Making New Jersey a Home for Growth
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Making New Jersey a Home for Growth. March 14, 2012. Caren Franzini Chief Executive Officer. Making New Jersey a Home for Growth Governor Chris Christie’s Economic Development Initiatives. Partnership for Action. Lt. Governor Kim Guadagno. 3. Economic Growth “Tool Kit”.

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Making New Jersey a Home for Growth

March 14, 2012

Caren FranziniChief Executive Officer

Making New Jersey a Home for Growth

Governor Chris Christie’s Economic Development Initiatives

Partnership for Action

Lt. Governor

Kim Guadagno


Economic Growth “Tool Kit”

Development Focus

  • Economic Redevelopment and Growth (ERG) Program

  • Urban Transit Hub Tax Credit (UTHTC) Program

  • Business Employment Incentive Program (BEIP)

  • Business Retention and Relocation Assistance Grant (BRRAG)

  • Energy Efficiency Revolving Loan Fund

Employment Focus

Clean Energy Solutions

Revel Atlantic City

  • The $2 billion Revel Atlantic City project

  • involves the creation of an entertainment

  • resort on 20 acres of beachfront property in

  • the South Inlet of Atlantic City.

  • The project will serve to revitalize the Inlet

  • neighborhood with new streets, parks and

  • boardwalk, and result in the creation of

  • 5,500 new permanent jobs. In the month of

  • January alone, there were as many as

  • 1,600 men and women working at the

  • construction site.

  • Revel was approved for up to $261.3

  • million over 20 years through ERG.


Gateway Transit Village

Saker ShopRite

  • The $326 million Gateway Transit Village redevelopment is advancing at three

  • different sites in New Brunswick, leading to the development of a full-service

  • supermarket - the city’s first in two decades, a new fitness and wellness center,

  • office space, residential units, destination retail and the creation of 450 permanent

  • jobs and 3,000 construction jobs. Approved for up to $76.6 million through Hub.

  • A new, world class Shop Rite opened in Somerville last October, marking the

  • Borough’s first supermarket in five years. The $28.1 million, 70,000-square-foot

  • development also is the cornerstone of the community’s larger redevelopment plan.

  • The project created 200 construction jobs, and 235 new permanent jobs have been

  • created to date. Approved for up to $5 million over 20 years through ERG.


Wakefern Food Corp.


  • Wakefern Food Corp.and the Newark Farmers Market are advancing a $65 million

  • redevelopment project in Newark that involves the construction of 260,000 square feet of

  • warehouse space. The new distribution facility for Wakefern is expected to create over

  • 280 new jobs at full build-out. The project is supporting an estimated 550 construction

  • jobs. Approved for a total of up to $45 million.

  • Panasonic will be moving to a new, $126 million state-of-the-art facility in Newark being

  • constructed by Matrix Development Group and SJP Properties. The structure will be

  • home to 1,000 of the corporation’s employees and contractors, beginning in 2013. The

  • project supports an estimated 940 construction jobs. Approved for up to $102.4 million.

Bayer Healthcare

Watson Pharmaceuticals

  • Bayer Healthcare recently announced that they have selected the former Alcatel-

  • Lucent campus in Hanover as the site for a new corporate campus, a decision that

  • will keep 1,000 jobs in New Jersey, move 300 jobs here from out of state, and result

  • in the creation of 200 new jobs.  Bayer was among the first businesses to utilize the

  • expanded BRRAG and was also approved for a BEIP.

  • Global pharmaceutical company Watson Pharmaceuticals plans to remain and

  • grow in Morris County with the help of BEIP and BRRAG. The company is investing

  • an estimated $15 million to establish new administrative headquarters in Parsippany

  • that involves the retention of over 200 jobs and the creation of 175 new jobs.


Energy Efficiency Revolving Loan Fund

  • New Jersey-based commercial, institutional or industrial entities that have

  • received an approved Energy Reduction Plan under the BPU’s Pay for

  • Performance program can apply for a low-interest loan up to a maximum of

  • 80 percent of total eligible project costs, not to exceed $2.5 million.

  • The supplemental financing must be used for whole-building energy

  • efficiency improvements, and projects must meet the requirements defined

  • under Pay for Performance.

  • Applicants must have an energy reduction plan that defines a

  • comprehensive package of measures capable of reducing energy

  • consumption by 15 percent or more or achieving energy costs 15 percent

  • below the current energy code.

Contact the Partnership for Action:

  • Choose New Jersey

    • (609)

  • New Jersey Business Action Center

    • (866) 534-7789


  • New Jersey Economic Development Authority

    • (609)