Please be advised that the Board Meeting for the New Jersey Economic Development Authority scheduled for February 12, 2025, is hereby cancelled.
A Special Board Meeting will be scheduled for Monday, February 24, 2025 and notice will be provided.
Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, February 18, 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: 182 584 522#
The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/ccrc.
TRENTON, N.J. (February 11, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Manufacturing Voucher Program (MVP) Phase III on Wednesday, February 19, 2025 at 10:00 a.m. The program will allow manufacturers to purchase and install equipment to help enhance company efficiency and productivity.
WHAT: MVP Phase III will provide vouchers valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000. This program will provide New Jersey manufacturers with access to essential equipment, which will enhance efficiency, productivity, and overall profitability in New Jersey.
WHO: To ensure equitable access to funding, Phase III applications will be prioritized for new applicants who have not previously been awarded grants under Phase I or Phase II during the initial two-week application period. Following this period, all eligible businesses will have the opportunity to apply for funding, subject to available resources.
WHEN: Applications for MVP will open on Wednesday, February 19, 2025 at 10:00 a.m. 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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Major Artificial Intelligence Hub Will Bolster State’s Innovation Economy
Microsoft, CoreWeave, New Jersey Economic Development Authority, and Princeton University Expected to Invest Over $72 Million to Support the Long-Term Success of the Hub
TRENTON, N.J. (January 27, 2025) – Governor Phil Murphy and Princeton University President Christopher L. Eisgruber today announced that Microsoft and CoreWeave will join the State and Princeton as founding partners in the NJ AI Hub. The NJ AI Hub will serve as a state-of-the-art, collaborative ecosystem that integrates world-class research, innovation, education, and workforce development. As part of this investment in the NJ AI Hub, Microsoft will leverage its TechSpark program to provide expertise and resources for AI skilling and workforce development to create opportunities for innovation in New Jersey and the region.
The NJ AI Hub will help position New Jersey as a leading East Coast center for AI innovation. It will be located along Route 1 — New Jersey’s innovation corridor — at 619 Alexander Road in Princeton, in space provided by Princeton University.
“As the AI industry rapidly evolves, it’s imperative that we capitalize on this moment in New Jersey. I’m incredibly proud of this partnership with the top leaders in the industry and higher education, which further establishes our state as a hub for cutting-edge AI innovation and talent,” said Governor Murphy. “AI’s economic and innovation potential is vast, giving us the chance to take our state to new heights. This partnership will not only solidify New Jersey’s position as a global technology leader, it will also attract high-paying, sustainable jobs for our residents, allowing for a stronger and more prosperous future for our state.”
“The addition of Microsoft and CoreWeave as founding partners of the NJ AI Hub demonstrates how government, higher education and the corporate sector are coming together to advance AI innovation and the regional innovation ecosystem — two of Princeton’s highest priorities,” President Eisgruber said. “I’m eager to see many of the state’s other excellent colleges and universities join this effort as its development continues.”
“New Jersey has long been at the forefront of American innovation and AI is the next chapter of this journey,” said Brad Smith, Vice Chair and President of Microsoft. “By leveraging the strengths of the private sector, Princeton, and the state of New Jersey, our goal is to build a thriving regional AI economy that not only drives economic growth, but sets a new standard for research, development, and workforce development.”
“This collaboration represents the best of what private-public partnerships can achieve, bringing together the brightest minds from government, academia, the business community, and our team of experts to foster groundbreaking AI innovation in New Jersey,” said Brian Venturo, co-founder and Chief Strategy Officer at CoreWeave. “Together, we’re advancing the future of technology while driving meaningful economic growth and strengthening New Jersey’s role as a leader in the global AI landscape. New Jersey is our home, and we’re excited to continue our partnership with the state by making it a leader in AI advancement.”
“AI is rapidly evolving and New Jersey is capitalizing on this moment to cement our place as a national leader in the industry. By bringing together world-class leaders like Princeton, Microsoft, and CoreWeave, Governor Murphy is building upon the Garden State’s longstanding legacy in innovation and helping advance cutting-edge AI technologies,” said New Jersey Economic Development Authority Chief Executive Officer Tim Sullivan. “The opportunity presented by AI aligns with Governor Murphy’s vision for cultivating high-growth sectors, with the goal of creating family-sustaining career opportunities. Showcasing New Jersey’s bustling innovation community, talent pool, and robust resources will help AI companies recognize the state’s value proposition for growing innovative companies of the future.”
Microsoft, CoreWeave, the NJEDA, and Princeton University are founding equity partners in the newly created NJ AI Hub. Together, they expect to invest over $72 million to support the long-term success of the Hub, including up to $25 million of non-binding commitment from the NJEDA.
A portion of NJEDA’s and CoreWeave’s committed funding will include a planned NJ AI Venture Fund that will support innovation commercialization through equity investments.
Microsoft, CoreWeave, the NJEDA, and Princeton University will focus on the following three pillars of programming at the NJ AI Hub:
Research and development:
The NJ AI Hub will help companies across a range of industry sectors integrate and apply AI in their businesses and use it to advance their research and development efforts. The Hub will focus on applications of AI in several industry sectors that have strong footprints in New Jersey such as the life sciences, clean energy and climate resilience, telecommunications and cybersecurity, and infrastructure and logistics. The NJ AI Hub will also actively engage New Jersey’s research universities on applied research in AI and will host events to connect companies developing and using AI tools with cutting-edge research and potential collaborators.
Commercializing and accelerating innovation:
An AI accelerator will be operated at the NJ AI Hub, which will help facilitate the growth of the early-stage AI ecosystem in New Jersey. The accelerator will host cohorts of start-up ventures and will provide them with essential support services such as workspace, compute power, legal assistance, and business development advice. In addition, these start-ups will have coordinated access to the NJ AI Hub’s corporate partners for mentorship and networking opportunities.
Strengthening AI education and workforce development:
The Hub will work closely with New Jersey’s higher education community to promote high-quality talent development at all levels and will leverage the resources of Microsoft’s TechSpark program. By developing shared curricula, projects, and teaching tools for AI courses, training community college faculty in teaching AI, and creating upskilling opportunities to help workers across disciplines apply AI in their work, the Hub will coordinate efforts to build the State’s pool of AI talent. Ongoing collaboration with employers will ensure that education and training programs are providing trainees with industry-recognized credentials and in-demand skills for the workforce. The NJ AI Hub will also be able to connect employers with opportunities to host AI apprenticeships, develop customized upskilling training for their workers, recruit talent from New Jersey schools for jobs and internships, and partner with project-based AI courses at the college and graduate level.
Through this new AI Hub, Microsoft will be bringing its TechSpark program to New Jersey. Founded in 2017, Microsoft TechSpark fosters inclusive economic opportunity across the U.S., including job creation and innovation, by working in communities and investing in local organizations. TechSpark operates across all 50 states and to date, TechSpark has helped secure more than $700 million in community funding for local innovation, trained 65,000 people in critical technology skills, and created 4,500 jobs.
Plans for an AI Hub were announced by Governor Murphy and President Eisgruber in 2023. Pending NJEDA Board approval, the NJ AI Hub will be supported through the NJEDA’s Strategic Innovation Center (SIC) initiative. The NJEDA has executed a non-binding term sheet to support the NJ AI Hub’s operating budget for up to five years. In total, the NJEDA is anticipated to invest up to $25 million to support the NJ AI Hub and the NJ AI Venture AI Fund.
For further updates, please visit the NJ AI Hub website at njaihub.org.
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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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, February 12, 2025, at 10:00 am.
IN PERSON:
NJEDA Board Room
36 West State Street, Trenton NJ
TELECONFERENCE:
CONFERENCE NAME: NJEDA BOARD MEETING
PARTICIPANT DIAL-IN NUMBER: 1-888-790-3708
PARTICIPANT ACCESS CODE: 7825427
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.
Please be advised that a Board Meeting for the New Jersey Green Bank will be held in person and via teleconference on Tuesday, February 11, 2025, at 3:00 p.m.
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:
New Jersey Economic Development Authority
NJEDA Board Room
36 West State Street, Trenton, NJ 08625
The agenda and teleconference number can be found 48 hours prior to the meeting here.
TRENTON, N.J. (February 3, 2025) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan released the following statement today regarding the New Jersey Wind Port:
“In light of the significant uncertainties in the offshore wind market, we have decided to accelerate our strategic review of options and alternatives for the New Jersey Wind Port. While recent developments at the federal level and announcements from offshore wind developers are deeply disappointing, they were not unexpected. We have taken a cautious approach to further development of the port since 2023, and we have worked to identify alternative uses that would maximize the economic development, job creation, and financial potential of the site for the State.
“We remain believers in the long-term potential of offshore wind for New Jersey, but our role as stewards of taxpayer resources requires us to evaluate all of our options. We will continue to provide further updates as this evolves.”
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
Nearly $170 million has been distributed through Main Street’s suite of programs since 2021, bringing total small business support to nearly $1 billion
TRENTON, N.J. (February 3, 2025) – The New Jersey Economic Development Authority (NJEDA) today announced that in 2024 it issued more than $32 million in grants and loans to more than 1,200 small businesses through the Main Street Recovery Program. Created under Governor Phil Murphy’s Economic Recovery Act (ERA), the Main Street Recovery Program provides a comprehensive suite of products designed to support New Jersey small businesses.
Since the program launched in 2021, the NJEDA has awarded approximately $167 million to more than 5,000 small businesses across the state. Including the $700 million in pandemic relief that the NJEDA provided to small businesses before the Main Street Recovery Program launched, the Authority has distributed a total of nearly $1 billion to bolster small businesses throughout New Jersey.
“Under Governor Murphy’s leadership, New Jersey remains committed to supporting small businesses with a range of resources designed to equip them for success,” said NJEDA Chief Executive Officer Tim Sullivan. “When the pandemic struck, the NJEDA, through the Economic Recovery Act, worked tirelessly to develop programs that infused millions of dollars into New Jersey’s local economies. Today, the Main Street Recovery Program continues to assist thousands of small businesses by helping them grow, expand, and thrive.”
The Main Street Recovery Program was originally designed to help small businesses stay open during the pandemic and support their growth and success in its aftermath. Years after the height of the pandemic, the program is continuing to support mom and pop shops along New Jersey’s main streets.
The following programs are part of the Main Street Recovery suite:
- Small Business Lease Grant: supports the growth and success of small businesses and non-profits by providing grant funding to cover a portion of lease payments for businesses and non-profits leasing new or additional space.
- Small Business Improvement Grant: offers reimbursement for costs associated with making building improvements or purchasing new furniture, fixtures, and equipment.
- Main Street Lenders Grant: provides grants to eligible micro business lenders, which the lenders can use to create new loan micro business loan products or supplement existing micro business loan products. Lenders can also qualify for additional grant funding to provide technical assistance to micro businesses, to better prepare these businesses to qualify for loan products.
- Main Street Acquisition Support Grant: will offer a grant of up to $50,000 to reimburse an eligible small New Jersey business for closing costs related to a New Jersey commercial property that the business purchased to operate from.
- Small Business E-Commerce Support Program: provides free e-commerce and digital marketing consulting services to New Jersey small businesses in the restaurant, retail and personal care industries that operate from a commercial location. The NJEDA has partnered with consultants to assist eligible small businesses with e-commerce services.
- Main Street Micro Business Loan: will provide financing of up to $50,000 to eligible micro businesses in New Jersey with 10 or fewer full-time employees and no greater than $1.5 million in annual revenues.
Reach for the Stars, LLC in Cranford, Union County, took advantage of the NJEDA’s Small Business E-Commerce Program. Serving as a leader in pediatric speech throughout New York and New Jersey, its new website allows for visitors to read related articles and patient testimonials and explore resources that are available to them.
“As a small business owner, we are often forced to choose one essential project over another because of financial limitations. I was truly honored that my business was selected to receive a grant for a new website, and I couldn’t be happier with the end results,” said Reach for the Stars owner Lisa Jiannetto-Surrusco. “The grant enabled me to get this project done, while allocating the saved money for vital necessities like therapy and testing materials, professional development for the staff, and potential expansion of our menu of services.”
In Medford, Burlington County, YMCA of the Pines Lake Stockwell Day Camp received funding from the Small Business Improvement Grant to offset the costs of a concrete apron and fencing at the campsite. These improvements allow for Lake Stockwell Day Camp to offer activities to children of all ages, such as archery, a high/low ropes course, and horseback riding.
“This NJEDA funding was an absolute game changer for YMCA of the Pines Lake Stockwell Day Camp,” said Mark R. Dibble, Chief Executive Officer of YMCA of the Pines. “This money allowed us to make necessary upgrades to the camp entrance, creating a beautiful and safe environment for all the campers and families we serve.”
In Asbury Park, Monmouth County, Asbury Park Brewery used the Small Business Lease Grant to open a new taproom. Now, Asbury Park Brewery can continue to brew their eclectic lineup of beers, including the Scarlet Ale, named after the Rutgers University Scarlet Knights.
“The Small Business Lease Grant provided us with support to open our new taproom on Cookman Avenue while continuing to produce high quality ales, beers, and stouts,” said Bob McLynn, owner of Asbury Park Brewery. “We are very grateful for this assistance, so that it’s possible to continue entertaining and serving our community, hopefully for years to come.”
Through the Small Business E-Commerce Support Program, The Potential in US, located in Woodbury, Gloucester County, was able to revamp their website to include a list of services and a full calendar of events, so that they can continue to offer community-based support services to adults living with disabilities.
“We had access to the website developer, who worked with us and comprehended our specific needs as small business owners,” said The Potential in US owner Anita Barringer. “It was a pleasure to work with such a great company and an even better developer.”
Since the Main Street Recovery Finance Program is a suite of programs, eligibility differs depending on the product. To learn more about the programs under the Main Street Recovery Program and to apply, please visit 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 ###
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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