Press Releases Archives - Page 2 of 151

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, July 22, 2026, 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 (JULY 22, 2026)

IN PERSON:

NJEDA Fort Monmouth Office

1 CommVault Way, Suite N100
Tinton Falls, N.J. 07724

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

PARTICIPANT ACCESS CODE: 7825427

MICROSOFT TEAMS MEETING ACCESS LINK

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.

Members of the media planning to attend a Board Meeting are encouraged to notify the NJEDA Media Inbox at media@njeda.gov.

TEFRA NOTICE:

Notice of Public Hearing (TEFRA) – NJEDA

NOTICE OF PUBLIC HEARING (TEFRA) (Posted July 14, 2026 at 2:37 pm)

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY

NOTICE OF PUBLIC HEARING

On July 22, 2026, the New Jersey Economic Development Authority (the “Authority”) will hold a public hearing at its regular monthly meeting, which begins 10:00 a.m. at the Authority’s Fort Monmouth Office Board Room located at 1 CommVault Way, Suite N100, Tinton Falls, N.J. 07724 or at 1-888-790-3708 (Conference ID: 7825427), for the purpose of providing a reasonable opportunity for interested persons to express their views, both orally and in writing, with respect to the below listed application for private activity bond financing and the proposed issuance by the Authority of its economic development bonds (the “Bonds”) in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.

Owner, Operator or

Manager of Project: N.C., & Sons, Inc. d/b/a Nicholson Corporation, and

17 Imclone Holdings, LLC (collectively, the “Borrower”)

Project Address: 17 Imclone Drive, Branchburg, NJ 08876 (Block 68.06.04; Lot 6.01) Township of Branchburg, County of Somerset, New Jersey

Maximum Aggregate

Face Amount of

Bonds Requested: $9,375,000

Description of Project: The proceeds of the Bonds will be used to fund (i) the acquisition, conversion and rehabilitation by 17 Imclone Holdings, LLC of 17 Imclone Drive, Branchburg, New Jersey 08876, an existing approximately 58,400 square foot building located on approximately 8 acres of land located in the Township of Branchburg, County of Somerset, New Jersey, to be used by the Borrower as a dedicated millwork manufacturing facility that converts raw materials and purchased components into finished architectural millwork products; and (ii) the payment of a portion of the costs of issuance incurred in connection with the Bonds.

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. Oral comments will be limited to 3 minutes per speaker. A person wishing to speak at the hearing will be asked to provide his or her name, address and the person(s) or entity(ies) he or she represents, if any, prior to speaking. Written comments will be accepted by the Authority c/o Naimah Marshall, Director-Business Banking, at Naimah.Marshall@njeda.gov, but must be received by 5:00 p.m. on the business day prior to the hearing.

ECONOMIC DEVELOPMENT FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY WILL BE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE PAYMENTS MADE BY THE BORROWER TO THE AUTHORITY PURSUANT TO THE BOND AGREEMENT 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. (July 1, 2026) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Evan Weiss released the following statement today on the signing of the FY2027 State Budget:

“The FY2027 State Budget accomplishes what Governor Sherrill laid out in her proposal – a budget focused on affordability, lowering costs for families, and improving government accountability, all while addressing the state’s projected structural deficit. This budget makes critical investments into housing, education, the state pension, and property tax relief, helping strengthen our economy and make New Jersey a top state to live, work, and raise a family.

“I’m also pleased that this budget includes funding for the NJEDA to support our small business community, ensuring small business owners have the tools and resources to start and grow a business in the Garden State. Funding for the New Jersey Commission on Science, Innovation & Technology will help early-stage companies bring cutting-edge technologies to the marketplace. Continued funding for the New Jersey Motion Picture & Television Commission underscores the state’s commitment to growing a robust and competitive film industry, which is poised to create good-paying careers for residents.

“I appreciate the work of Governor Sherrill and the Legislature to put together a comprehensive and responsible budget that will allow the NJEDA to continue its work of bolstering our economy by supporting businesses, promoting job growth, and revitalizing communities.”

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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Somerset County-based technology manufacturer will create 250 new jobs with a capital Investment of $150M

TRENTON, N.J. (June 18, 2026) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved the first tax credit award under the Next New Jersey Manufacturing Program. The award recipient, Starman New Photonics, LLC (“SNP”), is a newly formed U.S.-based advanced manufacturing company building a domestic supply of high-speed optical transceivers essential for the AI industry. With a $150 million investment, Starman will be renovating a 100,000-square-foot facility in Warren, New Jersey, and is expected to create 250 new jobs.

“New Jersey’s manufacturing industry is critical to our economy, helping drive investment and create good-paying jobs,” said NJEDA Chief Executive Officer Evan Weiss. “Starman New Photonics is a perfect blend of a long-standing industry – manufacturing – and a new one – AI – both of which are producing impactful economic benefits for the state and its residents. I look forward to working with Governor Sherrill to ensure the industries have the tools needed to grow and succeed and its economic impact is felt in communities across the state.”

SNP will manufacture next-generation optical transceivers through precision manufacturing, assembly, packaging, and R&D. Optical transceivers are essential for AI production, connecting Graphics Processing Units in data centers and overcoming bandwidth and energy limitations.

“This award demonstrates exactly what the Next New Jersey Manufacturing Program was designed to accomplish. It has attracted major private investment and will create hundreds of high-quality jobs,” said Senator Linda Greenstein, co-chair of the Legislative Manufacturing Caucus. “Starman New Photonics’ decision to invest in Somerset County is a tremendous win for our manufacturing sector and our state as a whole. As demand for AI infrastructure continues to grow, it is critical that New Jersey remains at the forefront of developing emerging technologies while expanding our capacity to manufacture them at scale. I was proud to sponsor the legislation creating this program in the Legislature, and I am excited to see the real economic benefits it will have for working families in our communities.”

“Manufacturing built New Jersey’s economy, and investments like this are exactly what we need to keep it strong for future generations,” said Senator Michael Testa (R-Atlantic, Cape May, Cumberland). “At a time when too much of our manufacturing base and critical technology production has moved overseas, Starman New Photonics’ decision to invest $150 million and create 250 jobs here in New Jersey is a major win for our workers, our economy, and our national security. By expanding domestic production of technology that is essential to the growing AI industry, this project helps strengthen American supply chains and reduce our dependence on foreign competitors. It’s a reminder that when government creates the right environment for investment and innovation, businesses will choose to grow, hire, and manufacture right here in the Garden State.”

“Today’s announcement shows that the Next New Jersey Manufacturing Program is already working as intended, creating opportunities for New Jersey residents and strengthening our position as a state where businesses choose to invest, innovate, and grow,” said Assembly Majority Leader Lou Greenwald. “Manufacturing has long been a driver of economic opportunity, supporting stable, family-sustaining careers and strengthening local businesses and communities. By attracting innovative companies and helping them expand here, we are ensuring that New Jersey continues to lead in the industries that will define our future for years to come.”

“We’re proud to partner with the State of New Jersey to onshore optical transceiver manufacturing, a critical component of the AI infrastructure economy,” said Charles Tebele, CEO of Starman New Photonics. “With the Department of Defense moving to prohibit the procurement of optical transceivers from certain foreign producers, domestic manufacturing has become increasingly imperative. We are grateful to the team at NJEDA and Governor Sherrill for recognizing this opportunity and for their support in helping make this project possible. With its strong infrastructure, leading universities, and highly skilled workforce, New Jersey provides an exceptional foundation for this investment and for our long-term growth.”

Far exceeding the program’s minimum investment and job creation requirements, SNP qualifies for a tax credit of $7.5 million issued annually over the first five years of a ten-year commitment to New Jersey, for a total of $37.5 million.

About the NJEDA

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The project will include the renovation of the Main Library Branch and the expansion and renovation of the Bellevue Avenue Branch

TRENTON, N.J. (June 16, 2026) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved an award under the Cultural Arts Facilities Expansion (CAFE) Program to support the Montclair Public Library & Cultural Center in Montclair.

“Governor Sherrill recognizes the important role New Jersey’s arts and culture sector plays in generating economic opportunity, enhancing quality of life, and supporting good-paying jobs across the state, Governor Sherrill is committed to supporting New Jersey’s thriving arts and culture sector, which continues to generate economic opportunity, enhance quality of life, and support good-paying jobs across the state,” said NJEDA Chief Executive Officer Evan Weiss. “Through programs like CAFE, the NJEDA is investing in expanding access to major arts and cultural institutions, ensuring that patrons from around the region and of all backgrounds can connect with enriching artistic, educational, and cultural experiences.”

The Montclair Public Library & Cultural Center Project will include the renovation of the downtown Main Library Branch at 50 South Fullerton Avenue and the expansion and renovation of the Bellevue Avenue Branch. The project was approved for up to $36.6 million in CAFE program tax credits.

The project at the Main Library includes a full reorganization of the space and will include a first-floor common area with a teaching kitchen, a state-of-the-art auditorium, art exhibition galleries, and outdoor terraces. The second-floor workshop will serve as an architectural history and digital preservation space, a center for workforce development, digital equity, and adult learning with classrooms, a FabLab, and the Montclair Jazz Library. The third floor will serve as a youth-focused floor with a STEAM discovery lab, podcasting and media studios, and a sensory room. The project also includes a full gut renovation and upgrade of the roof, fenestration, and the addition of solar panels.

The project at the Bellevue Avenue Branch will include Americans with Disabilities Act (ADA) upgrades, expanded children’s and teens spaces, a multipurpose community room, and a redesigned front plaza for outdoor events.

The library expansion will serve as an accessible cultural anchor and will provide free and affordable arts activities that will have a meaningful and lasting impact on participants. The library is also uniquely positioned as an accessible, transit-friendly space equipped with robust infrastructure. The library’s public-facing amenities will help strengthen community resilience and broaden participation in the creative economy.

“This is an extraordinary investment by the State of New Jersey in Montclair and in the future of our community,” said Dr. Renee Baskerville, M.D., Mayor of Montclair. “At a time when Montclair families are facing rising costs, difficult budget decisions across our schools and municipal services, and real uncertainty about what comes next, our libraries matter more than ever. They are the one public space that belongs to every single resident — full stop. The CAFE program allows us to modernize that shared space, improve accessibility, and reimagine what our libraries can offer people of all ages while delivering tremendous value to taxpayers and ensuring these doors stay wide open for generations to come.”

“Libraries are where a community shows what it values. This project is our chance to create spaces that are accessible, welcoming, and built for how people actually use their library today,” said Radwa Ali, Director of the Montclair Public Library. “We have critical infrastructure needs that can’t wait, and this funding lets us address those while also thinking boldly about what comes next for Montclair’s libraries.”

New Jersey’s arts and culture sector contributes billions of dollars in economic activity each year, drives tourism, and enhances quality-of-life for state residents. NJEDA initiatives like the CAFE Program and the Activation, Revitalization, and Transformation (A.R.T.) Program leverage the economic potential of arts and culture projects to boost foot traffic in downtowns and main streets across New Jersey, supporting local small businesses, creating jobs, bolstering engagement with the arts, and strengthening the vibrancy of communities.

The CAFE Program aims to increase cultural arts activities, attract visitors, boost engagement with the arts in underserved communities, and revitalize downtowns by providing tax credits to build or renovate facilities, including aquariums, historical societies, libraries, galleries, and museums. Eligible awardees can receive tax credits covering up to 100 percent of eligible project costs, up to $75 million.

About the NJEDA

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TRENTON, N.J. (June 12, 2026) – The New Jersey Motion Picture and Television Commission (NJMPTVC), which is part of the New Jersey Economic Development Authority (NJEDA), announced today that Steven Spielberg’s ‘Disclosure Day’ spent an estimated $34 million in qualified film production expenses during its 23 days of filming in New Jersey. During that period, the production hired more than 1,800 crew members. ‘Disclosure Day’ premieres in theatres today.

“It’s a thrill to have Steven Spielberg choose New Jersey once again to film another one of his sci-fi productions,” said NJEDA Chief Executive Officer Evan Weiss. “New Jersey’s film tax incentive program is helping attract major productions, like Disclosure Day, which is supporting small businesses and creating jobs across the state. We look forward to continuing to bring new productions to the state to support Governor Mikie Sherrill’s mission to strengthen our economy and deliver real economic impact for communities and families.”

Since the state’s Film and Digital Media Tax Credit Program was reinstated, film production in New Jersey has surged. In 2024, in-state production spending from filmmaking hit an estimated $834 million, surpassing the previous record of $701 million in 2022. 556 productions filmed in New Jersey last year, hiring a total of more than 31,000 crew members, nearly doubling the number of crew hires from 2023.

The production filmed in 10 municipalities across six counties, including Buena Vista (Atlantic), Hanover Township (Morris), Jersey City (Hudson), Mendham Township (Morris), Montville (Morris), Morris Township (Morris), Newark (Essex), Upper Township (Cape May), Woodbine (Cape May), and Woodbridge (Middlesex). A testament to the state’s versatility, New Jersey doubled as other locations across the country, such as Kansas, Missouri, and Maryland.

“Disclosure Day was headed to another state to film, but the Film Commission was able to show Spielberg’s team that New Jersey had the big cities and rural towns the script called for. New Jersey is also home to a privately owned railway necessary for a pivotal scene in the movie,” said NJMPTVC Executive Director Jon Crowley. “In addition, the state’s deep talent pool and film infrastructure keep productions coming back to New Jersey, making it a national leader in the industry. Jersey has become a major one-stop shop for any filmmaker’s needs.”

‘Disclosure Day’, Spielberg’s latest science fiction film, stars Emily Blunt, Josh O’Connor, and Colin Firth and centers on an alien invasion onto Earth. In 2004, Spielberg directed ‘War of the Worlds,’ another alien invasion movie, which filmed in Bayonne, Newark, and Howell Township.

The tax credit program has attracted hundreds of feature films, television shows, and digital media projects to New Jersey. In addition to these individual productions, major studios like Netflix, 1888 Studios/Paramount Global, and Lionsgate, have committed to establishing operations at purpose-built large-scale production facilities across New Jersey. Each studio has committed to long-term occupancy for at least 10 years, supporting permanent job creation and long-term economic growth.

About the New Jersey Motion Picture & Television Commission

The NJMPTVC, part of the NJEDA, is staffed by industry professionals and serves as a resource for production companies. The Commission promotes film and television production in New Jersey.

To learn more about NJMPTVC resources, visit www.film.nj.gov and follow on Facebook, X, Instagram, and LinkedIn.

About the NJEDA

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Grant awards build on NJEDA’s facilitation of $100M+ in clean energy investments in 2026 so far

TRENTON, N.J. (June 11, 2026) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved $79 million in grant awards to ten large-scale decarbonization and energy efficiency projects under the Reducing Emissions through Retrofits, Optimization, Fuel-Switching, and Innovative Technologies (RETROFIT NJ) Program. The awards, spread across nine communities throughout the state, will advance solar generation and battery storage projects, generate enough energy to power nearly 3,000 homes, lower energy costs, and eliminate over 845,000 metric tons of carbon dioxide equivalent emissions, promoting New Jersey’s clean energy goals and stimulating economic growth.

“Since day one, Governor Mikie Sherrill has focused on lowering energy costs and expanding grid capacity to bolster business growth, promote affordability, and attract investment,” said NJEDA Chief Executive Officer Evan Weiss. “Projects supported by the RETROFIT NJ Program will provide meaningful cost relief to residents and business owners, broaden energy capacity, and increase the reliability of the state’s electric grid, building on the NJEDA’s existing clean energy efforts to strengthen the state’s economic future.”

The awarded projects include a combined 20.3 megawatts (MW) of solar and 86.9 MW of battery storage, supporting $238 million in economic activity. The suite of approved projects will reduce electricity usage by 30.7 million kilowatts (kW) annually, relieving strains on the state’s electric grid and lowering energy costs. $54 million of the awarded funding has been directed to projects in the state’s Overburdened Communities.

The RETROFIT NJ program utilizes $79 million in Regional Greenhouse Gas Initiative (RGGI) funds. Each project includes at least three clean energy or electrification components, such as solar, energy storage, electrification of heating, refrigerant replacement, and energy efficiency upgrades, or is a thermal energy network (TEN), which connects heating, cooling and/or hot water systems across multiple buildings. Funding can cover both hard and soft project costs, including design, engineering, equipment, construction, and commissioning.

The ten awards funded under the RETROFIT NJ Program are:

Camden County Vo-Tech School – Sicklerville – $10,000,000 – The project includes installation of a 2.1 MW solar system, high global warming potential (GWP) refrigerant replacements, energy efficiency upgrades, and two electric vehicle charging stations.
Christ Church/CARE Center of NJ – Rockaway – $6,912,694 – The project includes installation of a 1.78 MW solar system, air source heat pumps, high-GWP refrigerant replacements, and energy efficiency upgrades.
DGMB Casino, LLC (Resorts Casino Hotel) – Atlantic City – $8,836,767 – The project includes installation of a 2.1 MW solar system, a 16 MW energy storage system, and a Building Management System upgrade to effectuate greater energy efficiency.
Housing Authority of Plainfield – Plainfield – $2,992,534 – The project includes installation of a 69 kW solar system, air source heat pumps, high-GWP refrigerant replacements, and energy efficiency upgrades.
Port Authority of New York and New Jersey – Newark – $2,874,953 – The project includes installation of a 581-kilowatt solar system, replacement of natural gas air and water heating units with electric heaters and heat pumps, energy efficiency upgrades, and three electric vehicle charging stations.
Port Authority Trans-Hudson – Jersey City – $9,517,434 – The project includes installation of a 690.5-kilowatt solar system, replacement of multiple natural gas and oil-fired heating systems with clean alternatives, and energy efficiency upgrades.
Rutgers, the State University of NJ – New Brunswick – $8,000,000 – The project will replace aging underground high-temperature hot water distribution piping with new, pre-insulated piping on and between Busch and Livingston Campuses, a thermal energy network that will provide heating, domestic hot water, and cooling to approximately 124 campus buildings.
Showboat Hospitality LLC – Atlantic City – $9,892,850 – The project includes installation of a 4.3 MW energy storage system, high-GWP refrigerant replacement, and energy efficiency upgrades.
Somerset Holmdel Development (Bell Works) – Holmdel – $10,000,000 – The project includes installation of a 12.99 MW solar system, high-GWP refrigerant replacements, and energy efficiency upgrades.
X-L Plastics – Clifton – $10,000,000 – The project includes installation of a 47 MW energy storage system, refrigerant replacements, replacement of gas-fired rooftop units and gas-fired domestic hot water heaters with high-efficiency electric heat pump systems, and energy efficiency upgrades.

The RETROFIT NJ Program expands on the efforts of the NJ Cool program, which supports smaller to medium-sized building decarbonization projects. In 2026, $6.8 million in NJ Cool awards have been approved for 12 projects, projected to save 2 million kilowatt hours and 25,000 therms annually once construction is complete. Further examples of successful NJ Cool projects can be found on the NJ Cool webpage under the “Completed Projects” tab.

In addition to RETROFIT NJ and NJ Cool, the NJEDA’s other clean energy programs have continued to advance innovative energy projects during Governor Sherrill’s first six months in office. The NJEDA recently closed on a $2.49 million loan to THY Branchburg under the New Jersey Clean Energy Loans Program, which will support a 3.4 MW community solar project on a warehouse roof. Additionally, over $32 million in voucher funding was approved under the New Jersey Zero-Emission Incentive (ZIP) Program in 2026, assisting in the purchase of 463 zero-emission medium- and heavy-duty vehicles from NJ-based dealerships, with more approvals ongoing. This investment is complemented with the closing of $75.5 million in financing under the NJEDA’s Garden State Commercial Property Assessed Clean Energy (C-PACE) program, facilitating renewable energy generation, energy efficiency, water conservation, and other improvements in commercial properties.

Collectively through its programs, the NJEDA has invested over $180 million in clean energy projects in 2026 so far. For more information on the NJEDA’s clean energy programs, visit www.njeda.gov/clean-energy/.

About the NJEDA

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The project will be developed as 100% affordable housing

TRENTON, N.J. (June 10, 2026) – Today, the New Jersey Economic Development Authority (NJEDA) Board approved tax credits under the Aspire Program to support an affordable senior housing development project in Totowa. The development will create 141 housing units for the community’s seniors.

“The Aspire Program continues to expand housing affordability and supporting projects that strengthen communities and uplift vulnerable populations,” said NJEDA Chief Executive Officer Evan Weiss. “Supporting new affordable senior housing is critical to meeting New Jersey’s evolving housing needs, and this development will provide older residents with stable, accessible living spaces while helping build stronger and more inclusive communities.”

The proposed project, known as Totowa Affordable Housing, involves the adaptive reuse of the former Little Sisters of the Poor facility on Shepherds Lane in Totowa. The building will be converted into 141 residential units serving seniors aged 62 and older. The project will be developed as 100% affordable housing, and will include 8 studio units, 123 one-bedroom units, 10 two-bedroom units, and one superintendent’s unit.

The redevelopment will be designed to provide a comprehensive and supportive living environment, including amenities such as a fitness center, library, multiple resident lounges, and a multipurpose/dining room. The redevelopment will also include significant upgrades to the site and surrounding areas as part of the overall improvement plan.

Christian Health, the lead developer of the project, has over a century of experience in developing, operating, and managing senior housing and healthcare facilities. Totowa Affordable Housing was approved for an award of up to 60% of the project cost, not to exceed $35.3 million. This project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

“I am pleased that Christian Health Care will be taking over the Little Sisters of the Poor facility and I welcome them to Totowa,” said John Coiro, Mayor of Totowa. “They will continue to offer assisted living facilities to those individuals in need. Additionally, the use of this property helps Totowa achieve its affordable housing obligations.”

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

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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 10, 2026, at 10:00 am.

MEETING NAME: NJEDA BOARD MEETING (JUNE 10, 2026)

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

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

Members of the media planning to attend a Board Meeting are encouraged to notify the NJEDA Media Inbox at media@njeda.gov.

TEFRA NOTICE:

Notice of Public Hearing (TEFRA) – NJEDA

NOTICE OF PUBLIC HEARING (TEFRA) (Posted June 2, 2026 at 2:10 pm)

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY

NOTICE OF PUBLIC HEARING

The New Jersey Economic Development Authority (the “Authority”) will hold a public hearing at its regular monthly meeting on June 10, 2026 at 10:00 a.m. at the Authority’s Board Room located at 36 West State Street, Trenton, Nhttps://www.njeda.gov/notice-of-public-hearing-tefra-8/ew Jersey 08608 or 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: OWNER: QCF Advantage, LLC, a limited liability company organized under the laws of the State of Delaware (the “Purchaser”), wholly owned by and for tax purposes a division of QCF/I, Inc., a Georgia nonprofit corporation (the “Parent”), intends to purchase all of the membership interests in (a) Advantage Behavioral Health and Wellness, LLC, a New Jersey limited liability company (“ABHW Operating Company”), and Advantage Behavioral Health Services II, LLC, a New Jersey limited liability company (“ABHS Operating Company”) from ABHS Acquisition Corp., a Delaware corporation (together with its related entities, the “Seller”); (b) Victory Bay Residential Holdings CA, LLC, a California limited liability company (“VBR Holdings”) from principals or affiliates of the Seller; and (c) ABC Real Estate Holdings LLC, a New Jersey limited liability company (“ABC Holdings”) from principals or affiliates of the Seller, with the Purchaser, ABHW Operating Company, ABHS Operating Company, VBR Holdings and ABC Holdings collectively referred to as the “Borrower.”

OPERATOR/MANAGER: ABH Management Services, LLC

Project Addresses: The land and facilities comprising the Project are located in New Jersey (the “State”) and the maximum principal amount of Bonds used to finance each non-proximate facility at the following locations:

Chews Landing Campus: $406,631,889

Victory Bay 1361 Chews Landing Road, Laurel Springs, Camden County

Victory Bay 1365 Chews Landing Road, Laurel Springs, Camden County

ABHW Operating Company 1371 Chews Landing Road, Laurel Springs, Camden County

ABHW Operating Company 1373 Chews Landing Road, Laurel Springs, Camden County

ABHW Operating Company 1375 Chews Landing Road, Laurel Springs, Camden County

ABHW Operating Company 1377 Chews Landing Road, Laurel Springs, Camden County

ABHW Operating Company 1379 Chews Landing Road, Laurel Springs, Camden County

ABHS Operating Company 1381 Chews Landing Road, Laurel Springs, Camden County

ABHS Operating Company 1383 Chews Landing Road, Laurel Springs, Camden County

ABHW Operating Company 1384 Chews Landing Road, Laurel Springs, Camden County

Harmony Bay 1387 Chews Landing Road, Laurel Springs, Camden County

Harmony Bay 1389 Chews Landing Road, Laurel Springs, Camden County

Victory Bay 1391 Chews Landing Road, Laurel Springs, Camden County

Victory Bay 1393 Chews Landing Road, Laurel Springs, Camden County

Victory Bay 1395 Chews Landing Road, Laurel Springs, Camden County

Victory Bay 1397 Chews Landing Road, Laurel Springs, Camden County

Victory Bay 1399 Chews Landing Road, Laurel Springs, Camden County

Victory Bay 1401 Chews Landing Road, Laurel Springs, Camden County

Rockingham Row Campus: $43,848,597

Victory Bay 205 Rockingham Row, Princeton, Mercer County

Victory Bay 213 Rockingham Row, Princeton, Mercer County

Other Project Locations:

Victory Bay 16 Chapin Road, Suite 912, Pine Brook, Morris County $43,848,597

Dignity Hall 24 Drexel Ave., Blackwood, Camden County $9,244,865

Dignity Hall 201 S Warwick Road, Somerdale, Camden County $9,244,865

Dignity Hall 400 Magnolia Ave., Somerdale, Camden County $9,244,865

Dignity Hall 4 Morgan Hill Ct., Blackwood, Camden County $9,244,865

Dignity Hall 118 Ogg Ave., Somerdale, Camden County $9,244,865

Dignity Hall 15 Lee Ann Drive, Blackwood, Camden County $9,244,865

Dignity Hall 61 Hemlock Drive, Blackwood, Camden County $9,244,865

Dignity Hall 3 Waterview Drive, Sicklerville, Camden County $9,244,865

Dignity Hall 109 Victor Ave., Laurel Springs, Camden County $9,244,865

Dignity Hall 230 East Elm Ave., Lindenwold, Camden County $9,244,865

Dignity Hall 50 Whitall Drive, Sicklerville, Camden County $9,244,865

Dignity Hall 3 Tucker Ct., Clementon, Camden County $9,244,865

Dignity Hall 12 Diamond Ct., Gloucester Township, Camden County $9,244,865

Dignity Hall 200 Breckenridge Drive, Sicklerville, Camden County $9,244,865

Dignity Hall 34 Brandywine Way, Sicklerville, Camden County $9,244,865

Dignity Hall 6 W Broad Street, Berlin, Camden County $9,244,865

Dignity Hall 7 Edgewater Ct., Sicklerville, Camden County $9,244,865

Dignity Hall 6 Jaques Ct., Sicklerville, Camden County $9,244,865

Harmony Bay 1130 Raritan Road, Suite 3, Cranford, Union County $569,107

Harmony Bay 17-15 Maple Ave., Fair Lawn, Bergen County $569,107

ABHS Operating Company 623 Lafayette Ave., Hawthorne, Passaic County $110,000

ABHS Operating Company 52 Hyers Street, Toms River, Ocean County $110,000

ABHS Operating Company 7 Eves Drive, Marlton, Burlington County $110,000

ABHS Operating Company 110 Harmon Drive, Blackwood, Camden County $110,000

ABHS Operating Company 5 Eves Drive, Marlton, Burlington County $110,000

ABHS Operating Company 36 Kresson Road, Suite D, Cherry Hill, Camden County $110,000

ABHS Operating Company 36 Kresson Road, Suite C, Cherry Hill, Camden County $110,000

Maximum Aggregate

Face Amount of

Bonds Requested: $653,400,000

Description of Project: (a) the Purchaser’s purchase all of the membership interests in ABHW Operating Company and ABHS Operating Company; (b) the Purchaser’s purchase of all of the membership interests in VBR Holdings; (c) the Purchaser’s purchase of all of the membership interests in ABC Holdings; (d) the Borrower’s financing of the acquisition, construction, expansion, renovation and equipping of Victory Bay, a provider specializing in higher acuity outpatient treatment for mental health, eating, gambling, and substance use disorder treatments, with locations throughout the State, including as set forth above; (e) the Borrower’s financing of the acquisition, construction, expansion, rehabilitation, renovation and equipping of Harmony Bay, a provider of primarily outpatient telehealth behavioral treatment programs including individual and family therapy, psychiatric evaluations, and medication management, with locations throughout the State, including as set forth above; (f) the Borrower’s financing of the acquisition, construction, expansion, rehabilitation, renovation and equipping of Dignity Hall, providing Cooperative Sober Living Residences, with locations throughout the State, including as set forth above, (clauses (a) through (f) collectively referred to herein as the “Facilities”); and (g) the Borrower (i) establishing a debt service reserve fund for the benefit of the Bonds, (ii) establishing a transition holdback fund to hold a portion of the purchase price subject to release in accordance with certain requirements, (iii) funding certain reserves, (iv) funding a portion of interest due on the Bonds during the transition period for the Facilities, (v) financing working capital, and (vi) paying certain expenses incurred in connection with the issuance of the Bonds.

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 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.

Oral comments will be limited to 3 minutes per speaker. A person wishing to speak at the hearing will be asked to provide his or her name, address and the person(s) or entity(ies) he or she represents, if any, prior to speaking. This notice is given pursuant to the provisions of Section 147(f) of the Code. Written comments will be accepted by the Authority c/o Naimah Marshall, Director-Business Banking, at Naimah.Marshall@njeda.gov, but must be received by 5:00 p.m. on the business day prior to the hearing.