TRENTON, N.J. (March 8, 2013) – Highlighting its institutional commitment to community-building and the revitalization of New Jersey’s urban core, the New Jersey Economic Development Authority (EDA) received the “2013 Land Use Legacy Award” from the Urban Land Institute-Northern New Jersey (ULI-NNJ) at the nonprofit organization’s 75^th Anniversary Legacy Awards dinner last night. 

“The EDA has always been an innovative partner of the private sector, and has played a key role in directing capital to urban communities,” said Robert Antonicello, ULI-NNJ Chair and Executive Director of the Jersey City Redevelopment Agency. “This award signifies our appreciation for the EDA’s many contributions to the cities, towns and communities that make New Jersey such a great place to live and work.”

Coinciding with its 75^th anniversary, the theme of ULI-NNJ’s awards ceremony was “Looking Forward, Looking Back.”  The ceremony served to honor those who have worked to redevelop and stimulate investment in New Jersey’s cities, and look forward to address future challenges facing the real estate development industry. The awards are intended to recognize and honor the professional legacies of those individuals and organizations whose contributions to New Jersey’s urban development most closely mirror the mission of ULI-NNJ.    

“The EDA has worked with a host of public and private partners to successfully catalyze large-scale redevelopment projects that are transforming neighborhoods, creating jobs for local residents, and stimulating economic activity that benefits all New Jerseyans,” said EDA CEO Michele Brown. “We are honored to accept this award, and we thank the Governor and Legislature for providing us with the economic tools needed to attract significant investment to our urban centers, encourage sustainable development in our communities, and foster the growth of small businesses throughout the State.”

In accepting the award, EDA President and COO Tim Lizura noted that the  “talented and dedicated staff at the EDA” who put these economic tools to use help to make the Authority such an effective organization.

Under the Christie Administration, the EDA has helped to advance significant projects in New Jersey’s urban centers through the enhanced Urban Transit Hub Tax Credit (Hub) and Economic Redevelopment and Growth (ERG) programs.  In total, these programs will help to spur the private investment of nearly $5 billion, and support the creation of an estimated 15,875 new, permanent jobs and 20,180 construction jobs, as well as the retention of 2,935 existing jobs that were “at risk” of leaving New Jersey.  The EDA also offers a host of small business lending programs in partnership with New Jersey’s banking community to increase access to capital and drive the growth of local jobs and community investment.

Established in 1936, ULI is a nonprofit education and research institute with over 30,000 members across the globe. ULI’s mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. ULI-NNJ is the local arm of ULI for the northern New Jersey region.

The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Chris Christie and led by Lt. Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA. 

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

Qualified School Construction Bonds Provide Low-Cost Borrowing to Build and Upgrade Schools

TRENTON, N.J. (March 5, 2013) – To continue New Jersey’s record of excellence in education and ensure that every child has access to a quality education, the Christie Administration announced the availability of $125 million in Qualified School Construction Bonds (QSCBs) to support the construction, expansion or enhancement of charter schools in the state.

The State Treasurer authorized the allocation to the New Jersey Economic Development Authority (EDA), which will work jointly with the New Jersey Department of Education (DOE) to administer the funds.  QSCBs may be issued to finance the construction, rehabilitation or repair of school facilities or for the acquisition of land where a school will be built. Investors who purchase QSCBs receive federal income tax credits at prescribed tax credit rates in lieu of interest.  These tax credit rates essentially allow a school to borrow without incurring interest costs. 

“Governor Christie has made expanding and providing effective educational choices for students and their families a top priority,” said EDA Chief Executive Officer Michele Brown. “This low-cost borrowing will help charter schools create facilities and classrooms of the 21^st century, offering our students the opportunity to compete in an increasingly competitive global economy.”

The New Jersey Charter School Association, the Colorado League of Charter Schools, and the National Alliance for Public Charter Schools recently published a report that showed the majority of charter schools in the state are located in outdated facilities. Further, most don’t have athletic fields or specialized instructional spaces, such as science labs or music rooms. 

Requests for funding through the $125 million allocation will be reviewed on a per project basis, with a maximum allocation of $40 million per project.  Applicants must be in good standing with the New Jersey DOE. To be eligible, the project financing must be ready to close no later than December 31, 2013 and the project must commence construction no later than 90 days after closing of the project financing. Applicants must also have site plan approval from the municipality, or evidence of commencement of the site plan approval process, in which the project resides.

The full Notice of Availability of Qualified School Construction Bond Allocation for Charter School Projects in New Jersey can be accessed via https://www.njeda.gov/web/pdf/QSCB_2013.pdf.

For more information on the eligibility requirements for QSCBs, please consult bond counsel to the EDA.  A list of eligible bond counsel firms is listed on the EDA’s website at www.njeda.gov/web/pdf/Bc2002-2004list.pdf.

All responses must be accompanied by the required information and received no later than April 3, 2013 to:

Lori Matheus, Managing Director
New Jersey Economic Development Authority
PO Box 990
36 West State Street
Trenton NJ 08625
lmatheus@njeda.com

 All questions may be directed to Margie Piliere at mpiliere@njeda.com.

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 three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA.