TRENTON, N.J. (June 24, 2025) – Applications for the New Jersey Economic Development Authority’s (NJEDA) Next New Jersey Program – AI are now open. The program will drive economic growth, collaboration, and the development of AI infrastructure across the state by providing tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities.

WHAT:          The $500 million allocation to the Next New Jersey Program – AI will provide tax credits to eligible businesses to engage in building and fostering New Jersey’s fast-growing AI ecosystem. The program builds on Governor Phil Murphy’s goal of establishing New Jersey as a leader in AI by encouraging private investment into the state’s AI sector.        

WHO:            The program will be open to businesses or divisions primarily engaged in the AI industry or the large-scale AI data center industry. Businesses must commit to creating at least 100 new eligible full-time jobs and meet a minimum capital investment of $100 million to be eligible for tax credits. Additionally, the program requires that the business enter into a collaborative relationship with a New Jersey-based public or private research university, technology startup, incubator, accelerator, or similar entity.

WHEN:          Applications for the Next New Jersey Program – AI are open. For more information, and to apply, visit https://www.njeda.gov/nextnjai/.

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 BASE will help entrepreneurs in key economic sectors grow their business in the state

Click the links to view the press release in Español, Deutsch, Français, 한국어, 日本語, 普通话, עִברִית, عربي, Português.

TRENTON, N.J. (June 13, 2025) – This week, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of a Jersey City-based landing pad for established international businesses looking to scale their operations in the state. The New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE) will serve as the state’s first ever facility to attract foreign companies in key industries, by offering a supportive co-working space to expand and grow their business in the United States.

“This is an exciting milestone in New Jersey’s mission to diversify our economy and expand our leadership role in technology innovation and diplomatic relations,” said Governor Phil Murphy. “Since I took office, we have worked hard to build international relationships through various trade missions abroad and bring jobs to New Jersey. Having a landing pad in New Jersey for companies to set up shop will be a desired feature as foreign entrepreneurs look to scale their business in the North American market.”

New Jersey has long been a global destination for business, investment, trade, and market expansion. The state is uniquely positioned in close proximity to some of the largest markets in the country, including New York, Philadelphia, Boston, and D.C. New Jersey is deeply interconnected with the rest of the country and the world via the Northeast Corridor, Newark International Airport, and Port Newark, making it a prime location for international firms looking to do business in the U.S.

“Under Governor Murphy’s leadership, New Jersey has developed strong economic relationships with countries around the world, helping increase our presence on the global stage and bolster the state’s economy,” said NJEDA Chief Executive Officer Tim Sullivan. “NJ BASE will continue to expand the state’s reach across foreign economies and support entrepreneurs looking to bring their products and services to the United States. We look forward to launching NJ BASE in the coming months, which will further strengthen key sectors and create good-paying jobs.”

NJ BASE will focus on attracting international companies in industries that are critical to New Jersey’s economy, such as cyber security, artificial intelligence, fintech, and other types of innovative technologies and services. The center will allow a business to establish itself in New Jersey, with access to the larger U.S. market, so businesses can then expand, attract investment, and create high quality, long-term jobs.

NJ BASE, which will house approximately 15-20 companies as a first cohort, will be located in Downtown Jersey City. NJ BASE will be operated by a third-party entity and the NJEDA will release a Request For Proposal (RFP) for an operator in the coming weeks.

New Jersey’s footprint in foreign markets has expanded throughout the Murphy Administration and the landing pad will serve as a major point of attraction during future economic mission trips. During Governor Murphy’s tenure, New Jersey leadership has embarked on numerous economic missions, including to India, Canada, Ireland, Israel, Germany, East Asia, and several Gulf Arab states.

“The launch of NJ BASE is a game-changer for international companies considering expansion into the U.S. market,” said Wesley Mathews, President & CEO of Choose New Jersey. “We’ve seen firsthand through our international centers and overseas economic missions that there is strong demand for soft landing spaces in the United States — and New Jersey is uniquely positioned to deliver. NJ BASE will provide foreign businesses with the on-the-ground support they need to grow, thrive, and create jobs in one of the most connected, diverse, and innovation-driven states in the country.”

“With access to top-tier talent, proximity to world-class cities, and robust state support for innovation, international companies are increasingly looking to establish a presence in New Jersey to expand,” said NJEDA Director of International Innovation Andrew H Gross. “The opening of NJ BASE later this year will attract international industry leaders in strategic sectors, bolstering the state’s long-term economic competitiveness, creating good-paying jobs, and strengthening our international relationships.”

Last month, the NJEDA released the second annual New Jersey Global Economic Index, a report that highlights, ranks, and analyzes the sources of foreign direct investment (FDI) into New Jersey, amounting to several billion dollars and thousands of jobs during the Murphy Administration. The annual report guides and helps develop international business relationships with the state, while bolstering Governor Murphy’s global economic development goals.

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. (June 11, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award of $12 million to rehabilitate an 1839 historic church structure in Trenton under the Historic Property Reinvestment Program (HPRP). The Steeple Center Rehabilitation Project, developed by 120 East State, will bring a performing arts venue and events center to Trenton.

“Revitalizing vacant or underused properties is a key part of Governor Phil Murphy’s mission to strengthen communities, generate employment, and boost economic development in commercial centers,” said Tim Sullivan, Chief Executive Officer of the NJEDA. “With this HPRP award, the Steeple Center Rehabilitation Project will preserve the historic church for future generations, bolster the community’s cultural arts sector, and act as a driving force for ongoing revitalization in the Trenton area.”

The project consists of a complete rehabilitation of the 1839 church structure and associated addition, which was built in 1950. Once completed, the venue will have a seating capacity of nearly 300 and provide both free and fee-based community-based gathering and programming spaces, as well as a lobby and visitor center with a café, gift shop, restrooms, administrative offices, and waiting areas.

“This investment is a major win for Trenton’s cultural and economic future. Restoring this historic church not only preserves an iconic piece of our city’s architectural legacy, but also breathes new life into our downtown by creating a vibrant space for arts, events, and community gatherings,” said Trenton Mayor W. Reed Gusciora. “Thanks to the NJEDA and 120 East State, we’re one step closer to making downtown Trenton a destination for residents and visitors alike.”

The venue will also have space for catering, arts performances, conferences, and other events. project will also be fully American with Disabilities Act (ADA) compliant.

“We are grateful to the NJEDA for this essential support of our project– it moves us an extremely important step closer to transforming 120 East State into a center that will in turn help transform downtown Trenton,” said Molly Dykstra, Acting Executive Director of 120 East State. “We believe great things are ahead for our city, and we look forward to playing a vital part in a making that future happen.” 

“Great things are ahead for Downtown Trenton and we’re going to play a vital part in making them happen,” said Cherry Oakley, Board President of 120 East State. “We’re looking forward to Trentonians, their friends and visitors from everywhere having a reimagined historic place to gather and grow.”

The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year.

Full details on the program are available 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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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, June 17, 2025, at 11:00 am. 

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton, NJ 08625

TELECONFERENCE:

CONFERENCE NAME:                                CCRC BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                   916 211 387#

The agenda can be found 48 hours prior to the meeting on the website: www.njeda.gov/ccrc.

The Urban Investment Fund award will support two key rehabilitation projects, supporting post-pandemic economic recovery

TRENTON, N.J. (June 6, 2025) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan joined Trenton Mayor Reed Gusciora and city officials today to announce a grant award under the Urban Investment Fund (UIF) Grant Program to the City of Trenton. The $7 million award will support two building rehabilitation projects along South Broad Street in the city’s North Ward, supporting revitalization efforts and promoting increased foot-traffic along a key commercial corridor. 

“The Coronavirus Pandemic created economic challenges across New Jersey, particularly for small businesses and local entrepreneurs, resulting in decreased revenue along key commercial corridors,” said Governor Phil Murphy. “Through programs like the NJEDA’s Urban Investment Fund, our Administration continues to make historic investments into cities like Trenton, ensuring communities have the funding necessary to promote a strong and equitable economic recovery.”  

“Under Governor Murphy’s leadership, the NJEDA continues to catalyze economic growth in communities most impacted by the pandemic through strategic investments that create jobs, support small businesses, and uplift our downtowns and main streets,” said NJEDA Chief Executive Officer Tim Sullivan. “The funding awarded to Trenton through the Urban Investment Fund will support efforts to revitalize the city’s South Broad Street corridor, increasing foot traffic and fostering long-term economic growth.”

The grant award was announced today at a press conference at the Roebling Machine Shop. The City of Trenton will utilize half of the award – $3.5 million – to rehabilitate the building, preserving a critical part of the city’s history while establishing an economic engine along South Broad Street for creative uses.

“This transformative $7 million grant through the NJEDA’s Urban Investment Fund marks an important moment in Trenton’s ongoing revitalization efforts,” said Mayor W. Reed Gusciora. “Reviving the Roebling Machine Shop and the Eagle Tavern is more than just improving buildings; it’s about creating opportunities, restoring pride, and building a stronger future for residents and businesses. We’re incredibly grateful to Governor Murphy’s administration for this investment. Together, we’re making real progress towards an even greater Capital City.”

In addition, the city plans to partner with the Mercer County Improvement Authority to renovate the Eagle Tavern with the remaining $3.5 million in UIF funding. The project will remediate the commercial kitchen, improve access between the first and lower floors, and upgrade the HVAC system, among other changes, returning the historic building to commercial use.

“Since its inception, the MCIA has had a storied history of being a successful redevelopment partner throughout Mercer County,” said Assemblyman and MCIA Executive Director Anthony S. Verrelli (LD-15).“From the Mercer County Courthouse, The Cure Arena, to most recently the Hamilton Municipal Complex, the projects we’ve supported are known to be both transformative and vital to both the communities they’re located in and Mercer County as a whole. I’m proud to see the project follow that legacy and I look forward to its completion.”

“The Eagle Tavern has long been a priority project, and we are thrilled to partner with the NJEDA and the City of Trenton to bring this historic site back as a functioning bar and eatery,” said Mercer County Executive Dan Benson.

Through the UIF Grant Program, the NJEDA provides grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue due to the pandemic by helping cities enhance vitality. Projects supported by the program can include building rehabilitation projects, building reuse studies, and public space use investments in key commercial corridors. Funding for this program was provided through American Rescue Plan State and Local Fiscal Recovery Funds.

“This $7 million investment is not just about bricks and mortar, it is a declaration that Trenton’s future matters. The city has faced decades of economic hardship, compounded by the effects of the pandemic, yet its communities have remained resilient,” said State Senator Shirley K. Turner (LD-15). “These rehabilitation projects represent a bold step forward in restoring pride, purpose, and prosperity to South Broad Street. They honor Trenton’s history while laying the foundation for inclusive growth and lasting opportunity. Trenton deserves nothing less than full revitalization, and this investment is a powerful step toward that promise.”

“By embarking on these revitalization projects, the state is showing its commitment to ensuring that Trenton’s North Ward continues to grow and thrive,” said Assemblywoman Verlina Reynolds-Jackson (LD-15). “Our cities prosper with new investments, and I’m looking forward to seeing the South Broad Street business community expand.”

In March, the NJEDA announced two grant awards to support community revitalization efforts in Paterson and Passaic through the UIF Grant Program. More information on the program 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 Facebook, Twitter, Instagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person, via conference call, and via Microsoft Teams on Wednesday, June 11, 2025, at 10:00 am.

Members of the public may participate in the meeting attending in person, by calling in on the conference line, or joining via Microsoft Teams link.  Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number and Microsoft Teams link are being provided:  

MEETING NAME: NJEDA BOARD MEETING (JUNE 11, 2025)

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

PARTICIPANT DIAL-IN NUMBER:       1-888-790-3708

PARTICIPANT ACCESS CODE:             7825427

MICROSOFT TEAMS MEETING ACCESS LINK

FOR TEFRA NOTICE:

Notice of Public Hearing (TEFRA) – NJEDA

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

NOTICE OF PUBLIC HEARING (TEFRA) (June 3, 2025)

The New Jersey Economic Development Authority (the “Authority”) will hold a public hearing at its regular monthly meeting on June 11, 2025 at 10:00 a.m. at the Authority’s Board Room located at 36 West State Street, Trenton, New Jersey 08608 and via teleconference at 1-888-790-3708 (Conference ID: 7825427).  The public hearing will be held for the purpose of providing a reasonable opportunity for interested persons to express their views, both orally and in writing, with respect to the proposed issuance by the Authority of its qualified 501(c)(3) bonds, as defined in section 145 of the Internal Revenue Code of 1986, as amended (the “Code”)  in one or more series (the “Bonds”) pursuant to a plan of financing for the following project:

Owner, Operator or

Manager of Project:                   The Project will be owned by Advanced Schools, Inc., a qualified 501(c)(3) organization, and leased to, and occupied by, Central Jersey College Prep Charter School a NJ Nonprofit Corporation (the “School”)

Project Addresses:                     The land and facilities comprising the Project are located at 101 Mettlers Road (aka Mettlers Lane or Mettlers La in Somerset, NJ), Township of Franklin, New Jersey 08873 in Somerset County

Project Blocks and Lots:            Block 511, Lot 1.02

Maximum Aggregate

Face Amount of

Bonds Requested:                     $32,500,000

Description of Project:               (a) the acquisition of the existing charter school including all property, building and land for lease to, and occupancy by, the School; (b) the funding of a deposit to a debt service reserve fund; and (c) payment of certain costs of issuance of the Bonds (collectively, the “Project”)

At the hearing, members of the public may appear in person or by attorney or by calling in on the Authority’s telephone conference line at 1-888-790-3708, Conference ID: 7825427 to provide information and make statements concerning the foregoing application. Written comments must be submitted to the Authority no later than 5:00 p.m. on the day before the public hearing. ECONOMIC DEVELOPMENT FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY WILL BE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE LOAN OR LEASE PAYMENTS MADE BY THE BORROWER TO THE AUTHORITY AND CERTAIN FUNDS AND ACCOUNTS ESTABLISHED UNDER THE INDENTURE FOR THE BONDS AND ARE NOT OBLIGATIONS OF THE STATE OF NEW JERSEY, NOR OF ANY COUNTY OR MUNICIPALITY THEREOF.

            This notice is published in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.

TRENTON, N.J. (May 29, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Artificial Intelligence (AI) cohort within the New Jersey Innovation Fellows Program (NJIF) program on Wednesday, June 18, 2025, at 10:00 a.m. The NJIF’s dedicated AI carveout will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch AI-driven businesses, building on Governor Phil Murphy’s goal of establishing New Jersey as a leader in the emerging industry.

WHAT:            The NJIF program supports entrepreneurs with unique startup ideas with access to “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding and guidance during the two-year ideation and formation period of their business. In addition to financial support, the NJIF Program will provide comprehensive mentorship training led by Princeton University for each entrepreneurial team. The 24-month mentorship program will provide expert guidance in various fields, conduct workshops, and offer networking opportunities with the University’s academic and industry partners.

The AI-dedicated cohort of the program will focus on innovations utilizing technologies such as machine learning, autonomous decision-making, data-driven insights, natural language processing, computer vision, and generative AI. Grants of $200,000 are available, with bonuses of up to $200,000 if an entrepreneur resides in an Opportunity Zone, self-certifies as a woman or minority, or graduated from a New Jersey college or university.

WHO:               Eligible applicants must consist of a team of no less than three individuals and be working to launch an AI-driven business. For a full list of eligibility requirements, please click here.

WHEN:            Applications for the NJIF AI Cohort will open on Wednesday, June 18, 2025, at 10:00 a.m., and must be submitted by Wednesday, July 30, 2025, at 5:00 p.m.

A Q&A period will be held from Thursday, May 29, 2025, at 10:00 a.m. through Tuesday, June 17, 2025, at 5:00 p.m. Questions concerning this Program’s Notice of Funding Availability should be submitted to njinnovationfellows@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 Facebook, Twitter, Instagram, and LinkedIn.

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