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In January, Governor Murphy signed legislation overhauling the state’s outdated liquor license laws.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 2, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on amendments to the Authority’s rules on disqualification, debarment, and suspension. The Authority’s debarment and disqualification rules were last updated in 2010. These draft new rules are proposed to codify the Authority’s suspension procedure and to update the Authority’s existing debarment and disqualification rules consistent with current Authority policies and procedures.

WHAT:            The document posted on the NJEDA webpage is a draft, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

WHEN:           Feedback must be submitted in writing no later than 5:00 p.m. on Wednesday, August 7, 2024. Written feedback can be submitted here.

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

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TRENTON, N.J. (July 25, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on amendments to the Authority’s prevailing wage rules. The Authority’s prevailing wage rules were last updated over a decade ago. These amendments are proposed to bring the rules up to date with the statutory changes that have since occurred, including the Economic Recovery Act, the Public Works Contractor Registration Act, and the Prevailing Wage Act. 

WHAT:            The document posted on the NJEDA webpage is a draft, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

WHEN:           Feedback must be submitted in writing no later than 5:00 p.m. on Thursday, August 1, 2024. Written feedback can be submitted here.

A virtual listening session will be held at 11:00 a.m. on Wednesday, July 31, 2024. Click here for more information.

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 Next New Jersey Program Provides Tax Credits to Innovative AI Companies

ROSELAND – Governor Phil Murphy today signed A4558/S3432, establishing the Next New Jersey Program that will attract new investment into the state’s artificial intelligence (AI) industry, creating new jobs and economic opportunities. The program will unlock access to capital for New Jersey’s innovators and entrepreneurs and ensure they have access to the infrastructure necessary to make new, cutting-edge developments, which will position the state as a national leader in the industry.

“AI has already started to revolutionize our everyday lives, and New Jersey is capitalizing on this moment to ensure we establish ourselves as a frontrunner in generative AI innovation,” said Governor Murphy. “The creation of this program will support the growth of AI-related businesses, which could lead to scientific breakthroughs and lifesaving discoveries right in our backyard. AI will be a transformative industry that will change lives and grow our economy and New Jersey is ready to take the lead.”

The Next New Jersey Program will be administered by the New Jersey Economic Development Authority (NJEDA), which will award tax credits to eligible businesses that are engaged in artificial intelligence work or large-scale artificial intelligence data centers. Artificial intelligence related activities could include developing new algorithms and techniques, such as machine learning and natural language processing; creating AI-powered software and hardware products, including for medical modeling; and developing AI chatbots for customer service.

“Under Governor Murphy’s leadership, New Jersey has been making major investments in emerging industries to help create sustainable, long-term economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The Next New Jersey Program will build upon the Garden State’s longstanding legacy in innovation and drive the state’s prominence in the rapidly growing AI industry, and create a strategic advantage for our innovators. AI presents an opportunity for new industry development in the state, good-paying jobs for our residents, and a stronger and more diverse economy for the next generation.”

Last December, the Murphy Administration and Princeton University announced a partnership to develop an AI Hub, which will advance New Jersey’s leadership in the field and catalyze innovation in AI technologies. The AI Hub is expected to bring together industry leaders, researchers, and start-up companies to advance research and development in the emerging field. The hub will promote workforce development to support new AI technology development and implementation. Additionally, the AI Hub will house dedicated accelerator space and work to advance the use of ethical AI for positive societal impact.

Last fall, Governor Murphy also established the AI Task Force, charged with studying emerging AI technologies and its societal impacts. The state’s AI initiative draws on New Jersey’s unique strengths in the health, sustainability, financial, and technology sectors, which stand to benefit from the application of AI technologies to advance innovative breakthroughs.

The prime sponsors of this bill are Senator Raj Mukherji and Assemblyman Chris Tully.

“From life-saving healthcare breakthroughs to traffic jams, artificial intelligence will touch every aspect of our daily lives,” said Senator Raj Mukherji, a former information technology CEO. “Through the responsible incentives in the Next New Jersey legislation, we are cementing New Jersey’s place at the forefront of technological advancement and economic competitiveness as we tap into the transformative potential of AI. Through job creation, catalyzing innovation, and empowering our higher education institutions, we will see incredible return on our investment.”

“The Next New Jersey Program is a bold step forward in making our state a leading hub for the rapidly evolving AI industry and ensure we continue building a prosperous and innovative future for all of New Jersey,” said Assemblyman Tully. “New Jersey’s investment lets industry know our state is a competitive and committed leader in AI.”

“The signing of this bill is definitive proof that New Jersey is open for AI business,” said Brian Venturo, co-founder and Chief Strategy Officer at CoreWeave. “This not only reinforces New Jersey’s heritage as a state of innovators but also paves the way for significant advancements and opportunities in AI development. As the AI Hyperscaler, CoreWeave is proud to be headquartered here and excited to continue driving this industry forward.”

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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Wellness center in city’s South Ward will house major Federally Qualified Health Center

TRENTON, N.J. (July 23, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved Aspire tax credits for a health care center in Newark. Located along Clinton Avenue in the city’s South Ward, the center will house a Federally Qualified Health Center (FQHC), a pharmacy, and a variety of other community health offerings.

“Governor Phil Murphy envisioned the Aspire Program to support a wide-range of projects to spur community development and economic growth. Since its implementation, the program has gone on to support mixed-use housing developments, innovation hubs, production studios, and now a major health care center in the South Ward of Newark,” said NJEDA Chief Executive Officer Tim Sullivan. “The South Ward Wellness Center will help transform the community by addressing health care inequities, while creating good-paying jobs and serving as an economic driver in the neighborhood. The Aspire Program is continuing to make a difference in communities across the state.”

The South Ward Wellness Center, which was approved for up to $21.7 million in Aspire tax credits, will consist of over 46,000 square feet, including a nearly 12,000-square-foot FQHC. FQHCs are nonprofit, community-based clinics focused on providing quality health care services to medically underserved areas and populations, regardless of a patient’s ability to pay. The Wellness Center’s FQHC space will be leased by Saint James Health, Inc., which operates several FQHCs across Newark, and will offer primary and preventative community health care services.

The applicant, South Ward Promise Neighborhood (SWPN), will be the tenant for the remainder of the space at the Wellness Center. The community-focused nonprofit organization will provide numerous health care services, including group therapy, as well as maternal, medical, and physical health services. SWPN was formed in 2014 as a place-based organization focused on expanding access to quality education, food, housing, employment, and physical and mental health resources for families in Newark’s South Ward.

“I commend the NJEDA and all involved in making this transformative project a reality for our community,” said Senate Majority Leader M. Teresa Ruiz (D-Essex/Hudson). “It is great to see what is possible when we lock arms to bring legislative policies to life as intended. This project not only delivers crucial health services to the South Ward but also stimulates local economic growth and job creation. The South Ward Wellness Center exemplifies our ongoing efforts to tackle decades of inequality in Newark while strengthening our families through a mission-driven approach.”

“Being born and raised in Newark, I understand the impact of ensuring access to healthcare in creating a healthier, more equitable community. Establishing a one-stop health center that offers access to a variety of services without needing to travel outside of this city will make a world of difference to its residents,” said Assemblywoman Eliana Pintor Marin (D-Essex, Hudson). “The tax credit awards being announced today are the latest testament to the difference the Aspire program is having in cities and towns throughout New Jersey.”

“The approval of the Aspire award for the South Ward Wellness Center is a monumental achievement for New Jersey,” said Assemblywoman Shanique Speight (D-Essex, Hudson). “I am thrilled about the transformative impact this will have on our community, fostering wellness, growth, and a brighter future for the South Ward.”

The site is located at 479-485 Clinton Avenue and 648-652 Bergen Street, and is within proximity to multiple NJ TRANSIT bus lines. The site currently consists of vacant land and older retail and warehouse buildings which will be demolished to complete the project. The project will have four stories of approximately 11,500 square feet per story. Once complete, the building will include up to 11,000 square feet of solar panels to generate clean, renewable electricity and reduce operating costs.

“The South Ward Wellness Center is yet another example of our holistic approach to progress,” said Newark Mayor Ras J. Baraka. “This enables us to move several pegs forward at once, and in this case, we will provide residents with physical and mental healthcare and other wellness services, employment opportunities, a beautified neighborhood, and a boost in the community’s economy. I’m grateful to the South Ward Promise Neighborhood for helping to secure this very important tax credit and grateful for the many ways that Governor Murphy and NJEDA partner with us to help the people of Newark.”

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. 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.

In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found 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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