Authority seeks input to better understand challenges faced by arts entities seeking access to capital

TRENTON, N.J. (January 16, 2024) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight to better understand the challenges and opportunities faced by arts and cultural non-profit and for-profit organizations, institutions, and arts entrepreneurs in accessing capital. The RFI is available at Bidding Opportunities – NJEDA.

As part of the Murphy Administration’s ongoing efforts to support arts and culture, this RFI aims to build on the New Jersey State Council on the Arts’ tremendous knowledge base and community engagement process by exploring new and innovative funding solutions to help grow New Jersey Arts and Culture businesses and non-profits by addressing barriers to capital. Additionally, the NJEDA also seeks interest and ideas on solutions to address those obstacles, including but not limited to, existing programs that address gap financing due to lack of philanthropic capital for non-profit entities. The NJEDA is interested in receiving comments, questions, recommendations, facts, information, ideas, and responses that will help the NJEDA better understand the scope and characteristics of access to capital and other forms of financing available to arts and culture entities.

New Jersey’s core arts and culture entities directly accounted for $4.6 billion in revenue in 2021 with an additional $18 billion in revenue from indirect impact in other supporting industries like broadcasting, logistics, and publishing. The combined impact of arts and culture industries account for 3-5 percent of New Jersey’s gross domestic product, as well as 3.1 percent of the state’s workforce.  In 2022, arts and culture non-profits alone accounted for $338.5 million in spending, with their audiences spending an additional $193.8 million in event-related expenditures. 

“I am proud of the historic investment the Murphy administration has made through the Arts Council in supporting arts organizations and artists across New Jersey,” said Lieutenant Governor Tahesha Way, who oversees the New Jersey State Council on the Arts in her capacity as Secretary of State. “We look forward to seeing the results of the RFI and building on the state’s strategic support of the arts community in new ways through the NJEDA.”

“Arts and culture entities create job-sustaining revenue for New Jersey Main Streets and communities, generating hundreds of millions of dollars in direct and indirect economic impact each year, all while representing the diversity and talent of New Jersey’s artists and creatives,” said NJEDA Chief Executive Officer Tim Sullivan. “Understanding the challenges faced by entities in this important sector is an essential component of Governor Murphy’s vision for a stronger and fairer New Jersey economy, and helps bolster economic support for an industry adversely impacted by the coronavirus pandemic.”

“New Jersey is home to a dynamic arts industry that contributes to quality of life in indispensable ways. From the smallest neighborhoods to the largest cities, artists and arts organizations keep people connected, offering inroads to address complex problems we all care about – from the economy to education to healthy aging, and everything in between,” said Allison Tratner, Executive Director of the New Jersey State Council on the Arts. “The last few years have brought great challenge and change in almost every industry, and the arts are no exception. As the largest funder of the arts in New Jersey, the Council is excited to work with the NJEDA to make sure our collective efforts to lift this essential industry are as effective as possible. Thanks to Governor Murphy’s historic support of the arts, we have the opportunity to strategically, transparently, and equitably invest public resources to help build a better New Jersey for people of all ages and walks of life, through the arts.”

“ArtPride New Jersey applauds the NJEDA’s efforts through the RFI to more fully comprehend the current capital challenges facing the state’s arts and culture sector. New Jersey’s creative industries have long been undercapitalized, and the COVID pandemic exacerbated this risk with earned and contributed income building back more slowly than is needed to function sustainably. At the same time, and without pause, the arts and culture sector continues to benefit communities through its direct impact on local retail, hospitality, tourism, education, and healthcare. The economic vitality of our downtowns depend on healthy and highly functioning arts and culture organizations and creative sector businesses supported by the NJEDA’s suite of products and programs,” said Adam Perle, President & CEO, ArtPride New Jersey.

“Arts and culture nonprofit organizations form the bedrock of the cultural landscape in New Jersey communities.  These organizations not only catalyze economic activity.  They also contribute to social cohesion, community wellbeing, and overall quality of life,” said Lynne Toye, Executive Director of the New Jersey Arts & Culture Renewal Fund.  

“As smaller cultural nonprofits navigate a variety of post-pandemic challenges, access to capital is among the biggest hurdles,” she continued. “I am excited to help advance the NJEDA’s efforts to understand the challenges arts organizations face more thoroughly, especially as funding sources shrink in our post-pandemic world,” said Barbara Bickart, Senior Advisor, Arts and Culture, NJEDA, and practicing artist for over 20 years. “This Arts & Culture-focused RFI presents the opportunity to hear directly from many organizations across the state about their particular challenges, whether it be accessing funding or other obstacles a State agency could potentially help to remove or mitigate. This input will inform our strategy moving forward as we work towards lifting the arts community up in whatever ways we can.”

All questions must be submitted in writing on later than Tuesday, January 23rd at 12 pm EST via e-mail to ArtsCulture@njeda.gov.

The subject line of the e-mail should state: “QUESTIONS-2023 RFI-193 Capital for Arts & Culture”.

Answers to questions submitted will be publicly posted on the Authority’s website on or about on or about Tuesday, February 6th  at: Bidding Opportunities – NJEDA as Addendum.

All RFI responses must be submitted in writing no later than Tuesday, February 13th at 11:59 pm EST via e-mail to: ArtsCulture@njeda.gov.

The subject line of the e-mail should state: “RFI Response-2023-RFI-193 Capital for Arts & Culture”.

Potential respondents may include, but are not limited to, for-profit and non-profit entities, philanthropic partners, higher education institutions, community development organizations involved in arts-based placemaking, arts industry advocacy organizations, state and local government entities, and other stakeholders with perspectives on structural barriers and disparities encountered by arts and culture entities in terms of access to capital. Respondents do not need to be located within the New Jersey to provide input.

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 FacebookTwitterInstagram, and LinkedIn.

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Recently-Announced AI Hub at Princeton University, Powered by the NJEDA, Will Enable Growth of AI in New Jersey

TRENTON, N.J. (January 8, 2024) – Following last month’s announcement by Governor Phil Murphy and Princeton University President Christopher Eisgruber that the New Jersey Economic Development Authority (NJEDA) will collaborate with Princeton University to establish a hub for Artificial Intelligence (AI), the AI industry continues to gain momentum in New Jersey heading into 2024.

“The AI hub announced in December by Governor Murphy and President Eisgruber will build on New Jersey’s legacy in innovation and continue to drive the state’s leadership in the rapidly-growing AI industry,” said Tim Sullivan, CEO of the New Jersey Economic Development Authority. “The opportunity presented by AI aligns with Governor Murphy’s vision for cultivating high-growth sectors, with the goal of creating family-sustaining career opportunities. Showcasing New Jersey’s bustling innovation community, talent pool, and robust resources will help AI companies recognize the state’s value proposition for growing innovative companies of the future.”

Sullivan added that the initial development of the Princeton AI hub will be supported with $250,000 in planning funds from the NJEDA’s Strategic Innovation Center initiative. The hub will bring together AI researchers, industry leaders, start-up companies, and other collaborators to advance research and development, house dedicated accelerator space, advance the use of ethical AI for positive societal impact, and promote workforce development to support new technology development, in collaboration with other New Jersey universities, community colleges, and vocational schools. 

NJEDA’s announcement with Princeton joins a strategic suite of support for attracting and retaining AI companies in the state. 

One AI-focused company that has recently been approved for support under the NJEDA’s Angel Match Program that has found success in New Jersey is Summit-based AlphaRoc, which provides AI-driven, predictive insights into investment opportunities.

“The Angel Match Program is designed to channel critical capital investment dollars to New Jersey startup companies so they can grow here, stay here, and create jobs and significant economic activity,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Advancing creative solutions like the Angel Match Program that are directly responsive to the needs of entrepreneurs will help to ensure the next generation of companies, including those focused on AI, have the resources they need for the best possible chances of success.”

The Angel Match Program was designed to disburse funding from the State Small Business Credit Initiative (SSBCI), a federal program administered by the U.S. Department of Treasury. Its purpose is to propel the creation of an entrepreneurial ecosystem that stimulates innovation and economic development, providing employment opportunities for New Jersey residents.

Four startup entities recently approved for support through the New Jersey Innovation Fellows Program (NJIF) also intend to integrate AI technology into their products, including a healthcare solutions platform, a data-driven small business consulting practice, a mobile fitness application, and a digital marketplace for disabled individuals to better access service providers  The NJIF program supports would-be entrepreneurs, particularly diverse entrepreneurs, with “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding in the two-year ideation and formation period of their businesses. NJIF pairs fellows with subject matter experts that can help them navigate the challenges and opportunities that AI presents.

In addition to these and other AI-focused startup companies finding a home in New Jersey, innovative research collaborations and outputs continue to flourish in the state in the broad area of AI. As shown through the state’s Research with NJ free online platform, over 50,000 research outputs can be found on the site in topics that range across a broad spectrum of disciplines, such as AI, advanced computing, digital communication, quantum computing, and machine learning. In addition to research output, the site highlights over 500 researchers conducting research in these fields, 140 research units and facilities, and 400 grants/projects awarded in these areas.  Research with NJ offers details about research taking place at six universities, New Jersey Institute of Technology (NJIT); Princeton University; Rowan University; Rutgers, the State University of New Jersey; and now, Stevens Institute of Technology.

The site, which can be accessed at www.researchwithnj.com, now offers more than 325,000 pieces of research that commercial enterprises, from startups to global corporations, can use to fuel their growth. Research with NJ is managed by the New Jersey Commission on Science, Innovation and Technology (CSIT).

“The NJEDA and CSIT offer a host of resources designed for innovative companies in all stages of growth,” said CSIT Executive Director Judith Sheft. “From grants and loans to technical support, and even mentorship and networking opportunities to connect entrepreneurs with qualified investors, we are eager and poised to support companies that are already here, and to welcome those who choose New Jersey as their home.”

These examples of AI companies thriving in New Jersey are indicative of the NJEDA’s commitment to nurturing the development of new technologies, including AI. New Jersey is home to more than 10,000 technology companies, and the NJEDA offers programs designed to help them grow, including unmatched resources for accessing essential capital.

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 FacebookTwitterInstagram, and LinkedIn.
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Authority Can Now Offer Benefits of Low-Cost Federal Funding for Clean Energy Projects

TRENTON, N.J. (January 5, 2024) – The New Jersey Economic Development Authority (NJEDA) today announced that it is an eligible State Energy Financing Institution (“SEFI”), a determination by the U.S. Department of Energy’s Loan Programs Office (“LPO”) which will enable the Authority to unlock low-cost capital available through LPO’s Title 17 Clean Energy Financing Program. The LPO provides direct loan financing and loan guarantees for up to 80 percent of eligible project costs for projects aligning with federal energy priorities.

The Bipartisan Infrastructure Law allows for eligible clean energy projects supported by SEFIs, including those using commercially available technologies like wind and solar, to access LPO financing, subject to LPO’s evaluation of the proposed project. This new determination, bolstered with additional loan authority for Title 17 from the Inflation Reduction Act, opens up billions of federal dollars to projects supported by entities like the NJEDA that qualify as SEFIs.

“As a designated SEFI, the NJEDA now has an additional tool for advancing clean energy projects that will contribute toward a cleaner and healthier environment for New Jerseyans,” said NJEDA Chief Executive Officer Tim Sullivan. “It will also help to advance Governor Phil Murphy’s goal of 100 percent clean energy by 2035 – the most ambitious goal of any state in the nation.”

As an eligible SEFI, the NJEDA can support the work of the New Jersey Green Fund (“NJGF”), a planned initiative that will be housed within the NJEDA to invest in clean energy projects in the State. Recently, the NJEDA released a Request for Expressions of Interest (“RFEI”) for parties seeking capital from the NJEDA through the NJGF, which can be accessed here: https://www.njeda.gov/bidding/#RFEI.

“Governor Murphy’s climate action leadership has laid the foundation for a strong and growing green economy,” said Kate Klinger, Executive Director, Governor’s Office of Climate Action and the Green Economy. “NJEDA’s designation as a SEFI will streamline access to federal dollars to invest in green job growth, seed green technology innovation, and expand access to clean energy produced right here in New Jersey.”

“Access to LPO capital is yet another way the NJEDA can help developers, property owners, community-based organizations, and other stakeholders move their clean energy projects forward,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Paired with the NJEDA’s planned NJGF, we are poised to support small- and large-scale projects that will add to our clean energy momentum.”

A SEFI is an entity established by a state, Indian Tribal entity, or Alaska Native Corporation to provide financing support or credit enhancements for eligible clean energy projects and to take steps to reduce financial barriers to the deployment of eligible clean energy projects.

Examples of qualifying project participation by a SEFI may include, but are not limited to:  

  • Providing equity/subordinate portion of capital stack   
  • Providing loan loss reserve with respect to junior portion of capital stack ​  
  • Co-lending with LPO
  • Providing financial backstop for specific key project elements that may be subject to regulatory or local market risk​.  

Additional SEFI program details and application requirements are described in the Title 17 Clean Energy Financing Program Guide and on the Title 17 Overview web page.

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 FacebookTwitterInstagram, and LinkedIn.
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FRIDG will fund installation of temperature-controlled grocery lockers to expand delivery options in NJ’s food desert communities

TRENTON, N.J. (December 19, 2023) – The New Jersey Economic Development Authority (NJEDA) awarded its first approval under the Food Retail Innovation in Delivery Grant (FRIDG) program today, which will help expand access to fresh groceries in Newark’s South Ward. The FRIDG Program, which launched earlier this year, allows food retailers to purchase and install temperature-controlled lockers to expand food delivery options for Food Desert Community (FDC) residents.

Brookdale ShopRite Inc, a family-owned business with ShopRite stores in Newark’s Central Ward and in Bloomfield, is the first food retailer to receive a grant under the FRIDG Program. They will use the $250,000 grant to purchase a temperature-controlled locker and install it at the Shani Baraka Women’s Resource Center in the South Ward. The “Newark South” FDC, one of 50 in the state, has a population of nearly 43,000, and is the third most acute food desert in the state.

Once the locker is installed, residents will be able to place online grocery orders from the Brookdale ShopRite, including orders eligible for purchase with Supplemental Nutrition Assistance Program (SNAP) benefits. Brookdale ShopRite has also committed to waiving all delivery fees for groceries delivered to the locker.

“The FRIDG Program is another component of Governor Phil Murphy’s mission to support those living in New Jersey’s food desert communities by expanding access to fresh and affordable groceries,” said NJEDA Chief Executive Officer Tim Sullivan. “Residents across Newark’s South Ward will now have more options for grocery delivery, reducing structural and logistical barriers that exist for many hardworking families. As we continue to combat food insecurity through creative and innovative initiatives, New Jersey remains a leader in the national fight against hunger.”

“Parents with small children, caregivers to the sick, people with transportation or mobility issues, the elderly, and those with health conditions often find it difficult to get to supermarkets for the widest selection of goods and prices,” said Newark Mayor Ras J. Baraka. “This innovative program brings a supermarket in one area of our city to the residents in another – and through the generosity of ShopRite of Newark, all delivery fees are covered. It is a beautiful example of how Newarkers harness ideas, technology and their concern for each other to level the playing field and make life easier in our city. I’m grateful to the NJEDA and its FRIDG Program, Neil Greenstein and ShopRite of Newark, and the Shani Baraka Women’s Resource Center for this perfect collaboration to help transform one of New Jersey’s food deserts into a bountiful oasis.”

Food retailers with at least one physical location in New Jersey can apply for up to $250,000 in funding to purchase and install self-contained, temperature-controlled lockers in one of New Jersey’s 50 designated FDCs. Eligible companies must be authorized to accept online orders paid with SNAP benefits. As of September 2022, there were nearly 790,000 New Jersey residents receiving SNAP benefits, including nearly 350,000 children.

In 2020, the NJ Department of Human Services (NJDHS) launched a pilot program to allow SNAP recipients to use their benefits to purchase groceries online. New Jersey SNAP recipients can now purchase groceries online from 19 retailers, but many FDC residents remain unable to receive groceries as they lack a reliable delivery location due to unpredictable work schedules, family obligations, or housing insecurity. The FRIDG lockers are intended to provide FDC residents with a safe, convenient location where their grocery orders – including fresh produce and dairy – will stay fresh until they are retrieved at a convenient time.

Neil Greenstein, owner of Brookdale ShopRite Inc., is a third-generation grocer whose family’s supermarkets have served Essex County for nearly 75 years. The company’s ShopRite of Newark opened its doors in September 2015 and has played a key role in the city’s revitalization efforts by creating economic and job training opportunities for residents, and through its support of community groups such as the Boys and Girls Club of Newark and the Greater Newark Conservancy.

“We are committed to increasing access to fresh and affordable food and supporting community initiatives that make a difference in people’s lives,” said Greenstein. “We’re excited about the opportunity to expand grocery delivery options to the Newark’s South Ward by participating in the FRIDG program, and look forward to deepening our connections with the residents of the vibrant city of Newark.”

The Shani Baraka Women’s Resource Center provides support, care, and protection for women and their families going through crisis or transition. The Center, which is named in honor of Mayor Baraka’s sister, offers a number of programs and services that are facilitated by the City and several community partners.

“The Shani Baraka Women’s Resource Center is a refuge for people who are in need of nourishment of every kind, starting with basic, deep human compassion. So offering our space as a place for neighbors to come pick up the food they need seems a natural expansion of what we do daily within our walls,” said Shani Baraka Women’s Resource Center Director Dr. Pamela Jones. “Lessening the burden for people who can’t travel across town to shop is an easy lift for us, and one we are very happy and proud to do.”

“With this award, the FRIDG Program officially joins the growing list of resources New Jersey offers to help residents gain greater access to healthy, fresh food,” said Senator Theresa Ruiz and Assemblywomen Eliana Pintor-Marin and Shanique Speight (members of Legislative District 29) in a joint statement. “ShopRite of Newark’s locker will enable Newark residents to pick up the food they want when they can. The fact that the store will also waive all fees for deliveries made to the locker will go a long way to help New Jerseyans living in food deserts.”

“We are elated to see the FRIDG Program taking root in Newark’s South Ward, as we know how well it will be received and utilized by families that too often have to scramble to find fresh produce and other healthy grocery items to feed their growing families,” said Senator Renee Burgess and Assemblywomen Cleopatra Tucker and Jacqueline Yustein (members of Legislative District 28) in a joint statement. “The new ShopRite locker will provide parents affordable meal options that are also more easily accessible, and can become a model for other such efforts across the state.”

“The New Jersey Food Council (NJFC) is proud that one of our members, Brookdale ShopRite, is the first to participate in NJEDA’s FRIDG program, which will bring food directly to residents of Newark who do not have easy access to a supermarket,” said Linda Doherty, President of the NJFC.

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 FacebookTwitterInstagram, and LinkedIn

TRENTON, N.J. (December 19, 2023) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Food Desert Relief Supermarket Tax Credit Program tomorrow, Wednesday, December 20, 2023. The Food Desert Relief Supermarket Tax Credit Program was established by the New Jersey Economic Recovery Act (ERA) of 2020.

WHAT:            The Food Desert Relief Supermarket Tax Credit Program addresses the food security needs of New Jersey’s 50 Food Desert Communities (FDCs) by providing up to $40 million per year in tax credits to develop and sustain new supermarkets and grocery stores in food deserts. No more than two grocery stores in each FDC can receive tax credits through the program.

The program is comprised of two tax credits: the Financing Cap Tax Credit, applied for by a store’s developer, and the Initial Operating Costs Tax Credit, applied for by a store’s operator. For a single store to receive both credits, the applications must be reviewed and approved at the same time. Tax credits may be resold for a minimum of 85% of the transferred credit amount.

WHEN:           Applications will open Wednesday, December 20.

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 FacebookTwitterInstagram, and LinkedIn.

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$10M A.R.T. program aims to bring businesses & workers back to NJ’s commuter hubs after pandemic

Second tranche of funding for real estate projects to be awarded in early 2024

TRENTON, N.J. (December 19, 2023) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved $3 million in Public Space Activation Grants under the Activation, Revitalization and Transformation (A.R.T.) Program, to support the revitalization of Atlantic City and Newark, which both experienced negative economic impacts due to the pandemic. The four entities that were approved for grants today will invest in projects that create an environment necessary to attract and retain residents and talent, enable business creation and attractions, enhance downtown vitality, and help local governments avoid future budget crises.

“As a result of the pandemic, New Jersey’s thriving downtown commuter hubs saw decreased foot traffic and revenue as many residents and workers transitioned to remote work,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Phil Murphy has made a commitment to bring a resurgence to our state’s downtowns by bringing more business, arts, and culture to attract residents and commuters. This first tranche of A.R.T. funding will help return the high rate of foot traffic that Atlantic City and Newark saw pre-pandemic.”

The A.R.T. program utilizes American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to reactivate and revitalize Atlantic City and Newark’s commercial corridors in the wake of COVID-19. Commercial corridors play a vital role in both urban and rural geographies, serving as economic engines for communities by providing jobs that keep money circulating in the local economy, offer goods and services for residents, and power entrepreneurship as well as wealth building. They also serve to foster arts and cultural activities, which drive dynamic, thriving communities.

“The arts and festivals that celebrate our diversity are two strong magnets for bringing Newarkers together as a unified community and for bringing out-of-towners to our city for an experience they can’t get anywhere else,” said Newark Mayor Ras J. Baraka. “We are grateful to the NJEDA ART program for this profound gift that allows us to showcase world-class talent in our spectacular venues, and share the exuberance of Newark’s creative, artistic vitality.”

“Atlantic City thrives on tourism, and the ART Program will ensure some of our most popular sites will be around for years to come for our millions of visitors annually to enjoy,” said City of Atlantic City Mayor Marty Small, Sr. “As we continue to look to put our pandemic hardships in the rearview, we appreciate everything the New Jersey Economic Development Authority has done for the Great City of Atlantic City, in this case for the many attractions that make this city so special.”

The following entities were approved for grants today:

  • Newark Alliance, Inc. – $1,500,000
    The Newark Alliance will use the grant to create and support the inauguration of Festivals United, a coordinated strategy, fundraising, operations, marketing and public relations campaign that will leverage the ongoing efforts of multiple existing festivals throughout the city. Festivals United is a new coalition of six major arts and cultural festivals based in Newark: AfroBeat Fest, Halsey Festival, Lincoln Park Music Festival, Newark Arts Festival, Newark Pride, and Newark Winter Village, all in partnership with Newark City Parks Foundation. By combining the operational strengths of various festivals into a unified organization, this initiative amplifies their collective social and economic impact, and enhances the city’s overall vibrancy.
  • Stockton University – $1,001,300
    Stockton University will lead a collaborative project with four Atlantic City Community Development Corporations to produce a major public space activation project. The funding will be used to support streetscape improvements, specifically forty wayfinding signs identifying non-casino cultural assets, four neighborhood branding gateways, 100 signs for the public murals, and a public tile installation in the heart of the city. The project also includes a comprehensive and collaborative citywide arts and cultural branding, marketing, and event coordination program that will increase social gatherings, activate vacant and underutilized space, and contribute to the resilience of the community.
  • Inlet Public Private Association, Inc. – $250,000
    Inlet Public Private Association was established to promote the redevelopment of the Inlet section of Atlantic City. The non-profit organization will use the funding to support and maintain the Historic Absecon Lighthouse and hire a grant writer to ensure additional grants for continued community growth. The lighthouse is open year-round for visitors and features a free museum and gift shop. The site also offers a community garden and the city’s only farmer’s market. Additionally, the Absecon Lighthouse provides educational art programs.
  • Atlantic City Arts Foundation – $248,700
    The non-profit organization is a key contributor to Atlantic City’s vitality and is the premier driver of arts and culture initiatives across the city. The Atlantic City Arts Foundation will use the funding to restore and protect eight murals damaged by time and weather. Funding will go towards purchasing supplies and materials to complete the restoration and support artist stipends.

“Newark has always led the way with world-class creative talent,” said Senate Majority Leader Teresa Ruiz (D-Newark). “Today’s funding announcement will go towards the expansion of opportunities to showcase the depth of our cultural expressions and the role art can play in economic development. I applaud the Administration for making this commitment to our great city.”

“The A.R.T. Program will provide a significant boost to support the long-term economic success of Atlantic City, as well as the surrounding Jersey Shore communities, which are the lifeblood of our tourism industry,” said Senator Vince Polistina (R-Atlantic). “Millions of people travel from all over the world to enjoy our renowned boardwalks and beaches. This program will help our shore towns preserve and maintain these popular tourist destinations by enabling them to construct and make necessary repairs to these critical structures and landscapes.”

“Newark is quickly becoming a global epicenter of the arts and culture scene by attracting world-renowned visual and performing artists,” said Assemblywoman Eliana Pintor Marin (D-Essex). “The grant funding announced today will strengthen the city’s ability to bring together key partners in this vital industry and to emerge from the COVID-19 pandemic stronger than ever.”  

“The ART Program was created to drive impactful community engagement and the award approved today will do just that,” said Assemblywoman Shanique Speight (D-Essex). “Leveraging this grant funding, Newark will continue attracting people to join our neighborhoods, take advantage of our arts and culture scenes, shop in our businesses, and stimulate our economy.”

“Atlantic City is a beautiful tapestry of arts, culture and history. Experiencing all that Atlantic City has to offer enriches the lives of residents and visitors alike, while also contributing to the city’s economic recovery,” said Assemblyman Don Guardian (R-Atlantic). “This funding will preserve and celebrate the diverse communities that honor Atlantic City’s past, present and future.”

“Fostering an appreciation for Atlantic City’s heritage, its murals and public space requires investment and collaboration. This grant program gives communities an opportunity to shine and share their stories. It also strengthens Atlantic City’s ability to succeed, because it recognizes the importance of all of the city’s unique assets and offerings,” said Assemblywoman Claire Swift (R-Atlantic).

In 2024, the NJEDA will announce Real Estate Rehabilitation and Development grants under the A.R.T. Program. To mitigate the economic impacts of COVID-19 and support the development and recovery of New Jersey’s commercial corridors, the A.R.T. Program will invest in the infrastructure, capacity building, and resources necessary to help Atlantic City and Newark recover from the pandemic and thrive for years to come.

“Arts and culture are critical to a city’s vibrancy and can serve as a powerful tool to move economies forward” said NJEDA Chief Community Development Officer Tai Cooper. “The grants approved today will support meaningful projects that will help uplift Atlantic City and Newark neighborhoods and illuminate New Jersey’s rich and storied legacy in the arts.”

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 FacebookTwitterInstagram, and LinkedIn.

Over $19 Million will Support Capital Projects to Improve Local Neighborhoods

TRENTON, N.J. (December 14, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Atlantic City Revitalization Grant Program. The $19,650,000 pilot program will utilize American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to fund capital projects in Atlantic City, ensuring that local neighborhoods are directly supported.

Eligible projects must address a negative impact of COVID-19 and contribute to Atlantic City’s revitalization, which includes capital construction projects that renovate or restore a vacant building, or a new construction project. All projects must aim to address at least one local impact consideration, which include addressing downtown vitality efforts, job and office space creation, food insecurity, clean and safe initiatives, and small business support, with the long-term goal to help improve overall economic prosperity in Atlantic City.

“The Atlantic City Revitalization Grant Program advances Governor Phil Murphy’s goal of investing in New Jersey communities by promoting strong and equitable economic recovery, supporting business and job creation and bolstering local economies,” said NJEDA Chief Executive Officer Tim Sullivan. “The program approved today adds to the NJEDA’s robust suite of impactful and strategic programs to strengthen Atlantic City’s economy in the wake of the pandemic.”

The program will be open to for-profit and non-profit entities responsible for overseeing a real estate development project in Atlantic City. Program grants, which will be disbursed to approved applicants on a rolling basis until all funds are exhausted, will cover up to 50 percent of all soft and hard construction costs with a minimum award request of $1 million and a maximum award request of $10 million. Once approved for grant funding, projects will be presented to the NJEDA Board for final approval, and applicants must demonstrate they have secured the remaining portion of funding. For more information on program eligibility and the application process, click here.

“The Atlantic City Revitalization Grant Program is a welcome addition to ongoing efforts to diversify and expand the city’s economic opportunities and improve the quality of life for city residents,” said New Jersey Department of Community Affairs Acting Commissioner Jacquelyn A. Suárez. “Atlantic City is making strides and this new grant program will help keep the positive momentum going. We’re confident the Atlantic City revitalization grants will result in projects that strengthen neighborhoods, support existing businesses, and create well-paying jobs.”

“As the Small administration continues to push for more development in the Great City of Atlantic City, we are grateful this additional funding has become available to hopefully ease some burdens,” said City of Atlantic City Mayor Marty Small, Sr. “The COVID-19 Pandemic halted many development plans in Atlantic City, so I encourage anyone who is eligible to apply for these funds, and thank the New Jersey Economic Development Authority for your continued support.”

“This revitalization program is a monumental investment into Atlantic City and our shore town communities,” said Senator Vince Polistina (R-Atlantic). “Due to the prolonged effects of the pandemic, small businesses throughout the state—especially those at the Jersey Shore—are still struggling to survive. This initiative will help alleviate some of that economic stress by supporting capital projects, bolstering vital coastal infrastructure, and creating additional opportunities to generate revenue.”

“Atlantic City’s recovery from the economic effects of the pandemic is more than just getting gaming revenue back, it requires strategic investments in our neighborhoods,” said Assemblyman Don Guardian. “This city has a strong entrepreneurial spirit that I championed as mayor and that will be funded through this grant program. With this support from the state, and the imagination and dedication of small businesses, nonprofits, developers and local and state leaders, a healthier, safer, and more vibrant Atlantic City is on the horizon.”

“Today’s announcement will uplift Atlantic City’s communities through projects that support jobs, repurpose abandoned buildings and improve the health and security of residents,” said Assemblywoman Claire Swift. “This program marks a significant commitment to the future of Atlantic City and its resiliency.”

Grants awarded from the Atlantic City Revitalization Grant Program will utilize $19,650,000 in ARP Coronavirus State and Local Fiscal Recovery Funds of the $30 million appropriated for “Atlantic City Initiatives” in the New Jersey Fiscal Year 2024 Appropriations Act.

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 FacebookTwitterInstagram, and LinkedIn.

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Riverton project will transform long-dormant brownfield property into bustling riverfront community

TRENTON, N.J. (December 14, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved Aspire tax credits for a mixed-used, riverfront development in Sayreville that represents more than two million square feet of newly-constructed residential and commercial space, including 1,300 new residential units, 20 percent of which will be designated as affordable. The project is associated with over $1 billion in private investment.

The development, known as Riverton, is considered a transformative project under the Aspire Program and was approved for an award of up to 50 percent of eligible projects costs, not to exceed $400 million in total. Riverton is the first transformative project, and first project overall, that was approved under the new Aspire rules, which the NJEDA adopted in November. To date, the NJEDA Board has approved a total of $694 million in Aspire awards for residential projects, which will create 1,800 housing units and $271 million for a commercial transformative project under the prior rules.

“With today’s approval, Sayreville is poised to undergo a tremendous renaissance, which will bring new housing, jobs, retail, and recreation that will benefit the entire community,” said Governor Phil Murphy. “The Aspire Program continues to drive critical investments that support economic growth in communities across New Jersey.”

“Aspire’s flexible design had enabled us to support this long-anticipated project, which will transform a vast tract of land that had been rendered unusable many years ago, and once rehabilitated, in ways that will reinvigorate Sayreville, create jobs for the local community, and improve quality of life for Riverton tenants and residents of nearby areas,” said NJEDA Chief Executive Officer Tim Sullivan. “This is exactly the sort of thoughtful, impactful investment the legislature and Governor Murphy hoped to attract when creating the Aspire Program.”

Sayreville Seaport Associates Urban Renewal, L.P. is the applicant of the Riverton project, which is advancing at the culmination of a nearly 20-year efforts to remediate the former industrial site. In addition to the residential units which comprise over 1.2 million square feet, the development will include nearly 800,000 square feet of commercial and retail space. It will also generate additional public amenities, to include a public Waterfront Promenade, to which Sayreville residents and the general public will have access. The walkway will feature Heroes Walk (exhibits and installations honoring Sayreville’s veterans), along with lighting, seating areas, gathering spaces, enhanced landscaping, and an open-air amphitheater; on-site spaces for municipal offices, and two designated open-air performing arts venues.

“Today’s Aspire announcement is yet another example of how thoughtful economic development incentives can advance transformative projects that both improve our environment and lift our communities,” said Commissioner of Environmental Protection Shawn M. LaTourette. “This vast former industrial site will soon become a new hub of economic activity and point of community pride that reconnects the residents of Sayreville and Middlesex County with their Raritan River waterfront. My DEP colleagues and I congratulate the NJEDA on this important milestone and applaud Governor Murphy and our Legislature for the vision and leadership that will ensure the revitalize this brownfield site and others across the Garden State.” 

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 containing newly-constructed units 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.

“This mixed-use development project will be exactly the sort of economic boost the Sayreville Seaport area needs, and will bring economic renewal and vitality to the entire riverfront,” said Senator Joseph F. Vitale. “I can’t stress enough just how important the NJEDA and the Aspire programs have been to residents and how they continue to allow us to rehabilitate viable land areas to pursue solid, sustainable commercial development and housing for the future.” 

“I’m so pleased to see this plan come to life for the residents of Sayreville and our entire region,” said Assembly Speaker Craig J. Coughlin. “This has been a model of local and state government working together to benefit the community with environmental remediation and economic development. After decades of this land sitting vacant and unsafe, this strategically-located project will serve as an economic engine for the area, broadening the tax base and providing high-quality, affordable housing for generations to come.”

“It is rewarding to see good governance at work in Sayreville thanks to the ongoing success of the Aspire program,” said Assemblywoman Yvonne Lopez (D-Middlesex). “The project approved for tax credits today will make use of land that has sat vacant for far too long, turning it into the site of new commercial and living spaces that will spur sustainable economic growth for the local economy. I look forward to the day we break ground on this important, transformative project.”

In line with Governor Murphy 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 FacebookTwitterInstagram, and LinkedIn.
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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, December 19, 2023, at 11:00 am. 

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton, NJ 08625

TELECONFERENCE:

CONFERENCE NAME:                                CCRC BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                    749 605 651#

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

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Thursday, December 14, 2023, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

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.