Press Releases Archives - Page 18 of 149

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

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

**Below is a copy of the official TEFRA notice that was published in the Trenton Times and South Jersey Times on February 17, 2025**

The New Jersey Economic Development Authority (the “Authority”) has rescheduled its February 12, 2025 public hearing due to inclement weather. The rescheduled public hearing will be held on February 24, 2025 at 10:00 a.m. 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 with respect to a proposed issuance by the Authority of one or more series of its bonds, from time to time, as part of a plan of financing with respect to the following application for economic development bond financing for the facilities described below:

Owner, Operator or Manager of Project:

The Authority will be the leaseholder of the Series 2025 Facilities (hereinafter defined) under a long-term lease from DRP Urban Renewal 4, LLC (the “Borrower”). The Authority will sublease the Series 2025 Facilities back to the Borrower, which will place responsibility on the Borrower, to be delegated to Delaware River Partners LLC (“DRP”), to construct, operate, maintain and manage the Series 2025 Facilities. The Borrower is a wholly-owned subsidiary of DRP.

Description of Project:

The bonds will be issued to: (i) finance the costs of a project consisting of the expansion, renovation, construction and/or equipping of certain dock and dock-related facilities at the Repauno Port & Rail Terminal (the “Repauno Terminal”), including (a) two new loading arms and related facilities at the existing Terminal dock; (b) a functionally related new above-ground cryogenic tank for storing bulk liquid products at very low temperatures, together with associated product chilling facilities; (c) new piping and related facilities connecting the cryogenic tank facilities to the new liquids dock facilities, and connecting the new system with the existing terminal facilities; and (d) facilities ancillary to the foregoing (collectively, the “Series 2025 Facilities”); (ii) pay certain costs incurred in connection with the issuance of the bonds; (iii) fund a deposit to a debt service reserve fund securing the payment of principal and interest on the bonds; (iv) fund a deposit into an interest reserve fund to pay interest during the construction of the Series 2025 Facilities; and (v) fund one or more deposits to other required reserve funds, if necessary (collectively, the “Project”).

Location of Series 2025 Facilities:

All of the equipment, machinery and other structures that are part of the Series 2025 Facilities will be located at the Repauno Terminal. The Repauno Terminal is a port and rail storage and transloading terminal operated by DRP. The Repauno Terminal has been developed by DRP and its affiliates on a disused brownfield site within an approximately 1,630-acre property in Gibbstown, New Jersey, the former location of DuPont’s chemical manufacturing facility. The Repauno Terminal is in the Township of Greenwich, County of Gloucester, New Jersey. The mailing address for the Repauno Terminal is 200 N. Repauno Avenue, Gibbstown, New Jersey 08027. The Gloucester County block/lots within which the Project will be located are as follows: Block 8, Lot 2, Lot 3, Lot 4 and/or 4.02. Within Lots 2, 3, 4 and/or 4.02, the Series 2025 Facilities will be located in an approximately 18.7-acre area adjacent to the Delaware River, about a mile from the nearest Gibbstown residences. This brownfield waterfront area is also the location of the existing Repauno Terminal dock and other existing Repauno Terminal facilities.

Maximum Aggregate Face Amount of Bonds Requested: $350,000,000

At the hearing, members of the public may call 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.

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.

NJEDA BOARD MEETING NOTICE – 2/24, 10:00 AM

A Special Meeting of the New Jersey Economic Development Authority is scheduled for 10:00 am, Monday, February 24, 2025. The Members will convene in person, via conference call, and via Microsoft Teams at NJEDA Offices, 36 West State Street, Trenton, NJ.

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 (FEBRUARY 24, 2025)

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

PARTICIPANT ACCESS CODE: 7825427

MICROSOFT TEAMS MEETING ACCESS LINK: https://ezy.ovh/RqQau

FOR TEFRA NOTICE: Notice of Public Hearing (TEFRA) – NJEDA

Members of the public are encouraged to join the meeting early to avoid any delays. The meeting agenda and access information (conference call and Microsoft Teams link) can also be found 48 hours prior to the meeting on our website: www.njeda.gov. Thank you.

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

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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.

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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

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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.

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