Annie D'Agostino, Author at NJEDA

By Geoff Mulvihill/AP
April 18, 2013

LONG BRANCH, New Jersey — Gov. Chris Christie said Thursday he expects federally funded grants for New Jersey business owners hit by Superstorm Sandy to arrive soon, but homeowners might be waiting a few months before they see their grants.

Christie said he is hoping for federal approval next week for the state’s plan to distribute the first $1.8 billion of federal storm aid being used to cover unmet needs related to last October’s storm.

New Jersey’s share of that funding is to total nearly $5.5 billion. While it’s only a piece of the $60 billion in disaster aid Congress approved in two bills earlier this year, it’s one where the governor has direct say.

By Christopher Robbins/NJ.com
April 18, 2013

Governor Chris Christie reassured local business leaders reeling from the effects of Hurricane Sandy and nervous about the upcoming tourist season that help is on the way.

That help will come in the form of an advertising campaign of radio, television and internet spots to ensure tourists that shore businesses are open for business.

“An advertising program has already been approved and is being created right now,” Christie said. “It will be rolled out prior to Memorial Day.”

By Sarah Watson/Atlantic City Press
April 14, 2013

Small-business owners who suffered damage or have lost customers due to Hurricane Sandy are eligible for disaster aid loans, but numbers released through the U.S. Small Business Administration show that few businesses are filing for help.

And if those businesses want to be eligible for grants that come from the $60 billion federal disaster aid package, they may be required to apply first for help through the SBA to show their needs.

TRENTON, N.J. (April 9, 2013) – In support of the Christie Administration’s commitment to sustainable economic growth in the State’s urban centers, the New Jersey Economic Development Authority (EDA) today approved three significant mixed-use development projects in New Brunswick and Jersey City under a competitive solicitation that made $100 million in tax credits available through the residential component of the Urban Transit Hub Tax Credit Program.

The three awardees, which were each approved for $33 million in tax credits over ten years, include College Avenue Redevelopment Associates, LLC; Beacon Redevelopment LLC; and, Journal Square Associates LLC. The projects are expected to stimulate more than $625 million of private investment and create an estimated 1.5 million square feet of residential space, nearly 48,000 square feet of commercial space, approximately 163,000 square feet of academic space, and 1,660 new parking spaces in the two cities. In total, the projects will generate an estimated 1,600 construction jobs and 70 new permanent positions.

“The award-winning Urban Transit Hub Tax Credit Program has helped to advance transformational projects that are stimulating economic activity and community revitalization,” said EDA Chief Executive Officer Michele Brown. “These three projects scored the highest under the competitive solicitation due to the significant economic and social benefits they will deliver.”

College Avenue Redevelopment Associates is a public-private partnership advancing a $297.7 million mixed-use development in New Brunswick. Led by the New Brunswick Development Corporation, the project will include new residential and amenity space for the Rutgers University Honors College, as well as a new academic building on the former Seminary site; ground floor retail space; a structured parking facility for Rutgers faculty and staff members; and, a public plaza that will provide a host of outdoor amenities.

Beacon Redevelopment involves the transformation of two dilapidated and long vacant buildings on the campus of the former Jersey City Medical Center into new rental apartments and commercial space. The $124.8 million project represents phase two of “The Beacon,” which is considered the largest historic redevelopment project in New Jersey. The multi-phase project, being developed by BR, will include 1.5 million square feet at full build out.

Also in Jersey City, Journal Square Associates is undertaking a three phase development that will include residential units, retail, parking spaces and the possibility of a 600,000-square-foot office tower. The tax credits will support the first phase, a $202.6 million project boasting a residential tower with 540 rental units, 180 parking spaces and 3,160 square feet of retail.

The solicitation, which closed in December 2012, offered up to $100 million in Urban Transit Hub Tax credits to support residential projects and residential projects with mixed-used components, in eligible Urban Transit Hub cities. Tax credits were available for up to 35 percent of the total qualified capital investment per project, with a maximum of $33 million. No more than two projects per municipality could be awarded tax credits.

In addition to the three projects awarded funding, the EDA received eight other submissions under the solicitation. Of those, seven did not meet all the technical eligibility requirements and were not scored. One project was deemed eligible under the terms of the solicitation, but was not awarded funding as it received the lowest score and was the third Jersey City project.

Including today’s action, projects approved under the Hub program total $1.02 billion, leveraging nearly $2.9 billion, the estimated creation of 4,970 new permanent jobs and 11,900 construction jobs, and the retention of 2,935 jobs certified as “at risk” of leaving the state. The program has facilitated the development of new commercial, residential, industrial, academic and recreational space in New Jersey’s urban centers.

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. 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.

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

Thomas A. Bracken/ Times of Trenton guest opinion column
April 8, 2013

We cheered when Congress approved $60.4 billion in emergency spending to help New Jersey and its neighbors recover from Superstorm Sandy. But the story of recovery is just beginning. Now that the cash has begun flowing into New Jersey, we must ensure that the money gets into the hands of those who need it the most and in a way that helps all of them — and New Jersey — emerge from the storm of the century and the Great Recession.

This opportunity must not be squandered. Grants, first and foremost, must go to residents and businesses that were directly struck by the storm so they can rebuild. This will generate jobs and boost our economy. Roughly $25 billion is expected to be invested in construction alone in New Jersey through 2015, according to a report by Rutgers University’s Bloustein School of Planning and Public Policy.

The aid, meanwhile, will help get Jersey Shore merchants open for business by Memorial Day. Meeting this deadline is important symbolically, and it is critical to our state’s $40 billion per year tourism industry. To support our shore businesses, the state needs to quickly roll out the proposed $25 million marketing campaign to make sure everyone knows the Jersey Shore is open for business this summer.

The April 17, 2013 Fort Monmouth Economic Revitalization Authority (FMERA or the Authority) Meeting is canceled, as there are no matters that require the Board’s formal consideration at this time. Although there will not be a meeting of the Authority in April, the FMERA Board of Directors and staff are working on several ongoing matters, including the evaluation of proposals for the Howard Commons Area in Eatontown and the Officer Housing in Oceanport in accordance with the Authority’s Sales Rules, and substantive discussions with Army Representatives that will result in a Phase 2 Economic Development Conveyance (EDC) agreement. The next FMERA Board Meeting is scheduled for Wednesday, May 15, 2013 at 7:00 pm, and will be held at the Tinton Falls Municipal Building, 556 Tinton Avenue, Tinton Falls. Thank you.

By Colleen O’Dea/NJ Spotlight
April 5, 2013

New Jersey home and business owners already have received more than $684 million in federal loans to help rebuild and recover from superstorm Sandy, according to officials with the U.S. Small Business Administration.

The SBA had provided almost 9,500 loans through March 20, according to its own data. More than 9 of every 10 loans have gone to homeowners, with 7 percent — or 658 — going to businesses. The loan amounts range from a low of $400 to $2 million.

Associated Press
April 4, 2013

Homeowners and businesses using federal disaster aid to rebuild from Superstorm Sandy will have to take additional flood protection measures, top federal officials announced Thursday.

The new standard will require that residential, commercial or infrastructure projects using federal aid elevate their structures 1 foot above the latest Federal Emergency Management Agency recommendations or, if elevation isn’t possible, relocate or flood-proof boilers or other utilities a foot higher than the latest federal guidance.

The New Jersey Economic Development Authority’s next public Board Meeting will take place at 10:00 a.m. on Tuersday, April 9, 2013 at 36 West State St., Trenton, NJ 08625. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.

By Phillip Tomlinson/South Jersey Times
April 3, 2013

Gov. Chris Christie’s Mobile Cabinet met with residents and property owners from around the Bayshore on Tuesday, in an attempt to provide answers and direction for those impacted by Superstorm Sandy.

The meeting was originally scheduled for last Thursday in Downe Township, a small hamlet on the bay that got pounded by Sandy. A last minute change of plans saw the meeting canceled due to travel considerations at the onset of the Easter holiday weekend.