NJEDA Property Acquisition Redevelopment Fund Listening and Information Session

The new $25 million Property Acquisition Redevelopment Fund will be a pilot program set to facilitate and enable the future redevelopment of the properties as commercial, manufacturing, or mixed-use development projects in support of local or regional economic development plans and priorities. Funding will be available to municipalities, counties, redevelopment agencies, and local economic and community development nonprofits for the acquisition of a vacant site, building, facility or collection of properties. Input from potential applicants is needed. Join this virtual listening and information session to learn more about the proposed program and funding opportunity and to provide comments and input as program structuring details are under development. NJEDA Executive Vice President of Real Estate Development & Programs Dan Jennings and Director of Real Estate Programs Liza Nolan will provide a brief overview of the new program concept and will solicit feedback and comments from interested parties. Future development/redevelopment uses may include office, commercial, manufacturing, transit-oriented development, or mixed-use development projects. Ineligible future uses would be a primarily government building/use, warehouse, 100% residential, or all retail. This program is not for land banking and program funds cannot be used for future project planning, pre-development costs, or actual future construction development. Program funding will likely be structured as grant funding, with a deed restriction on the property so that if the future development project does not occur or is not completed within approved timeframe, then the NJEDA funds would be recaptured. Applicants can anticipate that program funding could cover up to 80% of property acquisition costs and applicants would need to fund a minimum 20% of the costs. During the session, NJEDA staff will be open to comments on the proposed program details and are soliciting feedback more generally.