State Public Financial Incentives

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Since its launch more than two years ago, the New Jersey Aspire tax credit incentive program (“NJ Aspire”) has not been the deal-closing fund that redevelopers have so desperately needed. Thus far, NJ Aspire, like the “ERG” program which preceded it, has been unable to close, or even substantially narrow, projected financing gaps on most potential redevelopment projects across the state’s urban centers.…

Continue Reading Summary of the Revised “NJ Aspire” Redevelopment Incentive Program

On September 1, the New Jersey Economic Development Authority (EDA) announced its plan to institute a new financial incentive program called the “Brownfields Redevelopment Incentive (BRI) Program,” part of the New Jersey Economic Recovery Act, to spur brownfield redevelopment in New Jersey. The EDA requested public feedback based on information it provided to the public (EDA Information), so that it may tweak the program before the program is established. The EDA held information sessions on September 7 and 8, to present a summary of the program. The slides provided by the EDA at the BRI information sessions are linked here and provide a detailed summary of the program. Following are highlights of key aspects of the proposed program, as set forth in the EDA Information:
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Continue Reading New Jersey Economic Development Authority Proposes Brownfields Redevelopment Incentive Program