EDA EXPANDS PREDEVELOPMENT RESOURCES TO MAKE FUNDS AVAILABLE TO MUNICIPALITIES FOR PROJECT PLANNING AND MARKETING
TRENTON, N.J. (Nov. 22, 2006) – Municipalities throughout New Jersey have a new financial tool available from the New Jersey Economic Development Authority (EDA) to advance important redevelopment projects.
New funding, up to $50,000 per project, can now be accessed by municipalities to finance feasibility studies and other predevelopment costs associated with redevelopment projects, including planning and marketing expenses. These funds were previously available only to community development organizations.
The new predevelopment funding is in accord with Governor Jon S. Corzine’s Economic Growth Strategy to advance commercial real estate development that is integral to neighborhood revitalization. “These funds will support economic development initiatives that help to revitalize communities and provide jobs,” said EDA Chief Executive Officer Caren S. Franzini.
For example, they can be particularly useful in cases where a municipality may be looking to redevelop a brownfields property. Often such a project can stall after brownfields investigation and remediation due to a lack of planning and marketing funds to support redevelopment, Franzini said.
“Expanding the uses of these predevelopment monies to include planning and marketing will provide the funding necessary to move these projects to the next stage of redevelopment,” she said.
The assistance, being made available through the EDA’s Fund for Community Economic Development, would be repaid through the proceeds of the sale of the project site, or three years from the date of funding, whichever is later. Repayment would not be required if the project is not feasible.
Expanded EDA Predevelopment Resources
To learn more about this EDA resource, call the EDA at (609) 777-4898. To access an Application for Financial Assistance, visit www.njeda.gov/applications.asp.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.