Business Facilities - March 2008 - (Page 46)

METRO SPOTLIGHT Jersey City, New Jersey By Michelle Janowitz REINVENTING JERSEY CITY important transportation and distribution center, and it is also home to a variety of businesses, from manufacturing plants to financial offices. Beginning in the 1980s, development of Jersey City’s waterfront helped launch a renaissance for the city, and led to the development of the Exchange Place Financial District, also known as “Wall Street West,” one of the largest banking centers in the United States. The number of FIRE (financial, insurance, and real estate) industries that operate in the city has grown 500% in the past 16 years. Redevelopment efforts are still underway all over the city. ersey City, NJ, located in Hudson County, lies on the west bank of the Hudson River across from lower Manhattan in New York City. The city has a population of 241,791, making it New Jersey’s second-largest city, right behind Newark. With 11 miles of waterfront and significant rail connections, Jersey City is an J DID YOU KNOW THAT… Since 1993, the city has seen $10.7 billion in capital investment from companies expanding or relocating within UEZs. In the past five years, the program has invested nearly $33.3 million in 61 projects through Assistance Funds generated from the 3.5% sales tax in the zones. Some 35,000 new jobs have been created since the inception of the UEZ program. in Jersey City there’s no city income tax, no corporate tax, no payroll tax, and no commercial rent tax? Compared to Manhattan, utility rates are 30% lower, operating costs are 35% less, and the average advertised rent for Class A office space is about one-third cheaper. JERSEY CITY: Making Business EZ Since 1986 I n 1986, Jersey City entered into the New Jersey Urban Enterprise Zone (UEZ) program and designated several areas throughout the city as UEZs. The program allows businesses to buy and sell goods and services at a 3.5% tax rate—half the normal New Jersey sales tax. It also affords member businesses the chance to take advantage of employee tax credits, reduced unemployment insurance tax, and a variety of grants. UEZ Funds at Work PHOTO CREDITS: FLICKR.COM; JCEDC.ORG n January, a ribboncutting in Jersey City celebrated facade improvements undertaken as part of the Block Front Program on Monticello Avenue, an important commercial strip in the city. Around $1.3 million in UEZ funds were used to help with cleaning, painting, and an assortment of 46 MARCH 2008 I repairs and upgrades. Thirteen commercial buildings in the area participated in this renovation project. “The financial support provided by UEZ to this type of neighborhoodbased economic redevelopment is crucial to the viability of our neighborhoods,” says Jersey City Mayor Jerramiah Healy. Each commercial property that participated in the program signed up through a partnership between the Jersey City UEZ and the Property Easement Grant programs, with the stipulation that each building owner maintain these improvements for up to five years and have no previous liens on the property.

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Business Facilities - March 2008 Contents First Word Snapshots California Seeks Immigration Reform To Spur Economic Growth Outside the Biotechnology Clusters Global Biotech Competition Heats Up Location Is Key To Your Bottom Line New Incentives For New Hampshire Metro Spotlight: Jersey City, NJ Europe's Center For Goods, Real and Virtual Access Your Markets From Pennsylvania Corporate Moves: Illinois Louisiana Upgrades Important Port Road Projects To Accelerate Michigan's Economy Corporate Moves: South Carolina Metro Spotlight: Salt Lake City, UT Advertiser Index Inside LiveXchange

Business Facilities - March 2008

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