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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.
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:
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.
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.
New eligibility to include all designated Overburdened Community and Adjacent census blocks per theState’s Environmental Justice Law
TRENTON, N.J. (May 29, 2025) – The New Jersey Economic Development Authority (NJEDA) has expanded eligibility for the NJ Cool Program, which provides grants to building owners and tenants undertaking retrofit construction projects that reduce greenhouse gas emissions from existing buildings. Eligibility for the original pilot program only included projects in the municipalities of Atlantic City, Edison, and Newark. The Authority has now expanded eligibility to include projects in all designated Overburdened Communities (OBC) and formally designated Adjacent Community census blocks per the State’s Environmental Justice Law.
WHAT: Under the NJ Cool program, the NJEDA will provide grants of up to $1 million to applicants for 50 percent of eligible project construction costs for emissions-reducing retrofit projects. Projects are required to update the building’s heating or cooling system and can also include other energy efficiency measures or adding on-site renewable energy systems, such as solar panels. In addition to reducing emissions, the program will accelerate the adoption of more environmentally friendly building systems, technologies, and construction practices within New Jersey.
WHO: The geography expansion will allow commercial, industrial, and institutional buildings in designated Overburdened Community (OBC) and formally designated Adjacent census block groups to qualify for NJ Cool. The original pilot municipalities of Atlantic City, Newark, and Edison are still eligible. A full list of designated Overburdened Communities can be found here.
WHEN: Applications are currently open on a rolling basis. For more information on the program, including full application requirements and eligible projects, please visit the website or email njcool@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.
Please be advised that the Board Meeting for the New Jersey Green Bank scheduled for June 5, 2025, is hereby cancelled.
The next regularly scheduled meeting is Thursday, September 4, 2025, virtually, and in person at the NJEDA’s Trenton offices.
Applications will open May 29th
TRENTON, N.J. (May 23, 2025) – The New Jersey Economic Development Authority (NJEDA) will host an in-person information session for businesses that are newly eligible to apply for the Route 80 Business Assistance Grant Program on Tuesday, May 27, at 5:00 p.m. Applications for the program will open on Thursday, May 29, at 10:00 a.m. Earlier this month, the NJEDA Board expanded the program to include small businesses that are within five miles of Route 80’s Exit 34, regardless of county.
WHAT: The Route 80 Business Assistance Grant Program will provide grants ranging from $1,000 to $15,000 to businesses and non-profits located in close proximity to Route 80’s Exit 34, the epicenter of the sinkholes causing traffic disruptions.
WHO: Eligible applicants include small businesses and non-profits that have up to 50 full-time employees. Businesses located within a five-mile radius of Route 80’s Exit 34, regardless of county, are eligible to apply. Applicants must also certify a negative financial impact of at least $1,000 for the first quarter of 2025.
WHEN:Info Session: Tuesday, May 27, 2025– 5:00 p.m. Hopatcong Municipal Building 111 River Styx Rd. Hopatcong, N.J.
Applications for the program will open Thursday, May 29, at 10:00 a.m. and will be accepted on a first-come, first-served basis until funds are exhausted. For more information about the program and to apply, click here.
INC-NJ will help emerging companies find funding opportunities
TRENTON, N.J. (May 22, 2025) – This week, the New Jersey Economic Development Authority (NJEDA) launched a new digital platform designed to connect entrepreneurs and investors. The platform, known as the Innovation Network Capital New Jersey (INC-NJ), will bring together the state’s innovation ecosystem, allowing emerging companies and funders to engage with one another and share various business and investment opportunities.
“Under Governor Murphy’s leadership, New Jersey’s innovation economy continues to attract highly skilled entrepreneurs looking to bring new technologies to market,” said NJEDA Chief Executive Officer Tim Sullivan. “INC-NJ will make it even easier for emerging company owners to link with potential investors, highlight their developments, and scale their business in New Jersey. Having a digital platform where those within the innovation ecosystem can network and form new relationships is a key tool that will lead to new jobs and greater economic activity across the state.”
Emerging New Jersey-based companies will be able to showcase their businesses and build relationships with investors through the INC-NJ platform. Investors can use INC-NJ to discover new companies that fit their investment criteria. All users will be able to view curated funding and incentive resources and learn about the latest industry news.
The NJEDA hosts the semiannual NJ Founders and Funders events, which help facilitate warm introductions between innovative emerging companies and sophisticated angel and institutional investors. INC-NJ will help scale the NJEDA’s efforts and allow many more entrepreneurs and investors to forge relationships. The new digital platform is also aligned with the Strategic Innovation Centers (SICs) launching across the state. Through these SICs, more and more companies are joining the innovation ecosystem. INC-NJ will serve as a tool for these companies to further connect with the ecosystem and for investors looking for new deals.
New Jersey-based companies, with less than 225 employees and in “targeted industries”, as well as U.S.-based investors and those already involved in NJEDA programs, are welcome to join INC-NJ. Companies not currently registered to do business in New Jersey can join the platform to engage with the innovation ecosystem, but will have limited access accounts.
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.
The report aims to guide and further develop international business relationships with New Jersey
TRENTON, N.J. (May 21, 2025) – The New Jersey Economic Development Authority (NJEDA) today presented the 2025 New Jersey Global Economic Index, a report that highlights, ranks, and analyzes the sources of foreign direct investment (FDI) into New Jersey. The annual report, which was first released last year, aims to guide and further develop international business relationships with the state, while bolstering Governor Phil Murphy’s global economic development goals. The report lists 42 countries on the Global Economic Index List, which added five new countries from last year, including Malaysia, Thailand, Romania, Iceland, and Argentina.
“Throughout my administration, New Jersey has built robust connections with important global partners – from Ireland to the Middle East, and beyond,” said Governor Murphy. “The New Jersey Global Index provides critical insights that sharpen our economic development strategy, enabling New Jersey businesses, agencies, and organizations to seize new global opportunities. This, in turn, will generate jobs, boost the economy, and unlock new opportunities for residents and communities across the state.”
The Global Economic Index indicates that New Jersey, regionally, has the strongest economic relationships with Europe, the Asia Pacific region, and North America. While Europe had the highest number of countries listed as top performers, research found that India ranked first as a global partner with New Jersey, followed by Canada, the United Kingdom, and China. The report notes that the Netherlands, Germany, Switzerland, and Israel also hold a high rank as global partners. Additionally, the Asia-Pacific region is also an area of opportunity for New Jersey, including Japan and South Korea, which ranked ninth and tenth as global partners, respectively.
“This year’s Global Economic Index underscores how far we’ve come in making New Jersey a top-tier destination for international investment,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership, New Jersey has deepened its global partnerships and sharpened its focus on high-impact, inclusive growth. This international engagement is essential to attracting new investment, supporting business expansion, and securing the state’s long-term economic competitiveness.”
New Jersey has deepened our global partnerships and sharpened our focus on high-impact, inclusive growth. These relationships are critical to bringing new business to New Jersey, supporting local companies, and helping to drive long-term economic momentum across the state.”
During his time in office, Governor Murphy, along with the NJEDA and Choose New Jersey, has embarked on economic mission trips to India, Ireland, Israel, Germany, Japan, Korea, Taiwan, the United Kingdom, and Canada. As a result, Choose New Jersey has opened offices in those countries to foster ties between the Garden State and critical foreign partners. Most recently, the delegation traveled to the Middle East, making stops in Saudi Arabia, Bahrain, and the United Arab Emirates. Governor Murphy also has plans to lead economic mission trips to Israel, India, and Mexico during his final year in office.
“The Global Economic Index reinforces what we see every day at Choose New Jersey — that international interest in New Jersey is growing and diversifying,” said Wesley Mathews, President and CEO of Choose New Jersey. “This data-driven report gives us a strategic advantage as we engage with partners abroad, showing where our strengths lie and where new opportunities are emerging. It’s an essential tool for advancing our mission to attract investment and jobs to New Jersey.”
“This report represents a fresh approach to examining our international economic relationships which are critical drivers for job creation in New Jersey,” said NJEDA Director of International Innovation and Partnerships Andrew Gross. “By tracking the sources of global investment into the state, we have gained deeper insights into New Jersey’s international connections and can continue to promote growth in areas where economic engagement has been limited.”
Developed by the NJEDA Office of International Innovation and Partnerships, with support from the Department of Economics and Data Analytics, the 2025 New Jersey Global Economic Index launched at an event today hosted in the NJEDA’s Newark office for international diplomats and economic promotion organizations.
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.
