The New Jersey Economic Development Authority’s next public Board Meeting will take place at 10:00 a.m. on Tuesday, February 12, 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 Harvy Lipman/The Record
February 6, 2013
Non-profits and other groups with ideas for helping communities with the long-term recovery from superstorm Sandy can start applying for $5 million in grants from a fund established by two of the state’s largest foundations.
The New Jersey Recovery Fund has raised most of its money from charitable and corporate foundations around the country. The fund was put together by two of the state’s leading foundations: the Geraldine R. Dodge Foundation and the Community Foundation of New Jersey, both based in Morristown.
While the fund has given out about $250,000 in what Community Foundation president Hans Dekker described as “emergency small grants” to non-profits affected by the storm, its main focus is longer-term needs. Those include rebuilding homes and infrastructure to make them more resistant to future storms, innovations in regional planning to reduce communities’ vulnerabilities, and environmental protection projects.
By Beth Fitzgerald/NJBIZ
February 6, 2013
The New Jersey Business Action Center was created by the Chris Christie administration to reach out to businesses considering moving to New Jersey or expanding here — and to intervene when discouraged companies consider pulling up stakes. It is part of the administration’s Partnership for Action, which so far has worked with companies to attract or retain 67,000 jobs, according to Catherine Scangarella, marketing director for the BAC.
“We are the one-stop shop for the business community, and we use all our resources to bring all state resources to bear” to stimulate business investment, said Lauren H. Moore Jr., deputy executive director of the BAC, during a meeting today with NJBIZ. Besides the BAC, the Partnership for Action, led by Lt. Gov. Kim Guadagno, includes the state Economic Development Authority, which provides loans and tax incentives to companies, and Choose New Jersey, an independent nonprofit that recruits businesses to move here.
By Katie Eder/NJBIZ
February 5, 2013
Capital One today opened a mobile financial literacy center at the Newark office of nonprofit youth education organization Junior Achievement in an effort to better prepare students for finance jobs in the state.
Under the program, local middle school and high school students receive four weeks of in-classroom financial education lessons and mentoring from volunteers at local businesses, including Capital One and Verizon. At the completion of that instruction, students put their skills to the test by spending a day at the interactive Finance Park, where they are assigned fictional jobs and required to make real-life financial management decisions using kiosks and other technology funded by Capital One.
EATONTOWN, NJ – The Fort Monmouth Economic Revitalization Authority (FMERA) yesterday held its inaugural community bus tour, offering 60 residents an opportunity to visit the former military installation and learn more about the redevelopment effort. The tour showcased the 1,126-acre property, which spans parts of Eatontown, Oceanport and Tinton Falls.
“The FMERA team recognizes how vitally important it is to keep area residents informed and engaged in the redevelopment process,” FMERA Executive Director Bruce Steadman said. “The bus tour is a key part of that effort, allowing the public to see and hear firsthand how FMERA is working to bring jobs and investment to the region.”
In August 2010, Governor Chris Christie signed into law the “Fort Monmouth Economic Revitalization Authority Act,” creating FMERA and charging it with advancing the Reuse and Redevelopment Plan authored by FMERA’s predecessor agency, the Fort Monmouth Economic Revitalization Planning Authority. The 20-year Reuse Plan emphasizes the expeditious creation of jobs, encourages economic growth in the region, and strives to balance development with the protection and enrichment of natural resources.
Margot MacPherson, a Tinton Falls resident, participated in the tour and noted that her husband is interested in opening a small business in the area.
“As a resident of Tinton Falls and a member of the Monmouth County Business Community, I am happy to see that there is a positive vision for the Fort’s redevelopment. It was great to hear that there is a focused effort to replace lost jobs and create a sense of community through various types of development,” MacPherson said.
Due to the capacity of the buses, space on the tour was limited. FMERA expects to schedule a second tour in the coming months. Please visit www.fortmonmouthredevelopment.com for information on upcoming events and to learn more about the redevelopment effort.
$25 Million Angel Investor Tax Credit Program Will Encourage Early Investment in New Jersey’s Emerging Innovative Businesses
Continuing his commitment to implement pro-growth initiatives and targeted, job-creating tax relief to invest in New Jersey’s economic development, Governor Christie today signed legislation creating an angel investor tax credit program to spur job creation and growth in New Jersey’s current and next generation of high-skill, high-wage emerging technology industries.
The bill, S-581, provides tax credits for up to 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. New Jersey does not presently offer credits against either the corporate business tax or gross income tax for investments in emerging industries.
“Many innovations that make it to market across the world begin here in New Jersey in cornerstone industries like pharmaceuticals and the life sciences and information technology with high-skill, high-wage jobs that anchor our economy and communities,” said Governor Christie. “To secure our state’s leadership in these fields and foster growth and innovation in cutting-edge emerging technology industries, we must have policies that support New Jersey’s own start-ups in these fields. This Angel Investor Tax Credit program will help achieve just that by incentivizing millions of dollars in private investment in New Jersey’s entrepreneurial businesses, with jobs right here in the Garden State, to research, test, or commercialize the next advancements in our society.”
Qualified businesses will have 225 employees or fewer, with 75 percent of those filling a position in New Jersey, and operate in the fields of advanced computing, advanced materials, biotechnology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology. They will also meet one of the following work or research criteria in New Jersey: have qualified research expenses paid or incurred for research conducted in New Jersey or conduct pilot scale manufacturing in this state; or conduct technology commercialization in the state. Credits will be capped at $500,000 for each qualified investment and the total program is subject to an annual cap of $25 million.
S-581 was sponsored by Senators Fred Madden (D-Camden and Gloucester), Loretta Weinberg (D-Bergen), Paul Sarlo (D-Bergen and Passaic) and Assemblymembers Annette Quijano (D-Union), Gary Schaer (D-Bergen and Passaic), Nelson Albano (D-Atlantic, Cape May and Cumberland), Wayne DeAngelo (D-Mercer and Middlesex), Reed Gusciora (D-Hunterdon and Mercer), and Ruben Ramos (D-Hudson).
CommVault Brings Significant Investment, Job Creation to Region
EATONTOWN, NJ – One of the world’s fastest growing data storage companies is staying in New Jersey and moving to the Fort. The State today reached a significant milestone in the redevelopment of the former military installation when the first sale of property was finalized between the Fort Monmouth Economic Revitalization Authority (FMERA) and CommVault.
The global technology leader plans to undertake a three-phase project on the 55-acre “Parcel E” site in Tinton Falls. CommVault will make a substantial investment to complete Phase I, which involves the construction of an approximately 275,000-square-foot facility to serve as its worldwide corporate headquarters. The project will result in the retention of several hundred existing jobs for New Jersey and the creation of new jobs. At full build-out, the company anticipates up to 650,000 square feet of new high-tech office/research space in one or more buildings on the site. Once the three phases of the project are completed, CommVault could create a total of up to 1,500 new jobs in the State.
“By deciding to remain, expand and invest in New Jersey, CommVault is providing further proof that our state is an ideal place for business,” said Lt. Governor Kim Guadagno. “We are pleased to welcome CommVault to Fort Monmouth and will continue to work with the company as they grow in the Garden State.”
In an effort to begin the redevelopment process, FMERA issued its first Request for Offers to Purchase (RFOTP) in October 2011 for Parcel E. Following the evaluation and selection process, the FMERA Board approved the purchase-sale agreement with CommVault in April 2012. To further encourage CommVault to remain and grow in the State, the New Jersey Economic Development Authority approved Business Employment Incentive Program and Business Retention and Relocation Assistance Grant awards in March 2012.
FMERA Chairman James V. Gorman thanked CommVault for its commitment to Monmouth County and lauded the company for its integrity and resilience throughout the multifaceted process.
“CommVault is a world-class company with an outstanding management team whose dedication and perseverance proved invaluable as we advanced the first sale of property at the Fort,” Gorman said. “Today is a truly momentous day for the region and for all of us involved in the redevelopment process as we have achieved three key goals: job retention and creation, reinvestment and establishing an anchor that will undoubtedly enhance our ability to attract additional businesses and investors.”
In August 2010, Governor Chris Christie signed into law the “Fort Monmouth Economic Revitalization Authority Act,” creating FMERA and charging it with advancing the Reuse and Redevelopment Plan authored by FMERA’s predecessor agency, the Fort Monmouth Economic Revitalization Planning Authority.
Led by Chairman Gorman, FMERA Board members include EDA Chairman Alfred Koeppe, Governor’s Authorities Unit Director Regina Egea, Monmouth County Freeholder Lillian Burry, Eatontown Mayor Gerald Tarantolo, Oceanport Mayor Michael Mahon, Tinton Falls Mayor Michael Skudera, New Jersey Department of Community Affairs Commissioner Richard E. Constable III, Department of Environmental Protection Commissioner Bob Martin, New Jersey Department of Labor & Workforce Development Commissioner Harold Wirths, New Jersey Department of Transportation Commissioner James Simpson, and Public Members Dr. Robert Lucky and Robert Ades.
For more information on FMERA, visit www.fortmonmouthredevelopment.com.
By Beth Fitzgerald/NJBIZ
January 29, 2013
Lakeland Bancorp has announced it will acquire Somerset Hills Bancorp in a deal valued at $12 a share, or $64.4 million — a 31 percent premium over the Monday closing price of Somerset Hills.
And while the increased burden and cost of government regulation is widely expected to drive a new wave of small-bank takeovers, Lakeland CEO Thomas J. Shara said that’s not what motivated this deal.
By Maria Scandale/The SandPaper
January 25, 2013
Lenders vied to fit attendees’ needs at the Access to Capital Forum held Jan. 17, sponsored by the Southern Ocean County Chamber of Commerce and the Holiday Inn of Manahawkin.
“Where is the money?” was the question addressed. “What can federal agencies, local banks and other funding sources offer our impacted businesses?”
The New Jersey Economic Development Authority, the U.S. Small Business Administration, the state of New Jersey Business Action Center, the USDA Rural Development program, the FDIC and Federal Emergency Management Agency all had information tables set up, along with banks and other lenders.
Pennington, NJ – January 24, 2013 – Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”), a leading wave energy technology company, today announced that it recently received approximately $1.5 million under the State of New Jersey’s Business Tax Certificate Transfer Program (the “Program”).
The Program enables companies to raise cash to finance their growth and operations and is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury’s Division of Taxation. Under the Program, New Jersey-based technology or biotechnology companies with fewer than 225 US employees may be eligible to sell NJ state net tax operating losses (NOL’s) and research and development tax credits to unaffiliated corporations, for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business. The State of New Jersey was the originator of the Program and the first state to implement and fund it.
Brian M. Posner, Chief Financial Officer of OPT, commented, “We are greatly appreciative of the NJEDA’s decision to approve our application in this year’s program. We were fortunate to work with Public Service Enterprise Group (PSEG) for the sale of our NOL’s and research and development tax credits under the program. We are grateful to both the state of New Jersey and PSEG for their continued support of technology companies like OPT. This Program makes an important contribution to our on-going technology development activities in New Jersey.”
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable and clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from 15 years of in-ocean experience. OPT is headquartered in Pennington, New Jersey, USA with an office in Warwick, UK and operations in Melbourne and Perth, Australia. More information can be found at www.oceanpowertechnologies.com.