TRENTON, N.J. (June 14, 2024) – The Murphy Administration today unveiled a legislative proposal that would direct the New Jersey Economic Development Authority (NJEDA) to purchase up to $100 million in property from NJ TRANSIT to help expand commuter hubs across the state and meet a variety of critical needs. Under the proposal, the NJEDA would purchase a number of NJ TRANSIT properties, such as surface parking lots, and transform them into mixed-use, transit-oriented developments that will spur economic activity and increase walkability near transit lines while also creating a direct revenue source for the mass transit agency.

“Investing in transit-oriented development will revitalize commuter hubs, promote walkable neighborhoods, and improve overall affordability for working families in New Jersey, and potentially generate much-needed, new, affordable housing,” said Governor Murphy. “Together with our partners in the Legislature, we can transform communities around NJ TRANSIT rail stations, help spur economic activity across the state, and generate new revenue to support the operation of NJ TRANSIT, which has been forced to contend with a shift in ridership trends in the wake of the pandemic.”

Under the proposed legislation, which has already garnered legislative support, NJEDA, in partnership with NJ TRANSIT, would identify a portfolio of properties to be purchased by NJEDA who would then market the properties as a portfolio to be bid on for purchase or lease by developers, either as a whole or individually. To facilitate the purchase, the State would allocate a portion of the proposed Corporate Transit Fee’s first-year proceeds to fund the NJEDA’s purchase of the properties.

“Providing NJ TRANSIT with a long-term funding source is critical to ensure the agency can continue providing safe and reliable transportation options for New Jersey’s residents and commuters,” said Senator Patrick Diegnan. “I appreciate Governor Murphy, NJ TRANSIT, and the NJEDA working together to come up with a solution that will not only enhance NJ TRANSIT’s financial viability but will also support the revitalization of communities through transit-oriented development.”

“This is a win-win. NJ TRANSIT needs cash, these lots could use repurposing, and our state needs more affordable housing and transit-oriented development,” said Senator Raj Mukherji.

“Transit is vital to District 37, with thousands of our residents relying on it every single day. It’s important that we leave no stone unturned to ensure the health and stability of this agency in the future,” said Assemblywoman Ellen Park

“Mercer County is home to four NJ TRANSIT stations and the Trenton Light Rail. We understand the importance of quality transit to the economic success of our communities. Having the NJEDA manage the development of these valuable properties in cooperation with our towns will ensure that it’s a win-win for taxpayers, commuters, and smart planning,” said Mercer County Executive Dan Benson.

“Under Governor Murphy’s leadership, communities across New Jersey are being transformed by major transit-oriented development projects,” said NJEDA Chief Executive Officer Tim Sullivan. “The legislation proposed today would empower the NJEDA to expand our efforts to revitalize neighborhoods and drive mixed-use property development. Transit-oriented real estate projects along NJ TRANSIT rail stops will advance the renaissance of neighborhoods and improve quality of life by creating new job opportunities and modern housing options for families and commuters.”

In addition to the upfront payment to NJ TRANSIT for the properties, the transit agency stands to reap many ancillary benefits from catalytic development in the vicinity of transit hubs, and potentially a recurring revenue stream if the properties are leased, rather than purchased, all of which would enhance its long-term financial viability.

“Governor Murphy’s plan to accelerate transit-oriented communities around NJ TRANSIT properties through immediate funding reinforces a forward-thinking approach to sustainable development,” said NJ TRANSIT President & CEO Kevin S. Corbett. “This funding will drive economic growth, increase walkability, and provide ongoing financial support for NJ TRANSIT.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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1888 Studios, developed by Togus Urban Renewal, will feature 23 soundstages and 58 total acres of production facilities 

TRENTON, N.J. (June 12, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved tax credits under the Aspire Program for 1888 Studios in Bayonne. The studio, developed by Togus Urban Renewal, will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land just minutes from New York City.

“With support from the NJEDA’s Aspire program, the development of transformative projects across the Garden State is revitalizing communities and creating thousands of good-paying jobs,” said Governor Phil Murphy. “The development of 1888 Studios in Bayonne furthers my administration’s goal of establishing the state as a leader in movie and television production, helping small businesses and municipalities reap the benefits of local production.”

“1888 Studios exemplifies the type of projects that are being attracted to New Jersey by Governor Murphy’s support for film and digital media production. The incomparable resources and logistical and artistic assets New Jersey offers are contributing to the industry’s momentum in the state, creating thousands of jobs, and enhancing the revitalization of communities and small businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s approval under the Aspire Program ensures the continued development of this transformative project, which will provide countless opportunities for the city of Bayonne and further New Jersey’s standing as a national leader in film production.”

1888 Studios is considered a transformative project under the Aspire Program and was approved for an award of up to 50 percent of the total project cost, not to exceed $400 million. The development will contain 17 buildings encompassing over 1.5 million square feet of end-to-end film production services, including 23 mega-powered smart sound stages ranging from 18,000 to 60,000 square feet with 40- to 50-foot-high ceilings, more than 350,000 square feet of production support space, outdoor backlot space, amenities, office spaces, mills, lighting and grip facilities, a parking garage, and storage.

In addition to the studio space, the development will also include over five acres of public space, featuring a waterfront walkway adjacent to the Newark Bay and a public park. Construction is expected to be completed in 2026.

In May, the NJEDA designated 1888 Studios as a Film-Lease Partner Facility, which commits the developer to occupying the facility for at least five years and grants future tenants eligibility to apply for increased tax credits for projects filmed at the facility under the Film and Digital Media Tax Credit program.

“Today’s announcement is the affirmation of 1888 Studios’ ability to hasten and secure the transformation of New Jersey’s film industry from a regional leader to a global powerhouse. Governor Murphy and the state legislature equipped the NJEDA, under the leadership of Tim Sullivan, with the Aspire economic development tool to identify and evaluate capital projects of strategic significance to New Jersey’s economic future. We are grateful that the culmination of the Agency’s extensive analysis of the 1888 Studios project is approval to earn Aspire credits over time as we build with New Jersey’s excellent construction crews and suppliers a facility that will serve as a powerful force of attraction for the film industry’s direct investment, technological innovation and job creation for thousands of New Jerseyans,” said Arpad “Arki” Busson, Chairman of Togus Urban Renewal. “Governor Murphy’s ambition to create good paying, lasting jobs in New Jersey communities and diversify the economy across the state remains the driving force behind the film industry’s expansion, which now includes the realization of 1888 Studios. New Jersey’s film industry growth strategy, centered on competitive film, television and digital media tax credits and the development of production facility infrastructure, continues to deliver enviable results in a challenging, competitive environment. On behalf of 1888 Studios, we are enormously honored to have the opportunity to contribute to New Jersey’s long term prosperity, which would not be possible without the support of Governor Murphy, Senator Raj Mukherji, Senator John McKeon, Assemblywoman Eliana Pintor Marin and Mayor Jimmy Davis.”

“The Aspire Program’s support for 1888 Studios not only underscores the transformative potential film will bring to Bayonne, but also what Bayonne will bring to the studio and film industry,” Bayonne Mayor Jimmy Davis said. “NJEDA’s belief in the project and our city is a testament to Bayonne’s growing prominence as a hub for innovation, creativity, and skilled labor.” 

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits. 1888 Studios is the second transformative project approved under the new Aspire rules, which the NJEDA adopted in November 2023.

In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly. The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn

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Tech Council Ventures will invest $1.5 million into the travel-tech startup

TRENTON, N.J. (June 12, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved an investment into an emerging New Jersey-based company from the New Jersey Innovation Evergreen Fund (NJIEF). The investment into Morristown-based TripWorks, Inc. comes from the approval of an application submitted by Tech Council Ventures, LLC for an initial Qualified Investment of $1.5 million.

“Under Governor Phil Murphy’s leadership, New Jersey has been committed to supporting the next generation of innovators and entrepreneurs, who will become the business leaders and job creators of tomorrow,” said NJEDA Chief Executive Officer Tim Sullivan. “This unique program creates a self-sustaining cycle of investment, which allows for industry leaders to constantly improve, network, and grow. Today’s approval is another great step in bolstering our state’s innovation economy.”

The NJIEF, launched in 2022, is a groundbreaking tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in startups, deploying up to $600 million into companies alongside professional venture capital groups. The Evergreen Fund currently has over $40 million available and is expected to use this to fund initial investments into six to ten high-growth businesses in New Jersey. The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.

“The endorsement of Tech Council Venture’s funding for TripWorks underscores the NJIEF’s success in fulfilling its mission: to foster an environment conducive to investment in New Jersey’s high-caliber companies and innovators. It’s a testament to our commitment to nurturing revolutionary innovations and pioneering enterprises,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The NJIEF is instrumental in realizing this goal, and we anticipate it will propel numerous emerging businesses in New Jersey towards prosperity.”

Based in Morristown, TripWorks, Inc. is a software platform that enables tour and activity operators to offer a fully digital end-to-end booking, reservation, and payment system to their customers. By utilizing a capital-efficient and reliable approach, TripWorks has grown to over 150 tour operators in the United States and internationally.

“Tour and activity operators face a market saturated with a hodgepodge of antiquated and immature solutions, making it difficult for business owners to successfully run their business,” said Aaron Fessler, Founder and CEO of Trip Works. “TripWorks changes that dynamic for tour operators, thanks to world class, easy-to-use, enterprise-grade software that helps business owners grow their revenue and easily operate. Our team already has traction in this market with customer wins, and a track record of innovation. We’re excited to see what’s next. This grant – coupled with recognition and backing from industry-leading sources like Arival – will allow us to continue to invest in the product and continue our rapid growth.”

Tech Council Ventures, LLC is one of the 13 Qualified Venture Firms (QVF) approved to date to access up to $12.5 million annually from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. Founded in 2000, Tech Council Ventures is a leader in investing and supporting innovative, New Jersey-based entrepreneurs and companies. The firm serves on the NJEDA’s Technology Advisory Board, has participated in New Jersey Founders and Funders events, and has utilized the Angel Investor Tax Credit program.

“Tech Council Ventures is excited to invest in the great business Aaron Fessler is building at TripWorks working with tour and attraction operators, and we are pleased to partner with the NJEDA and its Innovation Evergreen Fund in supporting one of New Jersey’s most promising technology companies and experienced entrepreneurs,” said Jim Gunton, Managing Partner of Tech Council Ventures, LLC.

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total capital available for new investments stands at over $40 million.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn

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The Aerospace Innovation Center will be the fifth Strategic Innovation Center in the state, and will support state-of-the-art aerospace research and innovation

TRENTON, N.J. (June 11, 2024) – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) and the Atlantic County Improvement Authority (ACIA) have launched the Aerospace Innovation Center (AIC), a Strategic Innovation Center (SIC) located in Atlantic County that will focus on the aerospace industry. This will be the fifth SIC in New Jersey and the first with a focus on aerospace innovation.  

Located in the National Aerospace Research & Technology Park (NARTP) in Egg Harbor Township, the AIC will provide state-of-the-art aerospace research spaces, high-speed connectivity to the FAA William J. Hughes Center for Advanced Aerospace data systems and laboratories, and co-working and studio spaces that are ideal for collaboration and innovation. The AIC will be the second of seven planned buildings within the aerospace innovation hub. Building One first opened in June 2019 and achieved full occupancy in January 2020.

“Since taking office, it has been my goal to ensure New Jersey is at the forefront of innovation and technology development, including aerospace engineering,” said Governor Phil Murphy. “As the state’s fifth Strategic Innovation Center, the Aerospace Innovation Center will give budding students and entrepreneurs access to state-of-the-art equipment and opportunities to collaborate with experts in the field. This exciting venture solidifies New Jersey as the place to be when it comes to innovation and research.”

The NJEDA and ACIA have signed a non-binding letter of intent to form a two-member limited liability company which will plan, develop, construct, and manage the innovation hub. ACIA, in partnership with the NARTP and Atlantic County Economic Alliance (ACEA), will contribute $10.5 million dollars in funding to construct the innovation center, while the NJEDA will invest $8 million. Construction for the innovation center is underway and is expected to be completed in October 2025. The Center is expected to be fully operational in January 2026. ACIA is managing the construction of the facility and NARTP will manage the AIC’s operations.

“Governor Murphy is committed to growing New Jersey’s innovation economy by investing in diverse industries and providing entrepreneurs with access to the resources needed to grow and scale their business,” said NJEDA Chief Executive Officer Tim Sullivan. “Powered by NJEDA’s Strategic Innovation Center program, and paired with Atlantic County’s deeps roots in aerospace, the Aerospace Innovation Center will drive the creation of new technologies that in turn will create jobs and support long-term, sustainable economic growth across the state.”

The AIC intends to partner with New Jersey institutions of higher education, including Stockton University, Rowan University, and Rutgers School of Engineering. The AIC also intends to partner with world-class aeronautical institutions such as Embry-Riddle Aeronautical University and the National Institute of Aerospace, offering aerospace students hands-on experiences to train within their field.

NARTP Building One, which opened officially in June 2020 and is fully occupied, has several notable tenants, including General Dynamics Info Tech., Woolpert Engineering, Signature Scientific, and an FAA remote lab. Several companies have also signed letters of interest in locating in the AIC.

“I want to applaud Governor Murphy, NJEDA CEO Tim Sullivan, and all the members of their staff in the Governor’s and the Economic Development Authority office for the launch of this Strategic Innovation Center right here in Atlantic County,” said Senator Vince Polistina (LD-2). “For years, we have talked about the need to diversify our economy in Atlantic County and this initiative finally brings about opportunities in aerospace and aviation which are needed. I’m excited to continue to work with the administration on these initiatives and I look forward to the increased collaboration and the new jobs immediately being created here, in Atlantic County, following the completion of this agreement.”

“ACIA looks forward to partnering with NARTP, ACEA, and NJEDA on establishing an Aerospace Innovation Center,” said Timothy Edmunds, Executive Director of the Atlantic County Improvement Authority. “We thank County Executive Dennis Levinson since without his vision and financial support the research park would not have happened. We are also grateful to Governor Murphy and our state legislative team for their efforts in making the AIC a reality.”

“The launch of the Aerospace Innovation Center marks a transformative moment for Atlantic County and the aerospace industry at large,” said Mark Loeben, Chairman of the National Aerospace Research and Technology Park (NARTP). “We are thrilled to see this vision come to life, offering unparalleled opportunities for research, collaboration, and innovation in aerospace technology, while driving economic growth. We extend our deepest gratitude to Governor Phil Murphy and NJEDA Chief Executive Officer Tim Sullivan for their vision and continued support to make this project a reality in Atlantic County, further solidifying New Jersey’s position as a national destination for aerospace innovation.”

“We are at the dawn of a new era in aerospace innovation and technology,” said Michael Viscount, Chairman of the Atlantic County Economic Alliance (ACEA).  “The Aerospace Innovation Center is set to become a beacon for pioneering aerospace advancements and will play a crucial role in shaping the future of this industry. We thank Senator Vince Polistina for his hard work, dedication, and advocacy in the Legislature to acquire the funding needed to ensure that we remain at the forefront of technological breakthroughs. The ACEA also recognizes the support of Governor Phil Murphy and NJEDA Chief Executive Officer Tim Sullivan. It is only through their shared vision of a diversified Atlantic County economy that we can make monumental strides in hosting a game-changing program like the Aerospace Innovation Center. I am honored to be a part of this extraordinary journey.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

“The Aerospace Innovation Center will create new and exciting opportunities for students and entrepreneurs in Atlantic County and across South Jersey,” said NJEDA Chief Transformation Officer Kathleen Coviello. “The AIC’s unique proximity to the Atlantic City International Airport and other aerospace industry leaders will unlock opportunities for innovators to pursue their research, testing, and development of aerospace technologies.”

In May, Governor Murphy attended the ribbon cutting for HAX, LLC in Newark and announced the launch of NJ FAST in Hoboken, the newest SICs in New Jersey.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn

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TRENTON, N.J. (June 7, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on amendments to the rules for the Main Street Recovery Finance Program. The Main Street Program is a suite of products created to provide financial support and technical assistance to New Jersey’s small businesses. The proposed rules clarify technical elements of the Main Street Program.

WHAT:            The document posted on the NJEDA webpage is a draft, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

WHEN:           Feedback must be submitted in writing no later than noon on Thursday, June 14, 2024. Written feedback can be submitted here.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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TRENTON, N.J. (June 7, 2024) – A new wave of entrepreneurial talent is ready to transform New Jersey’s cannabis industry as 48 recipients of the New Jersey Economic Development Authority’s (NJEDA) Seed Equity Grant Program proudly graduated from a rigorous nine-week Cannabis Technical Assistance Program (CTAP) at a celebration held at Hub 13 in Trenton last month. This program provided targeted education and training to help advance their businesses in New Jersey’s growing cannabis industry. In addition to receiving $150,000 grants, which will be disbursed after meeting specific benchmarks, the awardees gained valuable technical assistance to support their entrepreneurial endeavors.

“Under Governor Phil Murphy’s leadership, New Jersey is creating a strong, equitable, and inclusive cannabis industry that will create jobs and revitalize communities,” said NJEDA Chief Executive Officer Tim Sullivan. “For too long, the War on Drugs has disproportionately impacted communities of color. The Seed Equity Grant was designed to support diverse cannabis entrepreneurs who have been harmed by years of unjust policies and help unlock access to the cannabis market to ensure they reap the industry’s economic benefits. I congratulate the graduates and look forward to their success in New Jersey’s cannabis industry.”

The Seed Equity Grant Program and the CTAP are part of Phase II of the Cannabis Equity Grant Program, which the NJEDA Board approved in 2022. All of the funding for Phase II was awarded to qualifying social equity applicants as designated by the New Jersey Cannabis Regulatory Commission, including those who live in economically disadvantaged areas or have cannabis-related convictions. The combination of training, education, and financial support further catalyzes investments in historically underserved communities and those most affected by the War on Drugs.

“We are immensely proud to see NJEDA’s Seed Equity Grant recipients graduating from the Cannabis Technical Assistance Program. Congratulations to the graduates; we look forward to your continued success and positive impact in the cannabis industry,” said Wesley McWhite III, Director, Office of Diversity & Inclusion, New Jersey Cannabis Regulatory Commission.

“It was an honor to attend and speak to the graduates of the New Jersey Economic Development Authority’s Cannabis Seed Equity Grant Program,” said State Senator Troy Singleton.  “This program, open to recreational cannabis license holders, helps to support new businesses in this industry by assisting with their operational and start-up costs. This Seed Equity will literally set these entrepreneurs up for success and I was proud to celebrate and acknowledge their efforts.”

The NJEDA selected Oaksterdam University, a pioneering institution in cannabis entrepreneurship, to develop and administer the customized technical assistance program. The CTAP delivered curriculum on converting a conditional license to an annual license, building a cannabis business team, financial management, securing investors, supply chain management, and more. The program included in-person workshops, interactive virtual classes, online learning modules, individualized coaching, and networking opportunities.

“Oaksterdam crafted an intensive Technical Assistance Program for the NJEDA with local and national experts to help mitigate risks for long-term sustainability, and the participants leaned in. These small business owners are tenacious, and will become the backbone of New Jersey’s industry,” said Dale Sky Jones, Executive Chancellor of Oaksterdam University.

“This program really is monumental and meaningful for me. For me, I’m at the tail end and close to opening my dispensary [and] being a recipient of this grant from the NJEDA makes such a big difference,” said Tahir Johnson, grant recipient and owner of Simply Pure, located in Trenton. “Having raised money myself and being in this battle for over two years to get my business open, literally this money is coming right at the time when I need it the most, and I probably couldn’t go anywhere else for it. This money from NJEDA is going be what gets me over the finish line.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn

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TRENTON, N.J. (June 5, 2024) – The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its Request for Information (RFI) seeking insight from film and digital media production industry stakeholders on best practices for sector workforce program design, parameters, and details for the development of a future $5 million NJEDA film and digital media production workforce training program. The deadline to submit questions will be extended to Wednesday, June 12, 2024, and the deadline for responses will be extended to Friday, June 28, 2024. The RFI can be found here.

WHAT:            The NJEDA is seeking information from respondents on the scope and characteristics of effective workforce training programs in anticipation of creating or supporting programs and initiatives to support workforce development for film and digital media production occupations such as production assistants, production accountants, studio managers, carpenters, grips, electricians, set-dressers, wardrobe assistants, and script supervisors.

The information gathered through this RFI will help the NJEDA:

  • better understand the film and digital media workforce in New Jersey and any existing workforce gaps;
  • gain insight into the industry’s recruitment and training processes;
  • gather information on teaching programs that include instructors who are currently employed in film and digital media production that create teaching plans focused on imparting on-set best techniques and practices;
  • collect information on best practices and approaches to support training and development needs; and
  • learn about existing successful national and international models that prepare workers for careers in film and digital media production.

In line with Governor Phil Murphy’s mission to strengthen economic opportunity for every New Jerseyan, the NJEDA will also seek information on how underserved populations can be supported through the film and digital media industry and on best methods for encouraging the inclusion of minorities, women, and veterans in future film and digital media workforce training programs.

WHO:              The RFI seeks responses from interested stakeholders in the film and digital media production industry. Respondents do not need to be located within New Jersey to provide input.

WHEN:           All questions must be submitted in writing no later than 5:00 p.m. on Wednesday, June 12, 2024, via e-mail to workforceinnovation@njeda.gov. The subject line of the e-mail should read: “Questions-2024-RFI-214”. Answers to questions submitted will be posted on the NJEDA’s website: Bidding Opportunities – NJEDA as Addendum.

All RFI responses must be submitted in writing no later than 5:00 p.m. on Friday, June 28, 2024, via e-mail to workforceinnovation@njeda.gov. The subject line of the e-mail should state: “RFI Response-2024-RFI-214”.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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TRENTON, N.J. (June 04, 2024) – The New Jersey Economic Development Authority (NJEDA), along with the New Jersey Department of Environmental Protection, New Jersey Board of Public Utilities, and the New Jersey Department of Labor & Workforce Development, will be hosting a series of open house events designed to educate and engage the public about the state’s offshore wind initiatives. Throughout June, the NJEDA will host three meet and greet events in North, Central, and South Jersey to inform residents on the key aspects of offshore wind energy and its importance to New Jersey’s clean energy future.

These informative sessions will give the public and key stakeholders access to factual information that matters most to the community, such as workforce development programs, environmental monitoring, details on port infrastructure, transmission projects, and lease areas, offering insights into the projects being developed and the benefits they bring to the state. Attendees will have the opportunity to meet with representatives from state agencies and offshore wind developers, ask questions, and gain a comprehensive understanding of what is happening with offshore wind in New Jersey.

Attending developers will include Leading Light Wind, Attentive Energy 2, Atlantic Shores, Jersey Central Power & Light, and Mid-Atlantic Offshore Development.

“These open houses are a tremendous opportunity for New Jersey residents to learn about the exciting advancements in offshore wind energy and how they will contribute to our state’s sustainable future,” said Tim Sullivan, CEO of NJEDA. “Under Governor Phil Murphy’s leadership, New Jersey is leading the way in offshore wind development, and we are committed to ensuring everyone has access to the information they need to be part of this transformative journey to a clean energy future.”

Open houses will take place:

      Central Jersey Region

o  Date: Wednesday, June 5, 2024

o  Time: 4:00 – 7:00 p.m. EDT.

o  Location: Mercer County Community College, 1200 Old Trenton Road, West Windsor

·      North Jersey Region

o  Date: Wednesday, June 12, 2024

o  Time: 5:00 – 8:00 p.m. EDT.

o  Location: New Jersey Institute of Technology, 355 Dr. Martin Luther King Jr. Blvd., Newark

·      South Jersey Region

o  Date: Wednesday, June 26, 2024

o  Time: 4:00 – 7:00 p.m. EDT.

o  Location: Atlantic Cape Community College, 1535 Bacharach Blvd., Atlantic City

These events are open to the public and free of charge. Click here for more information.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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2024 applications are open until June 30th

TRENTON, N.J. (June 3, 2024) – The New Jersey Economic Development Authority (NJEDA) today announced that 34 technology and life sciences companies were awarded more than $68 million through the 2023 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program. The NOL program allows early-stage technology and life sciences companies in New Jersey to sell a percentage of their net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.

“Since taking office, Governor Murphy has prioritized programs and initiatives that provide critically necessary support to New Jersey’s early-stage, innovative companies, of which, the NOL Program has been hailed for decades as a lifeline for emerging companies that have yet to reach profitability,” said NJEDA Chief Executive Officer Tim Sullivan. “Since its inception over 25 years ago, over 580 companies have been approved to sell their net operating losses, totaling more than $1.95 billion in awards. As start-ups continue to grow in the Garden State, the NOL Program ensures emerging companies have access to the capital they need to succeed, furthering New Jersey’s legacy as a leader in innovation.”

Up to $75 million in funding is available annually under the NOL program, with $15 million set aside for businesses located in the state’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, businesses within Opportunity Zones, or certified minority or woman-owned businesses. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

The NJEDA opened applications for the 2024 NOL program on May 1st, and the application will close at 11:59 p.m. on Sunday, June 30th. For more information on program eligibility and application requirements, visit http://www.njeda.gov/nol.

Among the companies approved for awards under the program in 2023 include:

Imunon, a life sciences company based in Lawrence Township, Mercer County, creates proprietary immunology and DNA-based technology for difficult-to-treat conditions, creating medicines that harness the building blocks of life to work in harmony with the body’s immune system. The company has utilized support from the NOL program every year since 2018.

“This program offered by the NJEDA provides Imunon with investor-friendly ways to finance its clinical development programs,” said IMUNON’s executive vice president and CFO Jeffrey W. Church. “The sale of more than $19 million of unused New Jersey NOLs over the past six years reflects the balance between the high cost of research and drug development and a focus on our shareholders. We extend thanks to the NJEDA for their efforts to foster continued investment and growth for businesses in New Jersey.”

Clinical stage pharmaceutical company Lisata Therapeutics, based in Basking Ridge, Somerset County, is dedicated to the discovery, development, and commercialization of innovative therapies for the treatment of advanced solid tumors and other major diseases. In addition to receiving support from the NOL program since 2019, the company also received the NJEDA’s Small Business Improvement Grant in 2023.  

“Lisata is thrilled to leverage the benefits of the NJ NOL program, which has provided the Company with critical non-dilutive funding for several years,” said President and Chief Executive Officer of Lisata David J. Mazzo, PhD. “It has allowed us to translate net operating losses into strategic investments for our pipeline, without diluting ownership for our shareholders. This is a significant financial boost that fuels our ability to deliver potentially life-saving treatments to patients more quickly. We’re grateful to the NJEDA for recognizing the potential of New Jersey’s life science companies and for fostering innovation through programs like the NOL.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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TRENTON, N.J. (May 31, 2024) – The New Jersey Economic Development Authority (NJEDA) will host an in-person information session at Kean University on Wednesday, June 5th to introduce the newly established $20 million Emerging Developers Grant pilot program.

The Program will help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs. Applications are expected to launch on June 24, 2024.

WHAT:             The Emerging Developers Grant Program aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios. Specifically, this includes access to capital due to barriers caused by predatory lending, excessive carrying costs, and predevelopment expenses that result in projects being stalled, and in some cases underutilized. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that lack the required capital to cover soft costs.

WHO:            The program will support small-scale developers that have completed at least two – but no more than five – commercial, residential and/or mixed-use properties of similar scope.

WHEN/WHERE:         The information session will be held at Kean University’s North Avenue Academic Building on Wednesday, June 5th, from 6 p.m. to 8 p.m. To register, click here.

Applications for the Emerging Developers Grant Program are expected to launch on June 24, 2024     

For More Information:

                       Visit: www.njeda.gov/emerging-developers/

                       Email:  emergingdevelopers@njeda.gov

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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