Next round of Historic Property Reinvestment Program is currently accepting applications

TRENTON, N.J. (September 13, 2024) – Earlier this week, the New Jersey Economic Development Authority (NJEDA) Board approved a tax credit award of up to $8 million to rehabilitate the underutilized Schwehm Building in downtown Atlantic City under the Historic Property Reinvestment Program (HPRP). The Atlantic Lofts Rehabilitation Project, developed by Atlantic Lofts Urban Renewal Entity and Odin Forward, will introduce 56 new residential units and associated amenities, as well as commercial spaces, in the Orange Loop district.

“The HPRP advances Governor Phil Murphy’s efforts to revitalize New Jersey communities by rehabilitating dormant or underutilized historic properties, resulting in long-term economic benefits and quality-of-life improvements for residents,” said NJEDA Chief Executive Officer Tim Sullivan. “The Atlantic Lofts Rehabilitation Project will preserve the historic Schwehm Building for future generations, create new housing and commercial spaces, and contribute to the resurgence of Atlantic City’s Orange Loop district.”

The project consists of a complete rehabilitation of an eight-story office building into new residential units with amenities, including a new roof deck and commercial space on the first floor. The proposed tax credit award of 45 percent of eligible project costs, up to $8 million, will result in a total overall investment of $22.5 million in Atlantic City.

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

A new application round for the program opened on September 10th and will close on October 29th at 2 p.m. For more information, and to apply, visit www.njeda.gov/historic-property-reinvestment-program.

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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Applications expected to open in early 2025

TRENTON, N.J. (September 12, 2024) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved Phase III of the Manufacturing Voucher Program (MVP), dedicating an additional $10 million to support manufacturers access to new equipment. To date, the NJEDA has committed nearly $50 million to over 325 manufacturers under MVP.

An informational webinar will be held later this Fall and applications for MVP III are expected to open in early 2025.

“Governor Phil Murphy has prioritized growing and strengthening New Jersey’s manufacturing sector, leading to the creation of thousands of new, good-paying jobs in the industry since 2018,” said NJEDA Chief Executive Officer Tim Sullivan. “Manufacturers across the Garden State play a critical role in the nation’s supply chain, and they must have access to the resources needed to keep their business moving forward. This next phase of MVP will allow manufacturers to purchase essential equipment, which will enhance efficiency, productivity, and overall profitability in New Jersey.”

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. The program will target the State’s priority sectors that will purchase manufacturing equipment and non-targeted manufacturers that will purchase equipment that integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of products.

To ensure equitable access to funding, during the initial two-week application period, Phase III applications will be prioritized for new applicants who have not previously been awarded MVP grants. Following this two-week period, all eligible businesses will have the opportunity to apply should there be funding available.

“We at the New Jersey Manufacturing Extension Program (NJMEP) fully support the NJEDA’s Manufacturing Voucher Program (MVP) and are excited about the upcoming release of MVP 3,” said NJMEP CEO Peter Connolly. “The first two rounds of the program were resounding successes for New Jersey manufacturers, providing nearly $50 million in capital funding to support crucial equipment purchases for small-medium sized manufacturers. This program has been a game-changer for our manufacturing community, and NJMEP stands behind the NJEDA as they continue to empower and advance New Jersey’s manufacturing sector through this vital initiative.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, the New Jersey MVP offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses. In addition, there are bonuses for businesses in Opportunity Zones, that have an active collective bargaining agreement, companies with 50 or less full-time equivalent employees, and businesses purchasing their equipment from a New Jersey manufacturer.

Governor Murphy announced the MVP in October 2022 as a pilot program. With today’s approval, the program has been funded with over $63 million since it was first launched.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Please be advised that the next New Jersey Motion Picture and Television Commission Board Meeting will be held in person and via teleconference on Thursday, September 19, 2024, at 10:30 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:

New Jersey Economic Development Authority

One Gateway Center

11-43 Raymond Plaza West, 14th Floor, Newark, NJ 07102

The agenda and teleconference number can be found 48 hours prior to the meeting here.

TRENTON, N.J. (September 5, 2024) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Proposal (RFP) to solicit firms interested in assisting business owners and employees in developing Employee Stock Ownership Plans (ESOP) through the NJEDA’s ESOP Assistance Program. The deadline to submit questions will be 2:00 p.m. on September 13, 2024, and the deadline for responses will be 2:00 p.m. on October 1, 2024. The RFP can be found here: Bidding Opportunities – NJEDA.   

WHAT:           The intent of this RFP is to award contracts to up to five firms that will assist New Jersey business owners in developing ESOPs for employees of their respective companies. The proposed contract term will be for one year, with an extension option of up to one year.

WHO:            The RFP seeks responses from qualified firms who have experience with the following:

  • Providing Employee Ownership (EO) transition, Employee Stock Ownership Plan (ESOP) transition, or Merger and Acquisition (M&A) services, including design/development of feasibility studies and valuations;
  • Assisting small businesses in New Jersey that meet the requirements as defined pursuant to N.J.A.C. 17:13-1.2.
  • Employs Certified Public Accountants and/or attorneys with experience in employee ownership models and New Jersey tax codes;

For a full list of required qualifications, click here.

WHEN:            All questions must be submitted in writing no later than 2:00 p.m. on September 13, 2024, via email to EDAProcurementQA@njeda.gov. The subject line of the e-mail should read: “QUESTIONS-2024-RFP-220–EMPLOYEE STOCK OWNERSHIP PLAN ASSISTANCE PROGRAM”. Answers to questions submitted will be publicly posted on the NJEDA’s website at: Bidding Opportunities – NJEDA.

All RFP responses must be uploaded to the Authority’s ShareFile system no later than 2:00 p.m. on October 1, 2024 . The subject line of the e-mail should state: “(Proposer’s Company Name) – Bid Submission-2024-RFP-220 EMPLOYEE STOCK OWNERSHIP PLAN ASSISTANCE PROGRAM, and the (file/document title)”.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, September 11, 2024, at 10:00 am.

IN PERSON:

NJEDA Newark Office

One Gateway Center

11-43 Raymond Plaza West, 14th Floor, Newark, NJ 07102

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

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.

TRENTON, N.J. (September 3, 2024) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight from qualified entities that provide registered apprenticeship programs and have perspectives on establishing new registered apprenticeship training locations in Overburdened Communities.

The information gathered through the RFI will help the NJEDA and the New Jersey Department of Labor better understand the scope and characteristics of a potential grant program that would support the planning and implementation of new or expanded training facilities and fund costs for the planning, construction, or renovations. The deadline to submit questions will be 5:00 p.m. on September 9, 2024, and the deadline for responses will be 5:00 p.m. on September 24, 2024. The RFI can be found here: Bidding Opportunities – NJEDA.    

WHAT:           The NJEDA is seeking information on the needs, challenges, opportunities, and best practices to build or expand physical locations in Overburdened Communities for apprenticeship training facilities, as well as associated costs for planning and construction. The responses will help the Authority better understand the registered apprenticeship landscape, especially in regard to physical locations of training facilities. The potential creation of a grant program would help reduce barriers to training and employment and help New Jersey employers retain qualified workers.

WHO:            The RFI seeks responses from qualified entities that provide or have experience with U.S. Department of Labor Registered Apprenticeship programs with perspectives on establishing new apprenticeship training locations in Overburdened Communities.

WHEN:            All questions must be submitted in writing no later than 5:00 p.m. on September 9, 2024, via email to WorkforceInnovation@njeda.gov. The subject line of the e-mail should read: “Questions-2024-[RFI-229]”. Answers to questions submitted will be publicly posted on the NJEDA’s website at: Bidding Opportunities – NJEDA as Addendum.

All RFI responses must be submitted in writing no later than 5:00 p.m. on September 24, 2024, via e-mail to WorkforceInnovation@njeda.gov. The subject line of the e-mail should state: “RFI Response-2024 [RFI-229]”.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Please be advised that a Board Meeting for the New Jersey Green Bank will be held in person and via teleconference on Thursday, September 5, 2024, at 10:30 a.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.

The proposed $10M program will advance Governor Murphy’s initiative to reform state’s liquor license laws

TRENTON, N.J. (August 19, 2024) – The New Jersey Economic Development Authority (NJEDA) is developing a new grant program that will provide funding to small businesses that have obtained an inactive plenary retail consumption liquor license pursuant to recently enacted liquor license legislation. Pending approval from the NJEDA Board, the $10 million program will join the suite of programs currently offered under the Main Street Recovery program established under the Economic Recovery Act of 2020.

“Earlier this year I was proud to sign into law legislation that will overhaul New Jersey’s antiquated liquor license laws that have been a burden to small businesses across the state for far too long,” said Governor Phil Murphy. “Now, we are continuing to take steps to remove these barriers for our small businesses, so that we may provide them financial peace of mind and the opportunity to flourish.”

In January, Governor Murphy signed legislation overhauling the state’s outdated liquor license laws. The law will increase the number of available liquor licenses statewide by revitalizing inactive licenses. Currently, there are 1,379 inactive licenses within the State’s system. The NJEDA Liquor License Acquisition program is currently being drafted in consultation with the Division of Alcoholic Beverage Control (ABC) and will coincide with relevant provisions in the law as they take effect. The NJEDA will look to take this new grant product to their Board in the fall of 2024 and is expected to be available to take applications in early 2025. Earlier this month, the ABC released regulatory guidance to provide more information on intermunicipal license transfers and new shopping mall licenses.

“Under Governor Murphy’s leadership, the NJEDA is focused on ensuring small business owners have every tool necessary to succeed and providing opportunities for them to grow and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Giving restaurants the opportunity to transform their business by aiding in the purchase of a liquor license will have a major impact on their long-term economic success, will relieve unnecessary financial burdens, and further increase the vitality of our downtowns and main streets.”

Under the proposed program, the NJEDA will award grants of up to $100,000, but no more than 50 percent of the purchase price of the license. Eligible applicants must possess a recently purchased inactive plenary retail consumption license at time of application, must be open and operating for 12 months prior to application and must meet the SBA definition of a small business. Applications will be accepted on a rolling basis for three years or until the funds are exhausted.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Please be advised that the Board Meeting for the New Jersey Green Bank scheduled for August 8, 2024 is hereby cancelled.

The next regularly scheduled meeting is 10:30am, Thursday, September 5, 2024, virtually, and in person at the NJEDA’s Trenton offices.  

TRENTON, N.J. (August 5, 2024) – Applications for the New Jersey Economic Development Authority’s (NJEDA) Green Workforce Training Grant Challenge will open on Thursday, August 8. The $7 million grant program will prepare New Jersey residents for green economy careers, with a particular focus on advancing diversity, equity, and inclusion and serving overburdened communities.

WHAT:             The Grant Challenge is a competitive funding opportunity, for which applicants will be asked to submit proposals that outline their plans to develop and implement workforce training and skills programs focused on strengthening and diversifying the state’s green economy. Grants from $250,000 up to $1.5 million are available. Awardees may use funds to cover design, planning, capital, and implementation costs to offer training programs in green economy industries.

WHO:              Entities that can provide skill development, workforce training, job placement, and other related services are eligible to apply.

WHEN:           Applications for the program will open Thursday, August 8, 2024, and close October 8, 2024.

                        An informational webinar will be held on Monday, August 12, 2024, at 2:00 p.m. To register, click here.

For more information on the Green Workforce Training Grant Challenge, 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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