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July-27-2009

(Blog editor-in-chief Ted Zangari, founder of the Smart Growth Economic Development Coalition, second from left, watches Gov. Jon Corzine enact the NJ Stimulus Act of 2009.)

Long term initiatives focus on continued rebuilding of economy

NEWARK – Governor Jon S. Corzine today signed economic recovery legislation to further reinvigorate the Garden State economy through a series of enhanced economic development measures.

“Without a doubt, the current global economic crisis has presented us with of one our greatest challenges, but it is also one of our greatest opportunities,” said Governor Corzine. “Last October, we introduced a far reaching and multi-faceted Economic Recovery and Assistance Plan. Today we are building upon those initiatives with this additional recovery legislation that will help our economy and citizens grow stronger and more prosperous.”

The bill, S-2299/A-4048, establishes an Economic Redevelopment and Growth (ERG)

Grant Program; revises the Urban Transit Hub Tax Credit Act and the Technology Business Tax Certificate Transfer Program; places a moratorium on COAH “Statewide Non-Residential Fee Act” and authorizes grants to municipalities for affordable housing and improves the financing of higher education facilities in New Jersey.Continue Reading Governor Corzine Signs New Economic recovery Legislation

The following is a speech delivered this morning by Sen. Raymond J. Lesniak, sponsor of the Economic Stimulus Act of 2009, to the NJ Business & Industry Association:

"I've been calling my economic stimulus legislation, which now awaits Governor Corzine's signature, “The most powerful economic growth tool on the planet.” Some have asked, "On the…

A discussion paper on potential changes to lease accounting was released in March by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. According to the discussion draft all operating leases for real estate and equipment will have to be capitalized on corporate balance sheets and rent expenses will be dramatically altered.…

The recent economic tsunami has already devastated the commercial real estate sector. But another wave of bad news is about to hit owners of commercial real estate. The economic downturn has drastically reduced state tax revenues, and state officials are responding by significantly cutting state aid to municipalities and school districts. Why is this bad…

State Senator Raymond Lesniak's statement opening a State Senate hearing to be held later this month on reforming the policies of the Council On Affordable Housing (COAH).

I come here today not to praise COAH, but to bury it. In my 31 years of working with government's bureaucracy, I have never experienced an agency that…

Over 40% of New Jersey’s municipalities recently filed Housing Elements and Fair Share Plans with COAH meeting the December 31, 2008 deadline. A complete list of municipalities is set forth on COAH’s website

Under COAH’s Scarce Resource Order, municipalities within the Highlands generally have until December 8, 2009 to submit Housing Elements and Fair Share…

Blue Ribbon Panel to Spur Economic Development

TRENTON, N.J. – Governor Jon S. Corzine today announced the formation of a blue ribbon advisory panel known as the New Jersey Real Estate Advisory Board. The panel will be comprised of economic development leaders throughout the State, representing a cross-section of New Jersey’s major industry sectors.

“New…