LANDMARK LEGISLATION WILL ENABLE STATE TO CREATE AN EVEN MORE BUSINESS FRIENDLY CLIMATE
TRENTON, N.J. (November 15, 2013) — The Board of the New Jersey Economic Development Authority (EDA) took action today to authorize the Authority to begin accepting applications for incentive programs provided under the New Jersey Economic Opportunity Act, signed into law by Governor Christie on September 18, 2013. As a result, applications for the Economic Redevelopment and Growth (ERG) and the Grow NJ Assistance (Grow NJ) programs will be available from the EDA beginning November 18.
“The ERG and Grow NJ programs will create a positive impact in terms of New Jersey’s ability to compete regionally, nationally and in the global economy,” said Michele Brown, CEO, EDA. “These incentive programs provide additional tools and will give businesses more opportunities in New Jersey.”
The ERG and Grow NJ programs accepted by the EDA Board are intended to help improve the state’s economy by stimulating new economic development and job creation including, but not limited to, certain smart growth areas and distressed municipalities. The Act merged the state’s five largest economic development incentive programs into two, while expanding the geographic boundaries and lowering eligibility thresholds for the Economic Redevelopment and Growth (ERG) and Grow NJ Assistance (Grow NJ) programs. Under the approved rules, the Grow NJ program is now the state’s main job incentive program and the ERG program is the key developer incentive program. The new rules implementing the Economic Opportunity Act also build on Governor Christie’s commitments to helping small and mid-size businesses and reclaiming New Jersey’s cities. The revised Grow NJ program lowers capital investment and employment eligibility requirements to enable more smaller businesses to qualify for incentives. The revised programs also place extra emphasis on spurring development and private sector job growth in “Garden State Growth Zones,” identified in the legislation as the four lowest median family income cities in the state: Camden, Trenton, Passaic City, and Paterson. Projects in these cities will have significantly lower eligibility thresholds and higher incentive levels.
For a summary of the GrowNJ business incentive program, click here.