El innovador programa de 57.6 millones de dólares del Gobernador Murphy apoyó compras en cientos de restaurantes locales para alimentar a familias de todo New Jersey

TRENTON, N.J. (15 de agosto de 2023) – La Autoridad para el Desarrollo Económico de New Jersey (NJEDA, por sus siglas en inglés) anunció hoy que ha alcanzado el admirable hito de apoyar la compra y distribución de más de cinco millones de comidas a través de su programa Sustain & Serve NJ (Mantener y servir a NJ). Sustain & Serve NJ fue lanzado por el Gobernador Phil Murphy a finales de 2020 como un programa piloto de 2 millones de dólares para apoyar a los restaurantes afectados por COVID-19 y creció hasta llegar a ser un programa de 57.6 millones de dólares que ha permitido a 36 organizaciones comprar comidas en casi 450 restaurantes y distribuir dichas comidas sin costo a los habitantes de New Jersey que se enfrentan a la inseguridad alimentaria. El Estado Jardín es el único estado del país que ha lanzado un programa a esta escala.

«Sustain & Serve NJ saca a relucir lo mejor de nuestras comunidades, organizaciones sin fines de lucro que trabajan junto a sus restaurantes locales para garantizar que los vecinos tengan acceso a comidas nutritivas», dijo el Gobernador Phil Murphy. «Los enormes beneficios de este programa centrado en la recuperación simplemente no pueden sobreestimarse».

Mediante tres rondas de financiamiento, Sustain & Serve NJ ha permitido que 36 beneficiarios compren comidas en 449 restaurantes de 179 municipalidades de todos los 21 condados, y ha distribuido casi 5.4 millones de comidas a los habitantes necesitados de New Jersey. A medida que New Jersey surge de los efectos de la pandemia de COVID-19 y luego de la conclusión de la fase 3 de Sustain & Serve NJ en agosto, las lecciones de Sustain & Serve NJ seguirán informando y orientando los continuos esfuerzos de la NJEDA para apoyar la seguridad alimentaria.

«Sustain & Serve NJ comenzó como un modelo innovador para ayudar a los restaurantes a sobrellevar la emergencia económica creada por COVID-19 y creció para proporcionar más de cinco millones de comidas a personas y familias hambrientas de todo el estado», dijo el Director Económico de la NJEDA, Tim Sullivan. «Estamos agradecidos con el Gobernador Murphy y con la Legislatura de New Jersey por confiarnos el cumplimiento de la promesa de Sustain & Serve NJ, que ha ampliado la capacidad de nuestros beneficiarios para servir a los habitantes de New Jersey que dependen de ellos para comer, al mismo tiempo que ha levantado a los restaurantes que son una fuente de empleo, cultura y vitalidad en nuestras comunidades».

Hoy la NJEDA emitió un informe y un video en los que describe el impacto que Sustain & Serve NJ tiene sobre los beneficiarios, los restaurantes y los habitantes de New Jersey que se enfrentan a la inseguridad alimentaria. Una copia del informe y el video se pueden encontrar aquí.

Sustain & Serve NJ es una parte clave del enfoque de todo el gobierno del Gobernador Murphy para fortalecer la seguridad alimentaria de todos los habitantes de New Jersey. Como parte de ese esfuerzo, la NJEDA está llevando adelante una estrategia múltiple para eliminar los desiertos alimentarios dentro del estado, apoyada con financiamiento designado a través de la Ley de Recuperación Económica de New Jersey de 2020, que el Gobernador Murphy firmó como ley en enero de 2021. Puede encontrar más información sobre el Programa de ayuda para los desiertos alimentarios aquí. La NJEDA también ha lanzado programas para apoyar el acceso a los alimentos en las Comunidades con desiertos alimentarios a través del Subsidio para la innovación en la distribución minorista (FRIDG, por sus sigla en inglés) y el Subsidio para la planificación de seguridad alimentaria. Los futuros esfuerzos de seguridad alimentaria se financiarán a través de la subasta de créditos fiscales para paliar los desiertos alimentarios, que se pondrá en marcha a finales de este año. Puede encontrar más información sobre la subasta aquí.

El Presidente de la Asamblea Craig J. Coughlin ha defendido durante mucho tiempo la creación de programas para combatir el hambre y ha aclamado a Sustain & Serve NJ como «una parte integral de nuestra batalla contra la inseguridad alimentaria.» 

«Sustain & Serve NJ es un ejemplo modelo de alianza eficaz entre nuestro estado, los restaurantes locales y las organizaciones sin fines de lucro que luchan contra la inseguridad alimentaria. El éxito del programa ha sido doble: ha puesto comida caliente en los platos de aquellos con dificultades mientras que apoya al mismo tiempo a las pequeñas empresas, que con frecuencia son familiares”, dijo el portavoz Coughlin. «Desde su lanzamiento en 2020, Sustain & Serve NJ ha ayudado a entregar cinco millones de comidas frescas y nutritivas a los necesitados. Recursos como estos son cruciales para seguir combatiendo el hambre en nuestras comunidades».

“Sustain & Serve NJ es un ejemplo fenomenal del enfoque innovador, orientado a soluciones y de todo el gobierno del gobernador Murphy para ayudar a las familias de New Jersey a alcanzar la seguridad alimentaria”, dijo la Comisionada del Departamento de Servicios Humanos de New Jersey, Sarah Adelman. «Felicito al Director General Sullivan y a la NJEDA por el increíble éxito de Sustain & Serve NJ, que ha brindado apoyo económico a tantas pequeñas empresas de restaurantes y organizaciones sin fines de lucro, y lo que es más importante, ha entregado ya cinco millones de comidas a los necesitados de todo New Jersey. Y como siempre, invito a cualquiera que necesite ayuda para poder comprar alimentos a que visite www.njsnap.gov.”

«Existe verdadera seguridad alimentaria cuando todas las personas, en todo momento, tienen acceso físico, económico y social a suficientes alimentos seguros y nutritivos», dijo Mark Dinglasan, Director Ejecutivo de la Oficina de Defensa de la Seguridad Alimentaria (OFSA, por sus siglas en inglés) de New Jersey. «El program Sustain & Serve NJ sobrealimentó la economía local, especialmente nuestro sector de restaurantes, al mismo tiempo que ayudaba a las organizaciones de servicios sociales a brindar acceso físico y social a alimentos saludables y nutritivos. No solo eso, Sustain & Serve NJ también ayudó a nuestros sectores de restaurantes y sin fines de lucro a innovar y cocrear soluciones. Celebro a la NJEDA por su liderazgo con este programa y la OFSA espera seguir apoyando continuamente sus esfuerzos de seguridad alimentaria».

En este video, los beneficiarios y los propietarios de restaurantes compartieron sus sentimientos sobre el impacto significativo que Sustain & Serve NJ ha tenido en sus organizaciones y comunidades.

«En la Coalición por la Igualdad Alimentaria y Sanitaria movilizamos alimentos”, dijo la Dra. Leeja Carter, fundadora y Directora General de la Coalición. «Pensamos que la seguridad alimentaria no es solo tener comida en la mesa, sino también cómo llevamos la comida del punto A al punto B, la logística en torno a la comida. El programa Sustain & Serve NJ nos ayudó a evolucionar el trabajo que estábamos haciendo aquí en el Condado de Hudson».

«A principios de COVID-19, nuestra organización estaba proporcionando solo de 120 a 150 comidas por semana y luego cuando atacó COVID-19, nos vimos desbordados y la demanda de comidas aumentó hasta 900 o 1.000 comidas semanales”, dijo Mark Blackwell, Presidente de A Need We Feed (Una necesidad que alimentamos). «Sabíamos que a largo plazo eso no era sostenible en nuestro presupuesto. Luego se hizo disponible el subsidio de Sustain & Serve NJ de la NJEDA. El momento fue perfecto».  

«Los ingresos procedentes de las comidas compradas a través de Sustain & Serve NJ nos ayudó a mantener nuestras puertas abiertas y a pagarle a nuestros empleados durante toda la pandemia de COVID-19», dijo Mohamed Elrawy, propietario de Pita Square, un restarurante de Newark que trabaja con múltiples beneficiarios de Sustain & Serve NJ. «Ha sido un honor trabajar con organizaciones locales tales como la Coalición por la Igualdad Alimentaria y Sanitaria, Working Kitchens (cocinas de trabajo) de Newark y el Hospital Universitario para llevar nuestros alimentos a las manos de las personas que más los necesitan. No me cansaré de elogiar a este programa».

Puede encontrar más información sobre Sustain & Serve NJ en https://www.njeda.gov/sustain-and-serve/.

Acerca de la Autoridad para el Desarrollo Económico de New Jersey

La Autoridad para el Desarrollo Económico de New Jersey (NJEDA) es la principal agencia del Estado para el impulso del desarrollo económico. La NJEDA tiene el compromiso de hacer del Estado de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible al centrarse en estrategias clave para ayudar a forjar comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer caminos para una economía más sólida y justa. A través de la alianza con una diversa gama de interesados, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y calidad de vida en el Estado y fortalecer la competitividad económica de New Jersey a largo plazo.

Para obtener más información sobre los recursos de la NJEDA para las empresas, llame a la línea de atención al cliente de NJEDA al (844) 965-1125 o visite http://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.

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Update August 21: Feedback on all C-PACE-related documents released by the NJEDA this year will be accepted through August 25, 2023 at 11:59 p.m.

Commercial Property Assessed Clean Energy Program will support clean energy projects, invest in green economy

TRENTON, N.J. (August 14, 2023) – The New Jersey Economic Development Authority (NJEDA) has released draft supplemental uniform assessment documents for the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program for public review and feedback.

The documents released today complement the draft program guidelines released by the Authority earlier this year. The NJEDA appreciates the market input and feedback received to date from the industry on the program guidelines. Such input is important and valuable in shaping the Garden State C-PACE program. The documents posted are in advance of any updates that will result from the feedback received on the program guidelines. NJEDA will be making updates simultaneously to the guidelines and feedback received from this posting of the C-PACE documents. 

WHAT: The C-PACE Program will provide a new form of financing to New Jersey property owners for renewable energy, energy efficiency, water conservation, and certain types of resiliency-related improvements. The program will enable eligible commercial, industrial, agricultural, and certain multi-family residential real property owners to access financing to undertake these kinds of improvements on their properties and repay the financing through the payment of an additional assessment to their municipality, similar to a property tax, sewer, or water bill.

As part of his administration’s ongoing commitment to address climate change, in August 2021, New Jersey Governor Phil Murphy signed legislation requiring the NJEDA to establish the C-PACE program to facilitate the financing of eligible projects in municipalities that adopt an opt-in ordinance.

WHERE: Draft uniform assessment documents are available here on the right side of the webpage. Feedback can be submitted to Gardenstatecpace@njeda.gov.

WHEN: Feedback on all C-PACE-related documents released by the NJEDA this year will be accepted through August 21, 2023 at 11:59 p.m.

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. (August 9, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced nine awardees of the New Jersey Asset Activation Planning Grant Program who will receive a combined $407,800 in grants. The program provides grants to communities and stakeholder groups to fund early-stage planning work focused on catalytic redevelopment and the adaptive reuse of vacant and underutilized public assets.

The NJEDA also announced today that applications for Phase II of the program will open August 15, 2023, and will be accepted until November 13, 2023, or until grant funds are exhausted.  They willbe reviewed and scored on a first-come, first served basis. The New Jersey Asset Activation Planning Grant Program offers public, private, and nonprofit entities grants of up to $50,000 for innovative projects that both revitalize community assets and drive equitable community growth.

“Under Governor Murphy’s leadership, New Jersey is taking concrete steps to transform the state’s distressed and abandoned properties,” said NJEDA Chief Executive Officer Tim Sullivan. “The grants awarded today will position the recipients to revitalize underutilized public assets, which will create greater economic growth and opportunity in these communities. With the launch of the second phase of this program, the NJEDA will be able to support the transformation of properties in even more communities across the state.”

The awardees of Phase I of the Asset Activation Planning Grant Program include:

  • City of Atlantic City – $50,000

The City will use the grant to conduct a feasibility study and legal analysis for the redevelopment of Renaissance Plaza, a shopping plaza in midtown Atlantic City with 75,000 square feet of gross leasable space. Site improvements will focus on crime prevention through environmental design.

  • Borough of Penns Grove – $50,000

The grant will be used to conduct an economic analysis and feasibility study for the revitalization of Penns Grove’s waterfront area, which includes a pavilion, abandoned pier, and several properties along West Main Street.

The grant will be used to conduct public outreach and facilitate conceptual designs to activate a public plaza at 3rd and Market Streets in Camden. The public plaza would complement forthcoming traffic and pedestrian improvements planned for the area.

The nonprofit organization will use the grant to host community visioning sessions and conduct a feasibility study and remediation needs assessment of the Old Sketch Club Building, a community theatre, in Woodbury.

  • LTD Unlimited – $49,800

A remediation needs assessment and feasibility study will be conducted with the grant for three city-owned properties on Broadway and Market Street in downtown Salem. One of the properties, 113 Market Street, is a historic tavern in the city located at the site since the 1730’s.

  • Mount Holly Township – $11,000

The Township will use the grant for a feasibility study and create a concept plan to repurpose a Township-owned parking lot as a community open space. The community space will aim to draw business to the adjacent commercial district, host community events and farmer’s markets, and mitigate flooding.

The grant will be used for a zoning analysis, site surveys, environmental review, financial feasibility analysis, and a preliminary market study of a city-owned site in Newark. The site at 132-136 Clinton Avenue is located in the city’s Lincoln Park Redevelopment Area and contains a vacant one-story commercial building and a vacant lot.

The NJEDA Board approved this grant in 2022. The Meadowlands 2040 Foundation used their grant to conduct a concept design, market analysis, and financial feasibility study of a potential convention or conference center to replace the former IZOD sports arena in East Rutherford.

  • Trenton Parking Authority – $47,000

The city’s parking authority will use the grant to conduct a market analysis and resident and stakeholder visioning for the five-level parking garage on the corner of Broad and Front Streets.

To be eligible for an Asset Activation Planning Grant, projects must target distressed public assets, unutilized or underutilized public property, or unutilized public lands owned by a municipality, county, independent authority, bureau, commission, or other public body. Proposed planning projects may include conceptual design, feasibility studies, and economic or market analyses. They should also demonstrate a strong connection to the State’s development objectives by creating or catalyzing a new business sector or target industry, driving economic growth and equity, creating an innovative use for an asset, expanding access to public transportation or public services, attracting employers and a diverse, talented workforce, expanding entrepreneurial opportunities and supporting local businesses, and/or improving land use efficiency and sustainability.

A complete list of eligibility and scoring criteria 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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Governor Murphy’s innovative $57.6 million program supported purchases from hundreds of local restaurants to feed families throughout New Jersey

TRENTON, N.J. (August 1, 2023) – The New Jersey Economic Development Authority (NJEDA) announced today that it has reached the remarkable milestone of supporting the purchase and distribution of more than five million meals through its Sustain & Serve NJ program. Launched by Governor Phil Murphy in late 2020 as a $2 million pilot program to support restaurants impacted by COVID-19, Sustain & Serve NJ grew into a $57.6 million program that has enabled 36 organizations to purchase meals from nearly 450 restaurants and distribute those meals at no cost to New Jerseyans facing food insecurity. The Garden State is the only state in the country to launch a program of this scale.

“Sustain & Serve NJ brings out the best in our communities – nonprofit organizations working together with their local restaurants to ensure neighbors have access to nutritious meals,” said Governor Phil Murphy. “The enormous benefits of this recovery-focused program can simply not be overstated.”

Through three rounds of funding, Sustain & Serve NJ has enabled 36 grantees to purchase meals from 449 restaurants in 179 municipalities across all 21 counties, distributing nearly 5.4 million meals to New Jerseyans in need. As New Jersey emerges from the impacts of the COVID-19 pandemic and following the conclusion of Phase 3 of Sustain & Serve NJ in August, the lessons of Sustain & Serve NJ will continue to inform and guide NJEDA’s continued efforts to support food security.

“Sustain & Serve NJ started as an innovative model for helping restaurants endure the economic emergency created by COVID-19 and grew to provide over five million meals to hungry individuals and families all over the state,” said NJEDA Chief Economic Officer Tim Sullivan. “We are grateful to Governor Murphy and the New Jersey Legislature entrusting us to deliver on the promise of Sustain & Serve NJ, which has expanded the capacity of our grantees to serve the New Jerseyans that depend on them for food, while lifting up the restaurants that are a source of jobs, culture, and vitality in our communities.”

The NJEDA today issued a report and a video outlining the impact Sustain & Serve NJ has on grantees, restaurants, and New Jerseyans facing food insecurity. A copy of that report and the video can be found here.

Sustain & Serve NJ has been a key part of Governor Murphy’s whole-of-government approach to strengthen the food security of all New Jerseyans. As part of that effort, the NJEDA is putting forth a multi-pronged strategy to eliminate food deserts within the state, supported by funding designated through the New Jersey Economic Recovery Act of 2020, which Governor Murphy signed into law in January 2021. More information about the Food Desert Relief Program can be found here. The NJEDA has also launched programs to support food access in Food Desert Communities through the Food Retail Innovation in Delivery Grant (FRIDG) and Food Security Planning Grant. Future food security efforts will be funded through the Food Desert Relief Tax Credit auction, launching later this year. More information about the auction can be found here.

Assembly Speaker Craig J. Coughlin has long championed the creation of programs to combat hunger and has hailed Sustain & Serve NJ as “an integral part of our battle against food insecurity.” 

“Sustain & Serve NJ is a model example of the effective partnership between our state, local restaurants, and nonprofits in the fight against food insecurity. The program’s success has been twofold: putting hot meals on the plates of those struggling while also supporting small, often family-owned businesses,” said Speaker Coughlin. “Since it was launched in 2020, Sustain & Serve NJ has helped deliver five million fresh, nutritious meals to those in need. Resources like this are critical as we continue to combat hunger in our communities.”

“Sustain & Serve NJ is a phenomenal example of Governor Murphy’s innovative, solutions-oriented and whole of government approach to helping New Jersey families achieve food security,” New Jersey Department of Human Services Commissioner Sarah Adelman said. “I congratulate CEO Sullivan and the NJEDA for the incredible success of Sustain & Serve NJ, which has provided financial support to so many small restaurant businesses and non-profits and most importantly, has now delivered five million meals to those in need across New Jersey. And as always, I urge anyone in need of assistance affording groceries to visit www.njsnap.gov.”

“True food security exists when all people, at all times, have physical, economic and social access to safe, sufficient and nutritious food,” said Mark Dinglasan, Executive Director of the New Jersey Office of the Food Security Advocate (OFSA). “The Sustain and Serve NJ program supercharged local economies, especially our restaurant industry, while helping provide social services organizations to provide physical and social access to healthy and nutritious food. Not only this, Sustain and Serve NJ also helped our restaurant and nonprofit sectors innovate and co-create solutions. I applaud the NJEDA for their leadership with this program and OFSA is looking forward to continuously supporting their food security efforts.”

In the video, grantees and restaurant owners shared sentiments on the significant impact Sustain & Serve NJ has had on their organizations and communities.

“At the Coalition for Food and Health Equity, we mobilize food,” Coalition for Food and Health Equity Founder & CEO Dr. Leeja Carter said. “We think about not just food security being food on the table, but it’s how do we get food from point A to Point B, the logistics around food. The Sustain & Serve NJ program helped us evolve the work that we were doing here in Hudson County.”

“At the start of COVID, our organization was only providing about 120 to 150 meals per week and then when COVID hit, we were taxed and the demand for meals rose up to 900 to 1,000 meals per week,” A Need We Feed President Mark Blackwell said. “We knew long-term that that wasn’t sustainable in our budget. Then the NJEDA’s Sustain & Serve NJ grant became available, the timing of that was just perfect.”   

“Revenue from the meals purchased through Sustain & Serve NJ helped us keep our doors open and our employees paid throughout the COVID-19 pandemic,” said Mohamed Elrawy, owner of Pita Square, a restaurant in Newark working with multiple Sustain & Serve NJ grantees. “It’s been an honor working with local organizations like Coalition for Food and Health Equity, Newark Working Kitchens, and University Hospital to get our food into the hands of people who need it most. I cannot speak highly enough about this program.”

More information about Sustain & Serve NJ can be found at https://www.njeda.gov/sustain-and-serve/.

About the New Jersey Economic Development Authority

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 http://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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Agreement will lead to 200 new high-skilled jobs, over $25 million in expected revenue for state

TRENTON, N.J. (July 28, 2023) – The New Jersey Economic Development Authority (NJEDA) Board on Wednesday approved the Authority entering into development and sublease agreements with Ørsted Wind Power North America, LLC (Ørsted) for the sublease of up to 34 acres of property at the New Jersey Wind Port (NJWP). Ørsted will be the NJWP’s inaugural tenant and expects to create up to 200 jobs over its lease term. Orsted’s Ocean Wind 1 project is expected to create over 15,000 jobs over its 25-year operational life.

“The Board’s approval serves as another major step forward in achieving Governor Murphy’s 11 GW offshore wind target, and cements New Jersey’s reputation as a national leader in offshore wind,” said NJEDA Chief Executive Officer Tim Sullivan. “Ørsted’s decision to marshal its Ocean Wind 1 project from the New Jersey Wind Port will create 200 jobs that would otherwise have gone to other states, and is the first of many projects that will use the Port in the years and decades ahead that will create jobs for our children, further our clean energy goals, and ensure a more resilient environment and economy. I appreciate the men and women in organized labor who have invested over 250,000 hours thus far in the construction of the Wind Port and look forward to our continued partnership as we work towards its completion.”

“We are pleased to help the state achieve its clean energy goals and are proud to be the New Jersey Wind Port’s inaugural tenant, creating clean energy jobs and economic development opportunities,” said Maddy Urbish, Head of Government Affairs and Market Strategy, NJ, Ørsted. “With onshore construction beginning this fall and offshore construction starting next year, Ocean Wind 1 looks forward to providing reliable offshore wind energy to New Jersey and the region when complete.”

“There are immense economic, workforce development, and clean energy benefits anticipated to come with offshore wind development,” said State Senator Bob Smith (D-Middlesex). “Every step forward we make validates the hard work that the Legislature and the Murphy Administration have undertaken to make the State an attractive partner for offshore wind developers.”

“I look forward to this project continuing to advance and become the much-needed economic stimulus for South Jersey,” said Dan Cosner, Business Manager and Financial Secretary of Electrical Workers Local Union 351.  “This will be a catalyst for the men and women of the South Jersey building trades, which in turn will help grow the local economy with the union wages that are being paid. I am very grateful for all those who made this a reality and continue to make sure this worthwhile project stays on track.”

Ørsted will sublease up to 34 acres of property at the Port for up to two years. Assuming a 24-month sublease term, total rent paid by Ørsted is estimated at over $25 million, representing a strong financial result for New Jersey taxpayers.

Importantly, the agreement with Ørsted includes a mechanism for shared berth use, preserving the NJWP’s ability to attract manufacturing tenants who require access to purpose-built wharves to ship out completed components.

The NJWP, once complete, will be the first and largest facility of its kind in the U.S. With a shortfall in fit-for-purpose port capacity in the U.S, the NJWP is expected to support offshore wind projects up and down the U.S East Coast including serving as a regional hub for turbine component manufacturing. At over 220 acres, the port can accommodate multiple Tier 1 component manufacturers, such as blades, nacelles, towers, and cables.

The NJEDA first issued a Notice to sublease in November 2020 and Ørsted submitted a non-binding offer in December of that year. The two parties executed a Letter of Intent (LOI) in April 2022 and have since been negotiating final terms. The property being subleased to Orsted is owned by PSEG Nuclear and is being leased by NJEDA from PSEG Nuclear on a 78-year basis.

Earlier this month, Governor Murphy signed legislation allowing Ørsted to access federal tax credits that will enable them to complete Ocean Wind 1, the first of two energy projects the developer plans in New Jersey.

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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Approved Firms Can Leverage Up to $12.5M Annually to Invest in NJ-Based Companies

TRENTON, N.J. (July 27, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved adding four venture capital firms to the growing list of Qualified Venture Firms (QVFs) that can access funding from the New Jersey Innovation Evergreen Fund (NJIEF). These QVFs, as well as the three approved by the NJEDA Board in May, are eligible to access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. 

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed into law by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing up to $300 million in New Jersey companies alongside approved QVFs for a total of $600 million. The capital raised from the sale of tax credits auctioned off to eight corporations in December 2022 are expected to result in the funding of initial investments into high-growth businesses in New Jersey.

“The NJIEF is a unique tool that will propel New Jersey’s innovation economy forward by leveraging public and private dollars to invest in high-growth startups, entrepreneurs, and our innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJIEF, the NJEDA is supporting Governor Murphy’s strategic vision to invest in New Jersey entrepreneurs by providing access to necessary capital, which in turn, will allow companies of the future to grow and scale.”

The QVF applicants approved today are:

“The QVFs approved yesterday all have a proven track record of investing for the growth of emerging companies throughout the country,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This is a robust roster of qualified venture firms and enhancing their capital to invest in New Jersey businesses couldn’t come at a more critical time when the capital markets have slowed making investments.  We look forward to partnering with all our QVFs in the months and years ahead on strategic investments that will spur opportunities for New Jersey entrepreneurs and their businesses.”

Applications for venture firms to qualify as a QVF can be found here. Applications are open to venture capital firms worldwide and are being accepted on a rolling basis.  The roster of seven firms approved to date includes diversity of investment strategy, industry, and stage. There continues to be strong momentum from interested managers and we anticipate continuing to make announcements around several mor QVFs in the coming months.

Coviello noted that the application for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey is also now open. The total unallocated capital available for new investments stands at over $46 million. 

About the New Jersey Economic Development Authority

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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Aspire Program will bridge financial gaps for two residential development projects in Newark & Union City creating 170 housing units

TRENTON, N.J. (July 26, 2023) – Two residential development projects in underserved North Jersey communities were approved for tax credits under the Aspire Program today by the New Jersey Economic Development Authority (NJEDA) Board. The two projects, both of which are for senior housing, will create a total of 170 residential units in Newark and Union City. To date, the Board has now approved a total of $182.9 million in Aspire awards for residential projects, creating over 1,000 housing units – 806, or nearly 80 percent, of which will be affordable.

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 in communities across the state that have financing gaps. All residential Aspire projects must include 20 percent affordable housing. All 170 units that will be supported by these approvals today are designated as affordable and are also benefitting from financing provided by the New Jersey Housing and Mortgage Finance Agency’s Low Income Housing Tax Credit program.

“Through the Aspire Program, the NJEDA is investing in communities, uplifting families, and expanding access to affordable, quality housing to meet Governor Murphy’s goal of creating a stronger, fairer New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “The affordable, mixed-use projects that were approved today will help transform neighborhoods in Newark and Union City, and provide new, prime housing options for each cities’ senior residents.”

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities,” said Senate Majority Leader Teresa Ruiz (D-Essex). “This project will do just that, developing affordable housing for our seniors, with vital wraparound services on site. As we face housing shortages and rising rents, projects like this are critical to uplifting our communities and ensuring older residents have suitable places to live within their budgets.”

“Through the Aspire program, we’re building more than just housing; we’re cultivating communities where our seniors can thrive,” said Assemblywoman Eliana Pintor-Marin (D-Essex). “In Newark and Union City, we’re addressing needs that strengthen the fabric of our neighborhoods, ensuring a brighter and more equitable future for all.”

The first project the Board approved today was Terrell Homes, which will be located at 91-97 Chapel Street in Newark and will be reserved for seniors ages 55 and older. The project was approved for up to $8.9 million in tax credits, which represents 31.8 percent of eligible project costs of $28 million. The project is multi-phased redevelopment of the Mildred E. Terrell Homes public housing site and aims to support the ongoing revitalization of the city’s Ironbound neighborhood. The site is owned by the Newark Housing Authority, which has entered a ground lease with Terrell Redevelopment Partners Urban Renewal, LP.

The affordable senior housing building will consist of 69 residential units, including one- and two-bedroom units, and 28 on-site parking spaces. Chapel Street Aspire LLC (CSA), a 501(c)3 nonprofit, is a co-applicant of the project and will offer on-site services for residents including health and wellness screenings, social engagement activities, and shuttle service for shopping.

“The Terrell Homes project represents our highest aspiration to provide comfort and security to the elders of our community,” said Newark Mayor Ras J. Baraka. “By incorporating the anticipated health, social, and transportation needs of our seniors, this initiative is not just comprehensive and forward-thinking. This five-story building will provide 69 affordable, age-restricted units, 18 of them dedicated to permanent, supportive, housing for persons with physical difficulties. It is steeped in respect and compassion for our parents and grandparents who have raised up all of Newark through their perseverance, sacrifice, energy, and faith. Our city extends its heartfelt gratitude to NJEDA for this wonderful opportunity for our seniors.”

The NJEDA Board approved up to $25 million in tax credits, which represents 53.7 percent of eligible project costs of $46.8 million, for RPM Development LLC to develop a six-story affordable senior housing building in Union City. The 101-unit building, which will include one- and two-bedroom units, will be located at 720 8th Street between Summit and Central Avenues and replace a surface parking lot. There will be two levels of garage parking and the ground level will consist of two retail spaces.

The co-applicant, Life Management Inc., a 501(c)3 nonprofit, will offer on-site services for residents. Services offered will help developmentally disabled and formerly homeless residents. Moreover, the project will comply with the federal government’s Energy Star Homes Program, which also satisfies NJEDA’s Green Building Standards.

“The people of Union City and myself are grateful to the NJEDA and welcome the development of affordable senior housing within our community,” said Union City Mayor Brian Stack. “With the current affordability crisis, it is fundamental that we continue to assist and support our senior populations, and this project will not only expand access to affordable housing, but it will also provide our elderly residents with various physical and mental health resources and services.”

In June, the NJEDA Board approved up to $29 million in Aspire tax credits for a multifamily development project in downtown Trenton. Over $120 million in Aspire tax credits were approved by the Board in May for residential projects in Camden, Morristown, and Newark.

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 Facebook, Twitter, Instagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, July 26, 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.

TRENTON, N.J. (July 12, 2023) – The New Jersey Economic Development Authority (NJEDA) is creating a publicly available database of providers that may be able to offer a variety of technical assistance and financial support to help applicants and participants purchasing commercial electric vehicles through the New Jersey Zero-Emission Incentive Program (NJ ZIP). The NJEDA encourages technical assistance providers – such as consulting firms – and financial institutions wishing to provide assistance to complete an intake form here.

WHAT:  The NJ ZIP pilot program is a first-come, first-served voucher program designed to incentivize the adoption of zero-emission medium- and heavy-duty vehicles by New Jersey businesses and institutions, especially those operating within overburdened communities. To date, the NJEDA has approved nearly $40 million in vouchers to over 225 entities, of which over 90 percent are small businesses.

The NJEDA, in partnership with Rutgers – The State University of New Jersey, will offer to share the list of interested technical assistance providers and financial institutions, and their services, to current and potential NJ ZIP participants seeking help with a variety of aspects of electric vehicle purchasing and ownership.

The services provided by the technical assistance providers and financial institutions will be supplemental to those provided by Rutgers University via an agreement entered into earlier this year between the university and the NJEDA. Under the agreement, current and potential NJ ZIP applicants can each receive up to approximately 10 hours of free technical assistance. After that, interested parties can opt to use providers on this list to receive further assistance at their own expense.

Technical assistance services may include, but are not limited to, understanding electric vehicle types, operation and maintenance characteristics, charging/refueling requirements, and performance characteristics. Financial institutions would serve as a potential source of funding for businesses and organizations as they look to purchase electric vehicles. Engagement with this database is purely voluntary.

All interested respondents will negotiate all financing terms and service fees directly with the NJ ZIP awardees or applicants and engage and enter into any agreement at their own risk. Inclusion in this list in no way serves as an endorsement or approval of any kind by the NJEDA. 

In line with the Murphy Administration’s transportation decarbonization priorities, NJ ZIP aims to expedite the adoption and use of clean-energy vehicles for business owners to reduce harmful greenhouse gas emissions and bolster the state’s clean energy economy.

WHERE: Interested entities should visit https://www.njeda.gov/nj-zip-technical-assistance-and-financing-business-form/ to submit their information. Please direct any questions to the NJ ZIP help desk through Rutgers University via email at njzip-help@ejb.rutgers.edu or by phone at 732-790-0663.

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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