The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, May 11, 2022, 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.

NJ Tech & Life Sciences Companies Can Now Apply to Sell Their
Net Operating Losses & Unused Research & Development Tax Credits for Cash

TRENTON, N.J. (May 3, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has opened applications for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. Hailed as a lifeline for companies that have yet to reach profitability, the NOL Program enables early-stage technology and life sciences businesses in the Garden State to sell a percentage of their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The NJEDA is accepting applications online through June 30, 2022 at http://www.njeda.gov/nol.

Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with the operating their business such as salaries, R&D, and other working capital expenditures. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

Since the program’s inception in the late 1990s, $1.126 billion in funding has been distributed to more than 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2021 was $1.82 million.

The New Jersey Economic Recovery Act of 2020 (ERA), which Governor Phil Murphy signed into law last year, increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 million.

“Innovative New Jersey companies will be able to benefit from enhancements made to the NOL Program by the ERA as they work toward commercialization,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Connecting early-stage businesses with access to non-dilutive funding and helping them fuel their growth are key to achieving Governor Murphy’s goal of recapturing New Jersey’s role as a leader in innovation. We look forward to supporting even more young companies as a result of expanding this critical program.”

Coviello noted that $15 million of the $75 million program allocation will be reserved for the surrender of transferable tax benefits exclusively by eligible companies operating within the boundaries of the State’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, companies located in Opportunity Zones, and/or women- or minority-owned businesses certified by the State of New Jersey.

Potential applicants interested in learning more should visit the program website which covers the program’s eligibility requirements in detail. Companies are strongly encouraged to review the reference materials and  watch the program review and application walk-through videos posted on the program’s website at http://www.njeda.gov/nol.

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can then be applied to reduce the buyer’s state tax obligation. For example: a purchase of $1,000,000 of tax credit at 92 cents on the dollar would enable a buyer to decrease their New Jersey taxes payable by $1,000,000 for the price of $920,000, representing a savings of $80,000. Buyers can be publicly listed are on the NOL Program’s website, if they so choose. Entities interested in becoming a buyer through the NOL Program can visit the website http://www.njeda.gov/nol or reach out via email to nol@njeda.com for more information.

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Important Update (June 2, 2022)

  • The deadline to submit proposals has been extended to June 27, 2022.

TRENTON, N.J. (May 2, 2022) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight from qualified entities with perspectives on the creation of a physical innovation center dedicated to financial technology (fintech) in New Jersey. The RFI seeks to collect information on whether a fintech strategic innovation center would create a unique opportunity for further economic development, sustain job growth and job creation, and catalyze innovation in the state. The RFI can be found at https://www.njeda.gov/bidding/#OET. Responses are due by June 6, 2022.

The NJEDA is interested in receiving comments, questions, recommendations, facts, information, ideas, solutions, and responses that provide insight into the scope and characteristics of technology-driven financial innovation, generally referred to as fintech, and the potential value in creating a center for fintech activity in New Jersey.

Additionally, this RFI seeks to better understand the opportunities and challenges associated with establishing a fintech innovation center, including market need and gaps, potential sites and logistical considerations; information on potential projects or solutions that present the best return on investment and opportunity for sustainability; and national and international models that should be considered when developing a fintech innovation center.

“The creation of new innovation-centric spaces is an important element of Governor Murphy’s efforts to build New Jersey’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Gathering insights into how a fintech innovation center could contribute to the economic vitality and quality of life in the State will help us identify best practices and innovative ideas for developing a successful center that makes sense for New Jersey in terms of its long-term economic competitiveness.”

New Jersey is well on track to become the nation’s central location for the fintech industry, considering many of the world’s leading financial services companies have already located their back-office data and technology support operations in the Garden State. New Jersey offers a strategic location at the heart of the densely-populated and transit-connected Northeast Corridor, next to Philadelphia and New York City; it provides best-in-class digital infrastructure; it’s home to a highly-educated, skilled, and diverse workforce; and it serves as an international gateway with easy access to employees, clients, and customers across the globe.

The NJEDA is seeking responses from qualified entities including, but not limited to, finance and insurance companies, information technology companies, suppliers within the Financial Services and Technology supply chains (e.g., product and technology development), post-secondary educational institutions, relevant industry or trade groups, policy and academic researchers; real estate developers; business leaders, employers and entrepreneurs; technical assistance providers, and municipal or county governments.

Responses to the RFI are due no later than 11:59 p.m. EDT, on Monday, June 6, 2022, via e-mail to: FinTech@njeda.com.  The subject line of the e-mail should state: RFI Response-2022-RFI-OET-PFS-146 – New Jersey Financial Technology Innovation Center. 

All questions concerning this RFI must be submitted in writing no later than 11:59 p.m. EDT, on Monday, May 9, 2022, via e-mail to: FinTech@njeda.com. The subject line of the e-mail should state: QUESTIONS-2022-RFI-OET-PFS-146 – New Jersey Financial Technology Innovation Center. Answers to questions submitted will be publicly posted on the Authority’s website on or about Monday, May 23, 2022, at: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs as Addendum.

 
About 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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn. 
  

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TRENTON, N.J. (April 26, 2022) – The New Jersey Economic Development Authority (NJEDA) has released for public feedback a draft rule proposal for the Garden State Film and Digital Media Jobs Program.

The program, which was first established in 2018, was expanded under the New Jersey Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in January 2021. The Garden State Film and Digital Media Jobs Act, P.L. 2018, c. 56, (N.J.S.A. 54:10A-5.39b and N.J.S. 54A:4-12b) provides a transferable credit against the corporation business tax and the gross income tax for qualified expenses incurred for the production of certain film and digital media content in New Jersey. The goal of the program is to incentivize production companies to film and create digital media content in New Jersey.

“Like other programs established by the ERA, The Film and Digital Media Tax Credit program is designed to encourage equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “The proposed rules establish criteria for the program that will ensure it is administered in a way that will create the economic impact Governor Murphy and the Legislature intended.”

Proposed rule changes include increasing the benefit for productions that submit a diversity hiring plan from two percent to four percent for hiring minority, local, on-screen talent, which will help to make sure opportunities are accessible to qualified individuals from all backgrounds. Additionally, the changes include the availability of new Studio Partner and Film-lease Partner designations which provide extra benefits to production companies who commit to establishing large production facilities in New Jersey.

Members of the public will also be able to submit feedback on the Garden State Film and Digital Media Jobs Program through the NJEDA’s ERA website (https://www.njeda.gov/economicrecoveryact/) between the following dates:

  • PUBLIC FEEDBACK OPEN: April 25, 2022
  • PUBLIC FEEDBACK CLOSES: May 6, 2022

We welcome constructive input on how to ensure new programs created through and amended by the ERA are structured and administered in a manner that drives opportunities for all residents and communities. Members of the public can do that by sending an email to FilmTaxCredit@njeda.com or through the online portal on the NJEDA’s website.

All feedback received through this process will be assessed and considered when preparing the final version of the rule amendments that is proposed by the Authority for Board approval. Following potential Board approval, there will be a 60-day period for formal public comment.

For more information and to provide written input on the design and implementation of ERA programs, visit https://www.njeda.gov/economicrecoveryact/.

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Anuncio Importante (27 de mayo de 2022)

  • Se extiende el plazo de presentación de propuestas hasta el 1 de julio de 2022.
  • El plazo de respuesta a las preguntas se ha extendido hasta el 16 de junio de 2022.

Trenton, N.J. (21 de abril de 2022) – La Autoridad para el Desarrollo Económico de New Jersey (NJEDA) anunció hoy que emitió una Solicitud de Información (Request for Information, RFI) para comprender mejor los desafíos que enfrentan las empresas desarrolladoras que son propiedad de minorías y mujeres (“MWDE”) en New Jersey para acceder al capital, particularmente empresas que se dedican al desarrollo de bienes raíces residenciales y comerciales. El gobernador Phil Murphy y la NJEDA están explorando un Fondo para desarrolladores de grupos minoritarios para apoyar el crecimiento de MWDE existentes al abordar las barreras al capital. El presupuesto propuesto por el gobernador para el año fiscal 2023 invierte $65 millones en nuevas iniciativas inmobiliarias, incluyendo $20 millones para capitalizar un fondo para apoyar proyectos liderados por desarrolladores de color. Puede conseguir la Solicitud de Información en https://www.njeda.gov/bidding/#rfi.

La NJEDA está específicamente interesada en recibir comentarios, preguntas, recomendaciones, hechos, información, ideas y respuestas que ayudarán a la Autoridad a comprender mejor el alcance y las variables relacionadas con el acceso al capital y otras formas de financiamiento disponible para desarrolladores inmobiliarios que no han recibido apoyo.

Según un artículo de Black Enterprise que cita el Black Business Owner Spotlight de Bank of America, el 82 por ciento de los empresarios de color dicen que deben trabajar más duro en comparación con sus pares no diversos. Otro estudio encontró que casi el 60 por ciento de las mujeres empresarias dicen que no tienen el mismo acceso al capital que sus contrapartes masculinas.

“New Jersey se encuentra entre los estados más diversos del país y los recursos que ofrecemos a los desarrolladores y dueños de negocios deben reflejar esa diversidad”, dijo la Vicegobernadora Sheila Oliver, quien se desempeña como Comisionada del Departamento de Asuntos Comunitarios (DCA). “Durante los últimos cuatro años, hemos establecido numerosos programas que ayudan a hacer de New Jersey un modelo nacional para el desarrollo económico inclusivo y sostenible. Los comentarios que recibamos a través de este RFI nos ayudarán a continuar fortaleciendo nuestro compromiso con las pequeñas empresas en todo el estado”.

Apoyar a las pequeñas empresas y mejorar el acceso al capital para las empresas propiedad de mujeres y minorías (MWBE) son pilares centrales del Plan de desarrollo económico integral del gobernador Murphy, El estado de la innovación, construyendo una economía más fuerte y más justa en New Jersey. Dos de los cinco objetivos explícitos del plan son “Cerrar las brechas salariales raciales y de género” y “Fomentar centros urbanos y cascos centrales prósperos e inclusivos de New Jersey, con un enfoque en reducir la pobreza”.

“El capital es esencial para cualquier propietario o desarrollador de negocios que busque lanzar o avanzar sus operaciones, mantener el flujo de efectivo o cubrir los costos operativos”, dijo Tim Sullivan, Director Ejecutivo de la NJEDA. “Desarrollar programas para apoyar a los desarrolladores que a menudo no pueden acceder a financiamiento es fundamental para nuestros esfuerzos por crear una economía de New Jersey más fuerte, más justa y más equitativa que defiende el gobernador Murphy”.

La NJEDA está buscando información e ideas de entidades calificadas, incluidas, entre otras, MWDE, instituciones financieras de desarrollo comunitario, unidades de préstamos para el desarrollo comunitario de bancos medianos y grandes, otros prestamistas basados en misiones, organizaciones de desarrollo comunitario que trabajan en estrecha colaboración con MWDE, entidades estatales y gubernamentales locales y otras partes interesadas con perspectivas sobre las barreras estructurales y las disparidades que enfrentan empresas de desarrolladores inmobiliarios propiedad de minorías y/o mujeres en términos de acceso al capital. La NJEDA también busca interés e ideas sobre soluciones para abordar esos obstáculos, incluidos, entre otros, los programas existentes que abordan las disparidades en el financiamiento disponible para el desarrollo residencial y comercial.

“Esta RFI es un vehículo importante para ayudarnos a derribar las barreras sistémicas que a menudo impiden que las MWDE accedan al capital que necesitan para tener éxito”, dijo Michelle Bodden, Directora de Diversidad e Inclusión de la NJEDA. “Exhortamos a las partes interesadas de todo el estado a que nos envíen sus comentarios para ayudarnos a crear un programa que elimine las disparidades raciales y de género que han existido durante demasiado tiempo”.

La Cámara de Comercio Afroamericana de New Jersey (AACCNJ) y la Cámara de Comercio Hispana Estatal de New Jersey (SHCCNJ) dieron la bienvenida a la noticia de la RFI como un paso importante para conectar a diversos desarrolladores con acceso al capital.

“Aplaudimos a la Administración Murphy por su intencionalidad en establecer un Fondo para desarrolladores de grupos minoritarios. Al hacerlo, permitirá a las empresas Negras aprovechar los recursos que les permitirán hacer realidad sus planes e ideas de manera significativa”, dijo el fundador de la AACCNJ, Presidente y Director Ejecutivo John E. Harmon, Sr., OIM. “Además, si New Jersey se mantiene comprometida con este tipo de estrategia, con el tiempo eliminará las disparidades económicas sistemáticas que persisten y mejorará la competitividad de nuestro estado”.

“Los datos del censo de New Jersey revelaron que la comunidad hispana representó el 21,6 por ciento de la población del estado en 2020, probablemente aproximándose a un número más cercano al 25 por ciento debido a subregistros y cambios de 2020 a 2022”, dijo Carlos Medina, Presidente y Director Ejecutivo de la SHCCNJ. “Reconociendo el papel vital de los hispanos en todo el estado, la Cámara de Comercio Hispana Estatal de NJ apoya cualquier enfoque para derribar las barreras a la equidad en el acceso al capital, que es el desafío número uno que enfrentan las 120,000 empresas propiedad de hispanos de NJ que impulsan la economía del estado”.

Todas las preguntas relacionadas con esta RFI deben enviarse por escrito a más tardar el viernes 6 de mayo de 2022, por correo electrónico a: MWDE-BarriersRFI@njeda.com. El asunto del correo electrónico debe indicar: “PREGUNTAS-2022 RFI-DI-141 – ASUNTO BARRERAS PARA LAS MWDE”. Las respuestas a las preguntas enviadas se publicarán en el sitio web de la Autoridad en la sección RFI, alrededor del viernes 13 de mayo de 2022.

Todas las respuestas de RFI deben enviarse por escrito antes de las 11:59 p.m. EST del viernes 27 de mayo de 2022 por correo electrónico a: MWDE-BarriersRFI@njeda.com. El asunto del correo electrónico debe indicar: ” Respuesta a la Solicitud de información-2022-RFI-DI-141 – BARRERAS PARA DESARROLLADORES MWBE”.

Acerca de la NJEDA

La Autoridad para el desarrollo económico de New Jersey (NJEDA) es la agencia principal del Estado para impulsar el 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 claves para ayudar a construir comunidades fuertes y dinámicas, crear buenos trabajos para los residentes de New Jersey y ofrecer oportunidades para una economía más sólida y justa. Mediante asociaciones con diversas partes interesadas, la NJEDA crea e implementa iniciativas para mejorar la vitalidad económica y la calidad de vida en el Estado y para fortalecer la competitividad económica a largo plazo de New Jersey.

Para obtener más información acerca de los recursos de la NJEDA para empresas, llame a la línea de atención al cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter, Instagram y LinkedIn.

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Important Update (May 27, 2022)

  • The deadline to submit proposals has been extended to July 1, 2022.
  • The deadline for answers to the questions has been extended to June 16, 2022.

Trenton, N.J. (April 21, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has issued a Request for Information (RFI) to better understand the challenges faced by minority- and women-owned developer enterprises (“MWDE”) in New Jersey in accessing capital, particularly businesses that are engaged in the development of residential and commercial real estate. Governor Phil Murphy and the NJEDA are exploring a diverse developer fund to help grow existing MWDEs by addressing barriers to capital. The Governor’s proposed Fiscal Year 2023 budget invests $65 million in new real estate initiatives, including $20 million to capitalize a fund to support projects led by developers of color. The RFI can be found at https://www.njeda.gov/bidding/#rfi.


The NJEDA is specifically interested in receiving comments, questions, recommendations, facts, information, ideas, and responses that will help the Authority better understand the scope and variables related to access to capital and other forms of financing available to underserved real estate developers.

According to a Black Enterprise article citing Bank of America’s Black Business Owner Spotlight, 82 percent of entrepreneurs of color say they must work harder compared to their non-diverse peers. Another study found almost 60 percent of women entrepreneurs say they do not have the same access to capital as their male counterparts.

“New Jersey is among the most diverse states in the country and the resources we offer to developers and business owners must reflect that diversity,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs. “Over the past four years, we have established numerous programs that help make New Jersey a national model for inclusive and sustainable economic development. Feedback we receive through this RFI will help us continue to strengthen our commitment to small businesses statewide.”

Supporting small business and enhancing access to capital for minority- and women-owned business enterprises (MWBE) are central pillars of Governor Murphy’s comprehensive Economic Development Plan, The State of Innovation, Building a Stronger and Fairer Economy in New Jersey. Two of the five explicit goals of the plan are “Closing the racial and gender wage gaps” and “Encouraging thriving and inclusive New Jersey urban centers and downtowns, with a focus on reducing poverty.”

“Capital is essential for any business owner or developer looking to launch or scale operations, maintain cash flow or cover operating costs,” said NJEDA Chief Executive Officer Tim Sullivan. “Developing programs to support developers who often find themselves unable to access funding is paramount to our efforts of creating the stronger, fairer and more equitable New Jersey economy that Governor Murphy champions.”

The NJEDA is seeking information and ideas from qualified entities, including but not limited to MWDEs, Community Development Finance Institutions, community development lending units of medium and large banks, other mission-based lenders, community development organizations that work closely with MWDEs, state and local government entities, and other stakeholders with perspectives on structural barriers and disparities encountered by real estate developers owned by minorities and/or women in terms of access to capital. The NJEDA also seeks interest and ideas on solutions to address those obstacles, including but not limited to, existing programs that address the disparities in financing available for residential and commercial development.

“This RFI is an important vehicle in helping us break down the systemic barriers that often keep MWDEs from accessing the capital they need to succeed,” said NJEDA Chief Diversity and Inclusion Officer Michelle Bodden. “We encourage stakeholders statewide to send us input to help us create a program that closes the racial and gender disparities that have existed for far too long.”

The African American Chamber of Commerce of New Jersey (AACCNJ) and the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) both welcomed the news of the RFI as an important step in connecting diverse developers with access to capital.

“We applaud the Murphy Administration for their intentionality in the establishment of a Diverse Developer Fund. By doing so it will enable black businesses to leverage resources that will enable them to bring their plans and ideas to fruition in a meaningful way,” said AACCNJ Founder, President & CEO John E. Harmon, Sr., IOM. “Moreover, if New Jersey stays committed to this type of strategy, it will chip away over time at the systematic economic disparities that persist and improve the competitiveness of our state.”

“The New Jersey census data revealed that the Hispanic community accounted for 21.6 percent of the state’s population in 2020, likely approaching a number closer to 25 percent with underreporting and changes from 2020 to 2022,” said Carlos Medina, SHCCNJ President & CEO. “Recognizing Hispanics’ vital role statewide, the Statewide Hispanic Chamber of Commerce of NJ supports any approach to knocking down barriers to equity in accessing capital, which is the number one challenge that the 120,000 NJ Hispanic-owned businesses powering the state’s economy face.”


All questions concerning this RFI must be submitted in writing no later than Friday, May 6, 2022, via e-mail to: MWDE-BarriersRFI@njeda.com. The subject line of the e-mail should state: “QUESTIONS-2022 RFI-DI-141 – MWDE RE BARRIERS.” Answers to questions submitted will be publicly posted on the Authority’s website under the RFIs section, on or about Friday, May 13, 2022.

All RFI responses must be submitted in writing no later than 11:59 PM EST, on Friday, May 27, 2022 via e-mail to: MWDE-BarriersRFI@njeda.com. The subject line of the e-mail should state: “RFI Response-2022-RFI-DI-141 – MWDE DEVELOPER BARRIERS.”


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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Please be advised that the Capital City Redevelopment Corporation Board Meeting is scheduled for 11:00 am, Tuesday, April 19, 2022.  The Members will convene via conference call only.

Members of the public whom wish to speak during the public comment segment of the meeting, pertaining to agenda items, may call into the meeting by using the following conference number:
 
Teleconference #:
1-551-220-2262

Access Code: 209 074 884#

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

Agreement with Salem County Vocational Technical School will help prepare local workers for offshore wind opportunities

Trenton, N.J. (April 14, 2022) – The New Jersey Economic Development Authority (NJEDA) received approval from its Board yesterday to enter an agreement with Salem County Vocational Technical School (SCVTS) that will support the expansion of the school’s offshore wind-related painting and welding programs. Under the agreement, the NJEDA will provide up to $200,000 to support the expansion of programs that will prepare students and workers for jobs in heavy steel offshore wind component manufacturing.

“NJEDA’s support of offshore wind programs at SCVTS is part of our efforts to ensure New Jersey’s pipeline of skilled workers keeps pace with growing demand from the high-growth offshore wind industry,” said NJEDA Chief Executive Officer Tim Sullivan. “This focus on offshore wind education supports Governor Phil Murphy’s vision for New Jersey as a global leader in the industry, and also advances his goal of a stronger and fairer economy by creating equitable educational and career opportunities.”

The NJEDA will help to fund equipment, materials, instructor time, and other expenses required to train secondary and post-secondary students for the specific skills required for large scale steel component manufacturing. This agreement complements an similar agreement between NJEDA and Gloucester County Institute of Technology (GCIT) announced in December 2021.

“Since the beginning of this process, the NJEDA has been committed to making sure that Salem County residents are given the opportunity for employment at the Wind Port facility.” Said Salem County Commissioner Director, Ben Laury. “The Board of Commissioners is pleased to see that commitment manifest in an investment for SCVTS and its students.”

“NJEDA’s commitment to funding these growing programs is an investment in the future of our local workforce,” said SCVTS Superintendent John Swain. “Training and reskilling workers will prepare them for high-quality offshore wind career opportunities that will sustain our families and communities well into the future.”

“This agreement will result in opportunities for high school students and adult learners to gain the specialized skills needed for jobs in the offshore wind large-scale steel component manufacturing sector,” said Jen Becker, Managing Director of Wind Institute Development. “We’re really excited to launch these programs in the coming months.”

This agreement utilizes funding from memorandum of understanding between NJEDA and the NJ Board of Public Utilities to support offshore wind training and research initiatives.

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Establishes a $400,000 Grant Program for the Preparation of Historic Property Surveys

Trenton, N.J. (April 14, 2022) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved the creation of the Historic Property Survey Grant Program, which will provide $400,000 in pilot funding to municipal governments, county governments, and/or non-profit entities for the preparation of historic property surveys. The Historic Property Survey Grant Program aims to increase the overall understanding of New Jersey’s existing historic structures while serving as a tool for future economic development.

Historic Property Surveys are an invaluable resource for identifying historic properties on both the state and local level. By providing planners and local officials with an inventory of historic properties in regions or themes, these surveys assist with creating future zoning and planning documents, as well as development projects. Established by the New Jersey Economic Recovery Act of 2020, the Historic Property Survey Grant Program provides up to $125,000 in grant funding per entity for surveys, which in turn, will drive transformative change in communities across New Jersey.

“Under Governor Phil Murphy’s leadership, New Jersey continues to prioritize the creation of programs that drive inclusive and equitable community development projects,” said NJEDA Chief Executive Officer Tim Sullivan. “By providing local government entities and non-profits with grant funding for historic property surveys, New Jersey is better equipped to renew iconic properties and plan for future projects that enrich our communities.”  

“A better understanding of historic resources is an essential component of economic development and is the key to ensuring the long-term impact of investment in revitalization of historic properties,” said NJEDA Director of Historic Preservation Aidita Milsted. “The Historic Property Survey Grant Program will serve as an important planning tool that will inform decisions to create the best outcome for our communities and historic resources throughout the state.”

Full details on the Historic Property Survey Grant Program 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 http://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, LinkedIn and YouTube.

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