TRENTON, N.J. (February 10, 2020) – The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved an Economic Redevelopment and Growth (ERG) Program tax credit for the redevelopment of Hinchliffe Stadium in Paterson, New Jersey. The redevelopment of the historic stadium, which has been vacant for decades, will include a museum honoring the site’s history as a Negro League baseball stadium, a stadium and recreational center for the Paterson community, affordable housing for seniors, a restaurant and event space, and a parking garage.

“The Hinchliffe Stadium redevelopment is an exciting project that will have a significant impact in Paterson and provide a valuable economic boost for New Jersey at a time when the COVID-19 pandemic has hurt our economy,” said NJEDA Chief Executive Officer Tim Sullivan. “This project will create jobs, provide much-needed affordable housing for seniors, and bring valuable community assets to Paterson. Furthermore, rehabilitating a historic landmark that was the site of major accomplishments by Black athletes will send an important message that New Jersey values our diverse residents and is committed to supporting and celebrating their achievements. The NJEDA is proud to support this project and we look forward to working with Mayor Sayegh to see it through to completion.”

“The resurrection of Hinchliffe Stadium is not just about an historic ballpark, but about uplifting a neighborhood in a city that is making strides toward its own revitalization,” said Senator Nellie Pou. “While it has been tragic to see Hinchliffe fall into disrepair over these many years, today we imagine a new Hinchliffe that will not only look back at the sacrifice and endurance of such players as Paterson’s own Larry Doby, but will one day provide an opportunity for future boys and girls who can be inspired by its very existence toward their own unique greatness. This ERG award will nurture the future of Hinchliffe Stadium, and its surrounding neighborhood, so that together they will once again become a vibrant part of Paterson, a sorely needed recreational asset for its young people, and a source of renewal for the entire city for many years to come.”

“I’m extremely excited for the Hinchcliffe Stadium redevelopment project in Paterson,” said Assemblywoman Shavonda Sumter. “The city, as well as the State of New Jersey, will benefit from the economic stimulus this type of grand scale revitalization will provide. The Paterson community has been hit hard during COVID-19. This project will play a pivotal role in helping families and businesses rebuild stronger post-pandemic.”

“The Hinchcliffe Stadium revitalization project is great news for the City of Paterson,” said Assemblyman Benjie Wimberly. “This all-encompassing project is just the kind that changes a community and helps its citizens grow and thrive. Job creation, a strong economic boost, and safe housing for seniors are more than welcomed, Paterson deserves it. In addition, the cultural impact in honoring the site’s history as a Negro League baseball stadium with a museum, a stadium, and a recreational center for the community will finally recognize Paterson’s esteemed place in sports history.”

“The revitalization of Hinchliffe Stadium is the economic boost Paterson needs as we begin our recovery from the COVID-19 pandemic and continue to build up our city,” said Paterson Mayor Andre Sayegh. “Hinchliffe Stadium is an iconic part of Paterson’s history that has been left vacant and in disrepair for too long. I thank the Paterson City Council, Paterson School Board, and many other local leaders who have helped move this project forward. The NJEDA support approved today will allow us to finally begin the process of restoring this historic site and adapting it to the needs of today’s Paterson residents. I am thrilled the NJEDA Board has chosen to support this project and eagerly anticipate the many benefits this project will bring to Paterson.”

“Bringing back this historic stadium will not only have a positive impact on people’s lives, but it will also pay proper tribute to the Negro League legends who played on this field,” said former professional baseball player Dwight “Dr. K” Gooden.  

“Paterson is a magical place for me and my family. My hope is that other Patersonians can excel on this hallowed ground just like my father did,” said Larry Doby, Jr., son of Larry Doby, a baseball Hall-of-Famer who was the second Black player in the Major League.

Paterson is a city in need of transformative investment. The median income in the city is just $28,000 and the current unemployment rate is above nine percent – double the national average. Many Paterson residents live in homes that are more than 50 years old. This is problematic for many tenants and is particularly dangerous for seniors.

The Hinchliffe Stadium redevelopment project will play a central role in addressing these challenges and positioning Paterson for long-term success. The project site, a National Historic Landmark that hosted two Negro League baseball teams, is currently vacant and in a state of dangerous disrepair. The planned redevelopment honors the history of this site while providing much-needed resources to the residents who call Paterson home today.

The revitalized Hinchliffe Stadium will incorporate a variety of valuable community assets that will provide resources and job opportunities for Paterson residents. The site will include a 7,800-seat stadium and recreational and cultural facility with a museum dedicated to Negro League baseball. The project will also include 75 units of affordable housing for seniors and a 12,000 square-foot restaurant and event space. To accommodate residents and visitors, the project also includes a 315-spot parking garage.

This redevelopment will provide essential resources for the Paterson community. Paterson public schools will use the stadium for sports games, graduations, and other events, and the event space will host public recreation programs. In addition to providing new, affordable housing for elderly residents, the senior housing will include on-site social services for residents. The project will create 182 construction jobs and more once the stadium, restaurant, and event space are open.

Revitalization of Hinchliffe Stadium is slated to begin in March 2021 with anticipated completion in August 2022. RPM Development L.L.C. and BAW Development L.L.C. will lead the redevelopment. RPM is a leading developer of affordable housing in New Jersey, with experience in developing, constructing, and managing affordable housing properties. BAW Development is a minority-owned business that specializes in residential and mixed-use properties. The CEO of BAW Development is from Paterson. Life Management, Inc., a New Jersey-based nonprofit, will provide on-site social services for senior residents.

Per statutory requirements, the ERG tax credit approved today includes 80 percent of eligible project costs associated with non-parking components and 100 percent of the eligible costs associated with the parking components of the project. Developer fees, acquisition costs, and other ineligible expenses are excluded from the calculation of the award. No tax credits will be distributed until the NJEDA certifies successful completion of the project.

In addition to the ERG award approved today, The New Jersey Housing Mortgage Finance Agency (NJHMFA) and the Department of Community Affairs (DCA) have committed funding to support the redevelopment of Hinchliffe Stadium. The project has also received funding from the City of Paterson and private investors.

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 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. (February 5, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program will be deferred. Pre-registration was scheduled to open on Wednesday, February 10, 2021. The Authority has not announced a new date for the program.

The Authority deferred the launch of the program to accommodate the rollout of additional federal Paycheck Protection Program (PPP) financing for small businesses, which had not been announced when the NJEDA was preparing to launch the Small Business Emergency Assistance Loan Program. To date, more than $2.1 billion has already been loaned to New Jersey businesses through the PPP. The deferral will allow the NJEDA to tailor the Emergency Assistance Loan Program to address gaps in the availability of federal financing and more effectively meet businesses’ unique needs.

The NJEDA will share additional updates on the Emergency Assistance Loan Program and other COVID-19 relief resources as they become available. Information will also be shared on the COVID-19 Business Hub: https://cv.business.nj.gov.  

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 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. (February 1, 2021) – The New Jersey Economic Development Authority (NJEDA) and the Federal Reserve Bank of Philadelphia today announced that they have signed a Memorandum of Understanding (MOU) to create a Research in Action Lab on the topic of minority-owned small businesses.

Research in Action Labs are part of the Economic Growth and Mobility Project, an initiative of the Federal Reserve Bank of Philadelphia dedicated to promoting equal access to economic opportunity for all.

“Minority-owned businesses are bearing the brunt of the current COVID-19 pandemic, and this research collaboration will help to fuel decisions about how to most effectively and expediently expand equitable access to opportunities for business owners who have historically faced obstacles when it comes to acquiring capital,” said NJEDA Chief Executive Officer Tim Sullivan.

“The New Jersey Economic Development Authority interacts with small businesses every day and addresses economic inequities head on,” said Ashley Putnam, director of the Economic Growth and Mobility Project at the Federal Reserve Bank of Philadelphia. “The Philadelphia Fed is excited to partner with the NJEDA who will provide valuable insight into the challenges businesses are facing in their local communities throughout this partnership.”

“Supporting minority-owned businesses is vital to achieving a strong and equitable recovery from the COVID-19 pandemic,” said NJEDA Chief Community Development Officer Tai Cooper. “Partnering with the Philadelphia Fed to gain insights into the unique challenges these businesses are facing during the pandemic and expect to face during recovery will help us to craft programs that address their needs and open the door to long-term success.”

A Research in Action Lab moves research into action on a specific issue of poverty and economic mobility impacting a community. The goal of this Research in Action Lab is to explore innovative solutions through cross-sector partnerships:

  • Institutionalize partnerships: Convene stakeholders across sectors to address systemic issues of economic inequality related to minority-owned small businesses.
  • Pilot and innovate solutions: Explore public-private partnerships, innovative models, and opportunities to pilot and scale impact.
  • Affect systems change: Bring research to bear on critical issues affecting minority-owned small businesses; impact policies at a state, local, and federal level; shift narratives and mindsets around critical issues; and elevate the voices of those most impacted.

Through the MOU, the NJEDA and the Federal Reserve Bank of Philadelphia are each committing to dedicating staff and organizational capacity to the Research in Action Lab and to sharing their expertise, partnerships, and relationships to advance research efforts and stakeholder conversations that will help to address the particular issues minority-owned businesses are facing. The Federal Reserve Bank of Philadelphia will take lead on efforts to identify national best practices on such issues and elevate the work of local stakeholders on a national stage. The ultimate goal of this partnership is to identify and pilot approaches and innovations for addressing disparities in accessing resources for small business growth.

The NJEDA and the Federal Reserve Bank of Philadelphia first began collaborating in the fall of 2020, when the NJEDA helped to promote the Federal Reserve’s Small Business Credit Survey, an annual survey of small businesses in the United States that aims to provide advocates and policymakers with insights they can use to address small businesses’ needs. The NJEDA worked with the Reserve Banks to drive responses from underrepresented businesses with a particular focus on learning more about minority- and women-owned firms.

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

About the Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises state member banks, bank holding companies, and savings and loan holding companies; and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.

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State Resources Support Small Business Expansion

TRENTON, N.J. (January 11, 2017) –  The growth of many small- and mid-sized businesses throughout New Jersey was supported in 2016 by tailored financing solutions created from a toolkit of programs administered by the New Jersey Economic Development Authority (EDA). 
 
“Each of the businesses that make up New Jersey’s diverse small business community have unique financing needs, and in some instances, a business is best served through a combination of EDA programs,” EDA Chief Executive Officer Melissa Orsen said.  “We encourage businesses of all sizes to explore the creative and versatile solutions the EDA offers.”
 
Through its traditional financing programs, which include direct loans, bank participations and guarantees, and tax-exempt bonds, the EDA supported the growth and sustainability of a wide range of small- and mid-sized businesses and not-for-profit organizations across New Jersey in 2016 with more than $538 million in financing, leveraging more than $920 million in public/private assistance. These 157 projects are associated with the expected creation of approximately 1,270 new jobs and an estimated 4,700 construction jobs. 
 
In some cases, EDA small business programs serve as a complement to tax credits offered under the Grow New Jersey (Grow NJ) program, which is administered by the EDA under the Economic Opportunity Act. Through Grow NJ, the State’s primary job creation and retention program, companies with as few as 25 employees may be eligible for “per job” tax credits associated with relocating to New Jersey or creating and retaining jobs at risk of moving elsewhere.
 
In Middlesex County, New York Popular, Inc. is utilizing a $1.1 million EDA direct loan to acquire and expand a 54,560-square-foot facility consisting of three buildings in Carteret. The company, an apparel wholesaler, was also approved for a $5.3 million tax-exempt bond, and Grow NJ tax credits of $9.7 million over 10 years to encourage the company to relocate all of its operations from Brooklyn, New York, creating 150 new jobs.

Through the EDA’s Premier Lender Program, the EDA partners with more than two dozen banks. Businesses benefit from low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital, and/or the refinancing of other bank debt.

In Ocean County, Rubbercycle, LLC, a manufacturer of top quality rubber and surfacing for military, commercial and residential use, closed on a $13.5 million loan with Premier Lender TD Bank that included a $2 million EDA participation to acquire a property in Lakewood to house its operations. The company was also previously approved for Grow NJ tax credits of up to $2.4 million over 10 years to encourage it to remain and grow in New Jersey, where it will retain 25 jobs and create 15 new positions, rather than relocate its operations to New York.

Also approved for a TD Bank loan under EDA’s Premier Lender program was Liscio’s Bakery in Glassboro, Gloucester County. In 2016, Liscio’s closed on a $5 million loan with a $1 million EDA participation to help the bakery purchase equipment. Liscio’s, which provides baked goods for wholesale customers in the Mid-Atlantic region, was approved previously for Grow NJ tax credits of up to $13.5 million over 10 years to encourage the company to remain and expand in Glassboro, where it will create 71 new jobs and retain 176 jobs that were at risk of leaving for Pennsylvania. 
 
“The support offered by the EDA has enabled Liscio’s to remain and grow in New Jersey,” said Liscio’s co-owner Chad Vilotti. “As a small and growing business, EDA programs have helped us overcome challenges and ultimately create jobs.”
 
To learn about EDA resources for small businesses and not-for-profits, visit www.njeda.gov/small_midsize_business and follow @NJEDAWasHere on Twitter and LinkedIn.
 
The EDA is part of the state’s results-driven Partnership for Action. Led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 

All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

 

New Program Supports Manufacturing of Innovative Clean Energy Technologies

 

TRENTON, N.J. (May 29, 2009) – The second solicitation for financing by the State of New Jersey under the Clean Energy Manufacturing Fund will begin June 1. The recently launched program was specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, and will enable the state to take a leadership role in the clean technology industry by promoting new green jobs and growth while addressing the goals of Governor Jon S. Corzine’s Energy Master Plan.

 

The program is funded by the New Jersey Board of Public Utilities (BPU) and administered through the New Jersey Economic Development Authority. The solicitation period opens June 1, and is scheduled to close on July 15.

 

“The Clean Energy Manufacturing Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey while also supporting the creation of green collar jobs in the Garden State,” said Caren S. Franzini, chief executive officer of the EDA.

 

“Our continued partnership with the EDA will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming,” added BPU Board President Jeanne M. Fox.

 

Through the Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.

 

Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion.

 

To take advantage of this program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.

 

Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. Class I renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.

 

To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.

 


 

 

New Program Supports Innovative Clean Energy Technologies
 
Trenton, N.J. (February 25, 2009) – Financing is now available from the New Jersey Economic Development Authority (EDA) for the Edison Innovation Clean Energy Manufacturing Fund, a program which will enable New Jersey to take a leadership role in the clean technology industry by promoting new jobs and growth in the state while addressing the goals of New Jersey’s Energy Master Plan.  The program represents an expansion of the state’s Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, which was created to spur innovation, create new, high-paying jobs and cultivate an entrepreneurial environment for technology and life sciences companies in New Jersey.

The Clean Energy Manufacturing Fund was specifically designed to support companies looking to site a Class I renewable energy or energy efficiency product manufacturing facility in New Jersey. The program is funded by the New Jersey Board of Public Utilities and administered through the EDA.


“Governor Corzine’s Economic Growth Strategy places a high priority on encouraging innovation, and the Clean Energy Manufacturing Fund will ensure New Jersey remains on the cutting-edge of cleantech development,” said Caren S. Franzini, chief executive officer of the EDA.  “In addition to supporting economic growth in the state, businesses receiving support under this Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey.”


“The Board of Public Utilities is excited about our new partnership with the EDA,” added Board President Jeanne M. Fox.  “It will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming.”


Through the Edison Innovation Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation.  In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.  Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest ten-year loan to support site improvements, equipment purchases, and facility construction and completion.


To take advantage of this new program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development.  A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.  Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. 


To learn more about the Edison Innovation Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.