an even more powerful tool to create and maintain jobs,” said Michele Brown, CEO of the EDA. “Together with the revised Economic Redevelopment and Growth program, New Jersey is primed for even more growth. These programs support the Christie administration’s priority to continue to enhance the State’s business friendly environment and remain competitive in the Northeast.”

The EDA took action to approve five projects under the revised Grow NJ program. These projects located in Camden, Neptune, Bridgewater, Newark and Jersey City are slated to receive a total of approximately $92.9 million tied to the creation of 900 new full-time jobs and the retention of more than 925 existing full-time jobs in New Jersey.

The Board approved a significant Grow NJ award of up to $39,502,500 over ten years for Valeant Pharmaceuticals International, Inc., which recently acquired Bausch & Lomb, whose core businesses include ophthalmic pharmaceuticals.

Valeant is in the process of determining where to locate the company’s combined U.S. headquarters, either in Rochester N.Y., at the Bausch & Lomb building or to remain in New Jersey. The New Jersey option, which is under consideration, is a leased facility in Bridgewater; 274 jobs would remain in the state and 550 jobs would be created.

The Board also approved a Grow New Jersey award for WebiMax, a leader in online and digital marketing services that was founded in 2008 in Mt. Laurel, New Jersey. The company earned the number five position on the 2013 Agency 100 list, an annual ranking of the fastest-growing advertising and marketing agencies in the United States. To accommodate its rapid growth, WebiMax considered relocating its existing workforce to Newark, Delaware. A Grow NJ incentive worth up to $12.7 million over ten years encourages the company to relocate to Camden. The project involves the creation of 100 new jobs and the retention of 50 New Jersey jobs at risk of leaving the state.

The WebiMax project was eligible for an increased award due to its location in a Garden State Growth Zone. The revised programs place extra emphasis on spurring development and private sector job growth in certain smart growth areas, distressed municipalities and transit oriented locations and in certain targeted areas, such as “Garden State Growth Zones” identified in the Act as the cities with the four lowest median family incomes: Camden, Trenton, Passaic City and Paterson. Of the four Garden State Growth Zones, funding is the most aggressive for projects in Camden.

Marathon Data Operating Co., LLC was approved for a Grow NJ award of up to $3.2 million that included a bonus for locating the project in Neptune, indentified as a distressed municipality in the Economic Opportunity Act of 2013. The company provides office management, fully integrated cloud based field force automation software, and marketing services solutions to the pest control, HVAC and plumbing industries. Marathon Data Operating Co. is deciding whether to relocate its 74 existing New Jersey jobs to its Boston facility or a new location in Neptune. The company’s plans call for the creation of 35 new jobs to support its significant growth over the past few years.

A Grow NJ award worth up to $24.3 million over ten years was approved for IDT Corporation to encourage the company to maintain its headquarters in Newark over a competing location in Pearl River, New York. IDT Corporation is focused on consumer services with operations primarily in the telecommunications and payment services industries. The company’s Newark project receives a bonus for being located in an Urban Transit Hub municipality, and involves the retention of nearly 530 full-time jobs employees and the creation of 40 new jobs.

Another business that received a bonus for choosing to locate its project in an Urban Transit Hub municipality is VF Sportswear. The lifestyle apparel and footwear company was approved for a Grow NJ award of up to $13.1 million over ten years to encourage the company’s relocation from New York City to a new facility in Jersey City instead of Norwalk, Connecticut. Several senior executives as well as finance, accounting, retail operations and other administrative groups are among the 175 jobs to be relocated within the State.

The Board approved assistance to two projects under the Urban Transit Hub Tax Credit (HUB) program, totaling $124 million. The first is to support a mixed-use development in the Journal Square Redevelopment Area in Jersey City and the second encourages significant investment in Paterson.

MMC-DB Group LLC was approved for a HUB award of up to approximately $105.5 million to incent the construction of two towers on the campus of St. Joseph’s Regional Medical Center, an acute care hospital facility in downtown Paterson. The award is estimated to create over 300 new jobs and 665 construction jobs. The first tower, a 153,200-square-foot structure, will consist of a 132-room hotel, a 40,000-square-foot conference center, and a parking facility with 189 spaces. Plans call for this tower to be donated to a private operating foundation that will benefit Medical Missions for Children and St. Joseph’s Children’s Hospital. The second tower will be a 104,874-square-foot medical teaching and office facility that includes a parking facility with 40 spaces. St. Joseph’s Regional Medical Center intends to lease space within the medical teaching and office facility tower.

In support of Governor Christie’s commitment to the recovery of businesses in the aftermath of Superstorm Sandy, the Board approved two Stronger NJ Business loans totaling over $5.3 million. McLoone’s Rum Runner in Sea Bright was completely destroyed by Superstorm Sandy. The popular waterfront restaurant along the Shrewsbury River received a $3 million loan to rebuild their establishment and support their working capital needs.  Atlantis Realty Associates in Brick received a $2.3 million construction loan to help the business purchase equipment and fixtures to complete renovations and resume normal business operations. This assistance is expected to create a total of over 60 construction jobs in Monmouth and Ocean counties.

To help advance New Jersey’s preparation for state emergencies, the Board also approved a Memorandum of Understanding between the EDA and the New Jersey Office of Emergency Management for the Retail Fuel Station – Energy Resiliency Program. This program is designed to assist owners of eligible retail fuel stations with enhancing their operational resiliency when extensive power outages render liquid fuel pumps and point of sale systems inoperable.

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.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov. For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call 1-855-SANDY-BZ (1-855-726-3929).