listen to this articleThe New Jersey Economic Development Authority (NJEDA) this week began its February board meeting to commemorate its 50th anniversary in 2024.
And at the conference, rich examples of the kind of work NJEDA is doing were on full display, including numerous projects, initiatives, and grants moving forward.
As NJBIZ reported on February 8, NJEDA approved a large mixed-use NJPAC district project in Newark with nearly $200 million in Aspire tax credits.
The board also approved a $25.1 million real estate revitalization development grant under the Revitalization, Revitalization, and Transformation (ART) program. The move will support 13 projects in Newark and Atlantic City as they continue to battle the aftermath of the pandemic.
“New Jersey's downtowns are vital to our state's economy and culture, and Governor Phil Murphy has been committed to leading the revival of these downtowns in the wake of the pandemic,” said NJEDA CEO Tim Sullivan. ” he said. “The funding awarded today will enable us to remediate vacant and blighted properties to encourage businesses, commuters and residents to return to the city centre.”
Additionally, the second phase of a $5 million child care facility improvement program was approved.
“So many working families rely on family child care homes for the safety and well-being of their children,” Sullivan said. “The second phase of the Child Care Facility Improvement Program expands eligibility to include these critical home-based operations and ensures registered FCCs across New Jersey have access to the resources they need to provide quality child care services. will do so.”
Earlier this week, NJEDA announced that applications for the second phase of its popular manufacturing voucher program will soon open. The effort received a $20 million grant in the most recent state budget.
“Now more than ever, it’s essential.”
But how did we get here? On August 7, 1974, then-Governor Brendan Byrne signed NJEDA into law.
It was designed to create jobs for working men and women in the state through organizations that sought to attract new industries while expanding existing ones.
“Fifty years after its founding, 10 governors, and as we continue to build and shape a stronger, more equitable New Jersey economy that supports good-paying, family-supporting jobs of the future, NJEDA’s work continues to grow. “It's more essential than ever,” he said. Governor Phil Murphy said in a press release. “The agency's role has continued to grow and evolve over the years as new challenges arise. Through it all, NJEDA has remained agile, listening and responding to the needs of businesses and communities large and small. I have done so.”
Murphy says the result has been tremendous economic growth in recent years, transforming New Jersey into one of the best states in the nation to start and grow a business.
still working
The Administration points to efforts under its watch to provide and create cross-sector resources in a variety of ways for New Jersey's entrepreneurs, small businesses, local governments, and developers. Officials also noted NJEDA's assistance to Garden State businesses during emergencies such as Superstorm Sandy and the COVID-19 pandemic.
Mr. Sullivan commends the Governor and the Legislature for entrusting NJEDA to develop and implement resources that will address the needs of New Jersey businesses and actively promote the growth of industry and development projects.
“We are committed to creating opportunities for New Jerseyans of all backgrounds and driving growth in New Jersey’s economy by 2024, creating 50 years of new jobs, driving economic activity, and revitalizing communities.” We will continue to build on the momentum,” he said. sullivan.
You can read more about NJEDA's activities, recent developments, and upcoming projects/initiatives from a recent interview with NJBIZ's Mr. Sullivan here and here.
