Strategic Innovation Center will support the growth of local biotech companies and promote regional scientific and biomedical innovation

TRENTON, N.J. (February 24, 2025) – The New Jersey Economic Development Authority (NJEDA) and the Coriell Institute for Medical Research announced the creation of a new Strategic Innovation Center (SIC) in Camden, leveraging the world-class assets available at Coriell to support biomedical research and innovation. The new innovation center will be fully equipped with state-of-the-art incubator and laboratory spaces for emerging biotech companies, will drive economic growth in the region and establish Camden as a leader in life sciences innovation. The project is expected to create approximately 150 new permanent jobs, plus 100 construction jobs.

“Since taking office, my Administration has been laser-focused on advancing New Jersey’s innovation economy through targeted investments in our most crucial industries and sectors,” said Governor Phil Murphy. “The NJ Biomedical Strategic Innovation Center is set to redefine biomedical research and development by uniting private companies, premier academic institutions, and leading entrepreneurs to pave the way for groundbreaking biomedical technologies, further cementing New Jersey’s legacy of leadership in innovation and life sciences.”

“Under Governor Murphy’s leadership, New Jersey has made historic investments in its innovation ecosystem, empowering entrepreneurs with the resources they need to thrive, further solidifying the state’s position as a global leader in innovation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJEDA’s Strategic Innovation Center initiative, Camden will serve as a pivotal hub for cutting edge biomedical research, advancing lifesaving technologies in cancer treatment, stem cell applications, epigenetics, and drug development. By partnering with leading corporations and academic institutions, the NJ Biomedical Strategic Innovation Center will leverage the state’s brightest minds to create companies of the future, generating high-quality jobs, and growing New Jersey’s economy.”  

The NJ Biomedical SIC will encompass approximately 45,000 square feet at the Lewis L. Coriell Medical Research Center in Camden, which will be in close proximity to the headquarters of Campbell’s and Subaru, building upon the city’s economic strength and commitment to attracting world-class enterprises. The Coriell Institute will leverage its international reputation in biobanking and cutting-edge biomedical research to support innovative startup companies at the SIC.

The Coriell Institute for Medical Research is a leader in biomedical innovation and is home to some of the most famous biobank collections, including the National Institutes of Health’s premier collections representing thousands of human diseases. Coriell scientists work to accelerate scientific discovery by generating world-class biomaterials and conducting groundbreaking research in biobanking and epigenetics.

“Coriell is thrilled to partner with Governor Murphy and the NJEDA to expand the life sciences ecosystem in southern New Jersey,” said Jean-Pierre Issa, MD, President and CEO of the Coriell Institute. “Boasting attractive advantages including the opportunity to collaborate with Coriell Institute’s world-class scientists, having immediate access to Coriell’s world renowned biobanks, and operating in a more affordable locale, will make the CoLabs incubators a highly desirable destination for emerging biotech companies.”

The SIC will host emerging biotech companies, with a focus on cancer research, epigenetics, stem cells, and drug development. The innovation center will also enter into cooperation agreements with Rutgers University, Rowan University, and other New Jersey institutions of higher education to promote academic collaboration.

Pending approval by its Board, the NJEDA intends to invest $20 million to support the NJ Biomedical SIC. The Coriell Institute will invest over $21 million to construct the innovation center, including lab and co-working space that will house specialized equipment and offices.

“The creation of the Strategic Innovation Center is a monumental step in strengthening Camden City’s position as a center for innovation in life sciences,” said State Senator Nilsa Cruz-Perez, Assemblyman William Moen, and Assemblyman William Spearman (LD-5). “With the partnership between the New Jersey Economic Development Authority and the world renowned Coriell Institute of Medical Research, we are not only driving cutting-edge biomedical research but also fostering an environment where groundbreaking discovery and progress can thrive. This center will play a critical role in advancing healthcare solutions while solidifying Camden as a leading force in the global life sciences market.”

“Innovation doesn’t happen in isolation—it thrives in places where ideas collide, where mentorship meets ambition, and where the next generation of pioneers has the tools to turn bold ideas into reality,” said Assembly Majority Leader Lou Greenwald. “Through this historic collaboration between the NJEDA and Camden, we are not just investing in a facility—we are investing in the future of this city as a powerhouse for biomedical discovery and economic growth. The future is being built right here in Camden, and I’m proud to be part of it.”

“The formation of the NJ Biomedical Strategic Innovation Center in Camden marks a transformative step in our commitment to fostering scientific advancement and economic growth in South Jersey,” said Assemblywoman Melinda Kane. “Thanks to the partnership between NJEDA and Coriell Institute, New Jersey remains at the forefront of life sciences and technology, driving innovation in cancer treatment, stem cell applications, and drug development.”

“I commend Governor Murphy and NJEDA for working with the leadership of Coriell Institute for Medical Research on this exciting expansion,” said Camden Mayor Victor G. Carstarphen. “Camden is the proud home to the growing Eds and Med’s community.  Coriell is a longtime partner here in Camden and we are pleased to build upon that relationship to ensure Camden leads the way in life sciences innovation.  The new Strategic Innovation Center will result in the creation of over 100 new jobs, the creation of a new state of the art facility, and retention of the world’s best scientists.”

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.

Last week, the NJEDA announced it was partnering with Nokia Bell Labs to create the NJ Nokia Innovation Center and New Jersey Bell Labs Venture Studio focused on accelerating and commercializing intellectual property in the fields of communication, artificial intelligence (AI), cloud computing, and optical and wireless networks. For more information on the NJEDA’s Strategic Innovation Center initiative, click 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 Facebook, Twitter, Instagram, and LinkedIn.

About the Coriell Institute for Medical Research

The Coriell Institute for Medical Research is a globally recognized leader in biobanking and biomedical research. Coriell is home to one of the world’s foremost biobanks which distributes biological samples and offers research and biobanking services to scientists around the world. Coriell is the trusted steward of world-renowned collections for the National Institutes of Health (NIH), disease foundations and commercial clients. Also a leader in genomic and epigenomic research, Coriell is uncovering the ways our genetic makeup affects our health, especially with regard to cancer, aging, and personalized medicine. Coriell leads or participates in several research partnerships, including the Camden Cancer Research Center and the Camden Opioid Research Initiative. For more information, visit www.coriell.org.

TRENTON, N.J. (February 20, 2025) – The New Jersey Economic Development Authority’s (NJEDA) Food Equity and Economic Development in New Jersey (FEED NJ) Program is now accepting applications. FEED NJ is a $30 million pilot program awarding grants between $50,000 and $500,000 for innovative projects that strengthen food access and food security in New Jersey’s most acute Food Desert Communities (FDCs).

WHAT:              FEED NJ will provide grants between $50,000 and $500,000 to cover up to 100 percent of costs for projects aimed at improving New Jersey residents’ ability to access fresh, affordable, and healthy food in one or more of 14 Primary Focus FDCs. Proposed projects may be new initiatives, an expansion of existing services, or both. Applicants can propose to complete their projects within either 12 or 24 months.

WHO:               Eligible applicants must be for-profit or non-profit entities that have been in existence for at least two years at the time of the application. Projects must primarily serve residents of one or more of the 14 Primary Focus FDCs. Applicants may elect to serve additional FDCs, provided the primary focus remains on at least one of the 14. Entities demonstrating a track record of serving FDC residents and providing programming and services related to food access and/or food security will earn higher scores.

A complete list of eligibility requirements and scoring criteria can be found here.

WHEN:           Applications for FEED NJ are now open, and are due by Thursday, April 3, 2025, at 5:00 p.m. For more information and to apply, click 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 Facebook, Twitter, Instagram, and LinkedIn.

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NJ Nokia Bell Labs Innovation Center and Bell Labs Venture Studio will support research and development of cutting-edge technologies and bolster NJ’s innovation economy

TRENTON, N.J. (February 19, 2025) – Today, the New Jersey Economic Development Authority (NJEDA) announced it will partner with Nokia Bell Labs, the industrial research arm of Nokia, to launch a Strategic Innovation Center (SIC) consisting of the NJ Nokia Bell Labs Innovation Center and Bell Labs Venture Studio focused on enabling startups to accelerate and commercialize intellectual property from Nokia Bell Labs and local universities with an emphasis in the fields of communication, artificial intelligence (AI), cloud computing, and optical and wireless networks.

The NJEDA plans to make a $25 million investment to support the NJ Nokia Bell Labs Innovation Center and the Bell Labs Venture Studio. The NJ Nokia Bell Labs Innovation Center will be located along the state’s innovation corridor at the planned Health & Life Science Exchange (HELIX) 2 building in New Brunswick, which is expected to open by 2028. The Bell Labs Venture Studio will initially be located at Nokia Bell Labs’ Murray Hill campus by mid-2025 and will later be housed within the NJ Nokia Bell Labs Innovation Center.

“For a century, Nokia Bell Labs has been a world-class leader in research and development and our partnership with them sends a clear message that when it comes to technology and innovation, the Garden State is the place to be,” said Governor Phil Murphy. “By providing office and lab space and networking and collaboration opportunities, the NJEDA’s Strategic Innovation Center initiative is helping entrepreneurs grow their business and develop the next generation of life changing technologies.”

“Bell Labs has long been at the forefront of cutting-edge innovation and this partnership will help bring new technologies to the marketplace and bolster New Jersey’s innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “Since he took office, Governor Murphy has been committed to reestablishing New Jersey as a national leader in innovation and he has invested resources to help entrepreneurs grow and scale their business. Powered by the NJEDA’s Strategic Innovation Center initiative, the NJ Nokia Bell Labs Innovation Center and New Jersey Bell Labs Venture Studio will foster the development of state-of-the-art technology, create new jobs, and drive long-term economic growth.”

The NJ Nokia Bell Labs Innovation Center will be a 13,500 square foot co-working office and lab space and offer specialized equipment to support the companies’ ongoing research. The center will provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. Pending approval by its Board, the NJEDA intends to invest $10 million into the project on a 1:1 basis with Nokia. Additionally, Nokia plans to partner with at least one of the state’s engineering schools, which will allow the companies at the center to benefit from various university resources.

The Bell Labs Venture Studio will be operated by the Nokia Ventures team, and over a five-year period the studio will facilitate company creations that are expected to generate hundreds of high-skilled jobs in the state. The venture studio will provide entrepreneurs and researchers with necessary business training, operating services, and management guidance to transform their research into commercially viable products and services. The venture studio will also assist its ventures with access to a network of academic, corporate, and venture partners to accelerate venture growth. Pending approval by its Board, the NJEDA intends to invest $15 million into the project on a 1:1 basis with Nokia.

“Nokia Bell Labs has a long-standing commitment to innovation and excellence in New Jersey. Our partnership with NJEDA to launch the Bell Labs Venture Studio and the NJ Nokia Bell Labs Innovation Center is a testament to our dedication to fostering cutting-edge research and supporting the growth of startups in the state,” said Nokia Chief Strategy and Technology Officer Nishant Batra. “By collaborating with academic institutions and leveraging our intellectual property and state-of-the-art facilities, we aim to drive technological advancements and bolster New Jersey’s innovation economy.”

“Bell Labs has proudly called New Jersey home for most of our 100-year history, and we are thrilled to launch the Bell Labs Venture Studio in partnership with NJEDA in 2025, as we celebrate our centennial anniversary,” said Nokia Bell Labs Solutions Research President Thierry Klein. “The Bell Labs mission has always been to create ground-breaking technologies that have a demonstratable impact on society and industry. This initiative will not only create new opportunities for emerging startups in New Jersey but also unlock the potential of groundbreaking innovations, and reinforce our legacy of pioneering breakthroughs in communication, AI, and other transformative technologies.”

“This announcement marks another exciting milestone for the HELIX and New Jersey’s innovation economy, strengthening our communities and reaffirming our state’s position as a leader in cutting-edge industries,” said Speaker Craig Coughlin. “Through this partnership, we are driving economic growth and creating opportunities for local scholars, entrepreneurs, and businesses to prosper. It was legislation, the Economic Recovery Act of 2020, that shows world-class companies like Nokia that New Jersey is ready to partner with the private sector to make smart, strategic investments in the jobs of the future. I am proud of our progress and look forward to the lasting impact it will have for generations to come.”

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.

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 Facebook, Twitter, Instagram, and LinkedIn.

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Media inquiries
Nokia Press Office
Email: Press.Services@nokia.com

The film spent over $80M in the state and hired over 4,700 crew members for the production

TRENTON, N.J. (February 11, 2025) – The New Jersey Economic Development Authority (NJEDA) applauds New Jersey-filmed production A Complete Unknown for receiving eight Academy Award nominations, including for Best Picture. The Bob Dylan biopic was filmed almost entirely in New Jersey and utilized the Film Tax Credit Program, serving as a testament to the growing momentum of the state’s film industry.

A Complete Unknown, starring Timothée Chalamet and Elle Fanning, received eight nominations at the Academy Awards, including for Best Picture, Best Actor, and Best Director. A Complete Unknown, which filmed for over 60 days in New Jersey, spent $81 million in the state and hired over 4,700 crew members for the production.

“Under Governor Murphy’s leadership, New Jersey has become one of the top states to film large-scale, Oscar-worthy productions, all while serving as a top location to work, live, and raise a family,” said NJEDA Chief Executive Officer Tim Sullivan. “A Complete Unknown serves as a prime example to filmmakers that between our robust tax credit program, regional talent, and diverse locations, New Jersey cannot be beat. As more productions and studios choose New Jersey, the film industry will help strengthen our economy by creating family-sustaining jobs and supporting local small businesses across the state.”

A Complete Unknown, which was also nominated for three Golden Globes, was filmed in 17 municipalities across New Jersey, with notable scenes filmed in Hoboken, Jersey City, Paterson, and Cape May. In the film, New Jersey doubles as New York City, Pittsburgh, Rhode Island, Washington D.C., and Northern California. Buildings such as the Ritz Theatre in Elizabeth doubled as Carnegie Hall and the Newark Symphony Hall doubled as a San Francisco concert venue. Other notable filming locations include Paterson City Hall, White Mana Diner and William J. Brennan Courthouse in Jersey City, Columbus Park in Hoboken, Rutt’s Hut in Clifton, and the former Essex County Isolation Hospital in Belleville. All of the stage work for the film was done at Palisade Stages in Kearny.

“From bustling city streets to quaint beachside towns, A Complete Unknown reflects New Jersey’s unique ability to transform into any desired location,” said Jon M. Crowley, Executive Director of the New Jersey Motion Picture and Television Commission. “Our unbeatable tax credit incentives will allow us to continue raising the bar on the scale and quality of productions for years to come.”

Aside from A Complete Unknown, New Jersey is heavily represented at the 2024 Oscars.

Anora, which received six Oscar nominations including for Best Picture and Best Director, was directed by Sean Baker, a native of Summit.

Zoe Saldaña, who is nominated for Best Supporting Actress for her role in Emilia Perez, was born in Passaic.

Jesse Eisenberg, who is nominated for Best Writing (Original Screenplay) for A Real Pain, is from East Brunswick.

Sebastian Stan, who is nominated for Best Actor for his role in The Apprentice, studied acting at Rutgers University’s Mason Gross School of the Arts.

Mike Marino, who is nominated for Best Makeup and Hairstyling for A Different Man, currently resides in New Jersey.

According to the Film Tax Activity Report, A Complete Unknown and over 190 productions to-date have recently been attracted to New Jersey by the state’s Film Tax Credit Program, which offers eligible production companies up to 35 percent transferrable tax credit on qualified film production expenses, plus an additional 2 percent or 4 percent diversity bonus for qualified productions. Since the revival of the tax credit program, production has been booming in the Garden State, unlocking opportunities for thousands of businesses, residents, and filming locations across 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 Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (February 5, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for Phase II of the Atlantic City Revitalization Grant Program on Friday, February 7, 2025 at 10:00 a.m. The program aims to address the negative impacts of COVID-19 by supporting capital projects that enhance Atlantic City by addressing at least one of the following local impact considerations: small business efforts, clean and safe efforts, food insecurity efforts, downtown vitality efforts, or job and office space creation.

WHAT:          The Atlantic City Revitalization Grant Program Phase II will support up to 50 percent of costs (hard and soft) of capital projects located within Atlantic City. Projects must support the renovation of a building in which the applicant owns or has a fully executed agreement of sale. Award amounts will range from $250,000 to $2.5 million.

WHO:             Experienced for-profit or non-profit entities responsible for overseeing a real estate development project are eligible to apply. Real estate holding companies are ineligible. Applicants must demonstrate they have the remaining funds to complete this project at time of application and projects must be completed prior to December 18, 2026.  Click here for a complete list of eligibility requirements.

WHEN:          Applications for the Atlantic City Revitalization Grant Program Phase II will open on Friday, February 7, 2025 at 10:00 a.m. It is recommended to email acrevitalization@njeda.gov prior to applying. To apply and for more information, click 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 Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (January 24, 2025) – During its January meeting, the New Jersey Economic Development Authority (NJEDA) Board approved Aspire tax credit awards for a mixed-use development project in Hudson County. Located on Jersey City’s West Side, Bayfront Promenade is set to create 210 residential rental units, 74 of which will be affordable.

“Under Governor Murphy’s leadership, the Aspire program has supported meaningful development projects throughout the state, helping to expand housing options for New Jersey families,” said NJEDA Chief Executive Officer Tim Sullivan. “Bayfront Promenade will help revitalize the West Side of Jersey City and provide residents with affordable housing options and access to critical services.”

The Bayfront Promenade development entails the new construction of a mixed-income, mixed-use development located on a vacant site on Route 440 in Jersey City. The project will include 210 residential units with over an additional 10,600 square feet of commercial and retail space.

The project will also include various amenities such as an outdoor terrace with grilling stations, a community lounge with a kitchen area, a coworking lounge, a fitness and yoga room, a dog washing station, and a children’s play area. The project will also include a 21,000 square foot covered parking garage with 52 parking spaces and electric vehicle (EV) charging stations.

“The Bayfront Redevelopment Project represents a transformative step forward for Jersey City’s West Side, bringing much-needed affordable housing, vibrant mixed-use spaces, and new opportunities for our residents,” said Mayor Steven M. Fulop, City of Jersey City. “With the support of the NJEDA’s Aspire tax credit awards, we are turning vision into reality, building a stronger, more inclusive community that reflects our commitment to progress and equity.”

Bayfront Partners 32 Urban Renewal was approved for up to 60 percent of the total project cost, not to exceed $64 million. This project is also supported by New Jersey Housing Mortgage and Finance Agency (NJHMFA) Low-Income Housing Tax Credits. The project will comply with the Energy Star Homes Program included in the NJHMFA’s Green Standard Requirements, which satisfies NJEDA’s Green Building Standards.

The project’s co-applicant is the Greater Bergen Community Action, Inc. (GBCA), which will provide several services for residents. The GBCA will operate a daycare center on site that will offer services to meet the educational and childcare needs for residents and the surrounding community. A credit union will also be operated by the GBCA and provide a variety of banking services including savings and checking accounts and loan products and services.

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. All residential Aspire projects must include at least 20 percent affordable housing. 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.

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 Facebook, Twitter, Instagram, and LinkedIn.

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CAFE Program will bolster NJ’s arts community and spur economic activity in local communities

TRENTON, N.J. (January 24, 2025) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved the Cultural and Arts Facilities Expansion (CAFE) Program, which will help bolster New Jersey’s arts sector by supporting the development and rehabilitation of cultural arts facilities, such as performing arts centers and museums. The program aims to increase cultural arts activities across the state, attract visitors, boost engagement with the arts in underserved communities, and revitalize downtowns.

“Arts and culture serve as a cornerstone of New Jersey’s economy, contributing billions of dollars in economic activity each year while showcasing the incredible diversity, creativity, and talent of our residents,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, New Jersey continues to provide innovative tools and resources to further position arts and culture as a key driver of economic growth. The CAFE Program will help address the economic challenges the industry has faced since the pandemic by fostering new cultural hubs and bringing dynamic arts experiences to communities across the state.”

New Jersey’s arts and culture sector was a $27.3 billion industry in 2022, representing over 138,000 jobs. The combined impact of arts and culture industries account for 3.62 percent of New Jersey’s gross domestic product, as well as 3.2 percent of the state’s workforce. In 2022, the impact of New Jersey’s non-profit arts industry resulted in $116.9 million in total tax revenue to federal, state, and local governments.

The CAFE Program will provide tax credits through a competitive process to cultural arts institutions to build or renovate facilities, including aquariums, historical societies, libraries, galleries, museums, performing arts centers, or other eligible cultural or arts facilities.  Eligible awardees receive tax credits covering 100 percent of eligible project costs, up to $75 million.

“This initiative underscores our commitment to building strong communities and laying the foundation for residents and families to truly thrive,” said Assembly Speaker Craig J. Coughlin. “By fostering these environments, we are reviving spaces where arts and culture can inspire and unite all who call this state home. The arts and culture sector is a vital part of New Jersey’s identity, and our support ensures these community anchors can continue to flourish, generating local jobs and drawing new visitors to our state in the process.”

Eligible applicants include government entities and not-for-profits whose primary mission is arts and culture, or a for-profit business receiving a federal or state historic preservation rehabilitation tax credit. Applicants are required to contribute 10 percent or 20 percent equity to the project, depending on the project location.

A qualifying project must have a minimum of $5 million in eligible project costs. The requirements for a cultural arts facility vary based on its type. It must either be open to the public for an average of at least 20 hours per week or host an average of at least four events or educational offerings per month. Facilities primarily used for athletics, recreation, and non-arts based community centers are not eligible for the program.

Applications for the first round of the CAFE Program are expected to open in Spring 2025. For more information and a complete list of eligibility requirements, click 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 Facebook, Twitter, Instagram, and LinkedIn.

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Eligible Companies Could Receive up to $500,000

TRENTON, N.J. (January 21, 2025) – The New Jersey Economic Development Authority (NJEDA) has launched a marketing campaign to promote incentives designed to encourage New York-based companies with New Jersey employees to open New Jersey offices or allow those employees to work from home. New Jersey Re-assigning In-State Employees Program (NJ RISE), administered by the NJEDA, will provide grants to businesses who re-assign New Jersey residents working in another state (such as New York) to a New Jersey location. The program will allow employees to work closer to home, shortening their commute, and returning New Jerseyans’ tax dollars to the state.

“From the beginning, I vowed to fight congestion pricing, because New York should not balance its budget on the backs of New Jersey families,” said Governor Phil Murphy. “Back in 2023, I signed legislation establishing a grant program that would incentivize businesses in states like New York to reassign their New Jersey resident employees to work in our state. This would not only cut down on costs and travel time for commuters, but would keep their tax dollars in New Jersey. Our fight against congestion pricing isn’t over and we won’t allow another state to line its coffers with our hard-earned money.”

The first billboards promoting NJ RISE to commuters appeared Monday, at the 39th St. entrance to the Lincoln Tunnel, on the West Side Highway at West 155th St., and on the Cross Bronx Expressway, targeting vehicles heading towards I-87/ Major Deegan Expressway or crossing over the George Washington Bridge into New Jersey. Additional billboards will follow in New York and Northern New Jersey, complemented by taxi top banners, digital and social media ads, and transit posters.

“Governor Murphy has been committed to bringing more businesses to the Garden State, and the NJ RISE program will help incentivize companies to reassign their New Jersey employees back to their home state and increase their business activity in the state,” said NJEDA Chief Executive Officer Tim Sullivan. “In addition to saving time and money for commuters, NJ RISE will bolster the state’s tax revenue, increase economic activity, and grow a stronger and fairer economy for New Jersey’s commuters and families.”

NJ RISE’s goal is to increase New Jersey’s Gross Income Tax Withholdings by encouraging eligible businesses to re-assign their out of state New Jersey resident employees to New Jersey by issuing an incentive based upon on the employees’ withholdings. NJ RISE is a $20 million pilot program that will provide grants to businesses principally located out of state that re-assign New Jersey residents currently assigned to work in a state that employs the “convenience of employer” income taxation rule to work in a New Jersey location. The grant is equal to the amount of New Jersey Gross Income Tax withholdings of the re-assigned resident employees during one tax year of the business, not to exceed $500,000 in the aggregate per business.

To learn more and apply, click 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 Facebook, Twitter, Instagram, and LinkedIn.

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