Press Releases Archives - Page 27 of 152

TRENTON, N.J. (September 24, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) opened applications for Phase II of the Child Care Facilities Improvement Program. The $5 million program will provide grants of up to $20,000 to registered Family Child Care homes (FCCs) to purchase furniture, fixtures, and equipment, supporting the improvement of health, safety, accessibility, and quality in the child care environment.

WHAT: Phase Two of the Child Care Facilities Improvement Program supports the enhancement of New Jersey’s 1,300 registered FCCs, an essential component of the state’s child care mixed delivery system. To expand access to the positive effects of early child care, the NJEDA aims to provide FCCs with support that promotes long-term stability and ensures that the child care environment that they provide is safe, healthy, accessible, and conducive to high-quality early learning.

Phase Two of the Child Care Facilities Improvement Program builds on the success of Phase One, which has awarded over $80 million in funding to 400 child care centers to date. Child care centers approved through the first phase of the program are located in 20 counties, serve more than 33,000 children, and employ over 8,200 teachers and administrators.

WHO: Eligibility for Phase Two of the program is limited to registered FCCs that have enrolled at least one child receiving support from the New Jersey Department of Human Services (DHS) Child Care Assistance Program. Up to 40 percent of grant funding will be reserved for eligible applicants in Opportunity Zones. Child care centers are not eligible for Phase Two funding. For more information on eligibility, click here.

WHEN: Applications for the program are open and will be accepted until funds have been exhausted. To apply, visit https://www.njeda.gov/child-care-facilities-improvement-program-phase-2/.

About the NJEDA

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

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

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TRENTON, N.J. (September 23, 2024) – The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its 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 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 responses will be extended to 5:00 p.m. ET on Tuesday, October 15, 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 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

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Oasis at Greate Bay will create 43-units in Somers Point

TRENTON, N.J. (September 19, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved an Aspire tax credit award for an affordable housing development project in Atlantic County. Located in Somers Point, Oasis at Greate Bay is set to create 43 rental units, including five for special needs residents.

“Under Governor Murphy’s leadership, the Aspire Program has supported affordable and mixed-income residential developments in communities across the state, helping expand affordable housing options for countless New Jerseyans,” said NJEDA Chief Executive Officer Tim Sullivan. “The Oasis at Greate Bay development will serve as an economic engine for both Somers Point and Atlantic County, broadening the tax base and providing high-quality, accessible residences for generations to come.

Constructed on a vacant site along Mays Landing Road, Oasis at Greate Bay will be made up one-, two-, and three-bedroom apartments that will be located within two separate three-story buildings. 42 units will be designated affordable for persons making 60 percent or less of county area median income. All the units will include central air, washer, dryer, and new kitchen appliances. The property will also include pedestrian walkways, two trash and recycling enclosures, open space and landscaped buffers, a community room, fitness room, bike racks, and on-site management offices.

Oasis at Greate Bay was approved for up to 60 percent of the total project cost, not to exceed $11.5 million. The project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

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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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, September 24, 2024, at 12:00 pm.

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: 759 816 683#

The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/ccrc.

RICOVR is the fourth investment from the NJIEF

TRENTON, N.J. (September 13, 2024) – This week, the New Jersey Economic Development Authority (NJEDA) Board approved the fourth investment from the New Jersey Innovation Evergreen Fund (NJIEF) into an emerging Princeton-based life sciences company, RICOVR Healthcare, which is developing a rapid diagnostic test for cannabis use. The investment into RICOVR comes from the approval of an application submitted by Yaax Capital for an initial Qualified Investment of $400,000.

“The New Jersey Innovation Evergreen Fund is a transformative initiative, designed to boost New Jersey’s economy and support high-growth start-ups by providing a self-sustaining investment cycle for entrepreneurs in need of access to capital. At a time when overall market investments are lower, New Jersey’s investments into young companies continues to grow,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, the Garden State remains a global innovation leader by investing in the next generation of emerging companies.”

The NJIEF, launched in 2022, is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has over $30 million available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.

“Today’s Board approval into RICOVR boosts the company’s momentum, giving them the tools they need to succeed. The New Jersey Innovation Evergreen Fund has made four investments thus far with no signs of slowing down, proving that New Jersey is dedicated to nurturing life science ventures,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “NJIEF’s ongoing venture capital investments into high-growth start-ups foster job creation and economic development throughout the State.”

Based in Princeton, RICOVR Healthcare is a life sciences company founded by Dr. Himanshi Bhatia, the company’s CEO. RICOVR is currently in the process of developing an innovative technology called XALIVA, a point-of-care medical device that uses saliva to provide rapid diagnostics results. Initially, XALIVA will be targeting Tetrahydrocannabinol (“THC”) testing. RICOVR’s initial product offering aims to solve the problem in today’s workforce where employees are unjustly fired for consuming cannabis in off-work hours. The XALIVA THC test only detects recent use (within the past 8-10 hours), compared to standard urine tests that can detect THC for 30 days or more.

The technology has the potential to expand to other vertical markets such as reproductive health, infectious diseases, and other illicit drug testing.

“We are thrilled and honored to receive this investment from the New Jersey Economic Development Authority,” said Himanshu Bhatia, CEO of RICOVR Healthcare. “This support underscores the innovative work we’re doing at RICOVR, and it will accelerate our mission to deliver cutting-edge diagnostic solutions that prioritize accuracy, speed, and accessibility. New Jersey has been an incredible place for us to grow, and we look forward to continuing our partnership with NJEDA as we drive advancements in diagnostic technology.”

RICOVR has previously received support from the NJEDA and Commission on Science, Innovation, and Technology (CSIT), and has received two grants from the COVID NJ Entrepreneur Support Program, two grants from the Catalyst Research and Development (R&D) Voucher Pilot Program, and one grant from the CSIT Maternal and Infant Health R&D Grant Program.

RICOVR, like all companies approved for investment under the NJIEF, will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers’ bids.

Yaax Capital is managed by a seasoned team of investment professionals with extensive venture capital and private equity experience. Managing Partners John Farrell and Andres Azcarraga Riveria Torres co-founded the firm together in 2018 after working together at DILA capital, a Latin American-focused venture capital firm. RICOVR Healthcare will be the first New Jersey-based business that the firm has invested in.

“We are thrilled to partner with the New Jersey Economic Development Authority to support RICOVR as they continue to develop cutting-edge technology to ensure a safe work environment,” said John Farrell, Managing Partner of Yaax Capital. “As more and more states legalize medical and adult cannabis, companies in all sectors of the economy will rely on RICOVR to promote a safe working environment while ensuring workers are treated fairly.”

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total capital available for new investments stands at over $30 million.

About the NJEDA

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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 10^th and will close on October 29^th at 2 p.m. For more information, and to apply, visit www.njeda.gov/historic-property-reinvestment-program.

About the NJEDA

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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

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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.

IN PERSON:

New Jersey Economic Development Authority

One Gateway Center

11-43 Raymond Plaza West, 14^th 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

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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, 14^th 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.