Business Facilities - February 2009 - (Page 37)

FEATURE STORY Growth Magnets (Continued from page 16) and amended the corporation business tax to mirror federal law, so businesses can now realize the tax benefits of carrying forward net operating losses over a 20-year period, rather than over a seven-year period. “This will help companies create jobs and invest in their business,” says Franzini. “We want to make the business climate stronger for companies to consider our state.” New Jersey’s economic incentives this past year and into 2009 also focus on creating economic revitalization in the state’s urban centers. In 2008, NJ’s Urban Assistance Program, administered by the state’s Economic Development Agency, supported 146 projects, delivering nearly $300 million in financing assistance “ We are helping companies create jobs and the business climate invest. We want to make stronger for our state. —Caren Franzini, NJEDA ” and business incentives, nearly $975 million in total investment, and more than 4,000 new jobs. Another key component of New Jersey’s urban program is its Urban Fund, which provided financing and business incentives for 73 projects totaling nearly $192 million in 2008. These projects are expected to result in a total investment of nearly $795 million and the creation of more than 3,000 new jobs. One key project under the Urban Fund included CityWorks to support the redevelopment of West Lake Avenue in Neptune, NJ, an economically distressed area that has been in decline since the 1960s. CityWorks received a $12.7-million New Markets Tax Credits Program loan, a $2million Local Development Financing Fund loan, a $1-million EDA guarantee of a $10.7-million TD Bank loan, and a $250,000 direct loan through the Brownfields Redevelopment loan program. The $18.75-million redevelopment project is serving as a catalyst for economic growth throughout the community and is expected to create Jersey City’s UEZ: Another 15 Years of Success on Tap M PHOTO CREDIT: STOCK.XCHNG.COM ayor Jerramiah T. Healy announced with pride last year that the New Jersey Commerce Commission had approved the extension of Jersey City’s Urban Enterprise Zone program for another 15 years. The state’s decision was both a validation of the UEZ program’s record of success and a long-term commitment to urban development in Jersey City. “We appreciate the vote of confidence we received from the New Jersey Commerce Commission with this renewal, and look forward to continuing our partnership with them in making Jersey City New Jersey’s premier city,” Mayor Healy said. The extension of the UEZ program, administered by the Jersey City Economic Development Corporation, will enable Jersey City to undertake bigger and better improvement projects within UEZ areas. The New Jersey Urban Enterprise Zone program was created in 1983 to foster an economic climate that revitalizes communities and stimulates their growth by encouraging businesses to develop private-sector jobs through public and private investment. Qualified businesses in the UEZ are eligible for tax incentives, reduced unemployment insurance, busi- Jersey City skyline ness counseling and marketing support. Certified UEZ retailers collect just 3.5% sales tax—half the normal sales tax—an attractive incentive that they may display in their establishments and incorporate in their advertising. About one-third of Jersey City’s neighborhoods—nearly all of the commercial areas—have been designated as part of the UEZ. Funds from the sales-tax collection in these areas are reinvested in Jersey City business development programs, and used for capital investment and municipal services. Since the beginning of the UEZ in Jersey City, more than (Continued on next page) BUSINESS FACILITIES 37

Table of Contents Feed for the Digital Edition of Business Facilities - February 2009

Business Facilities - February 2009 Contents First Word Snapshots Corporate Moves: Ohio Governor's Report Growth Magnets Industry Focus: Automotive International Report: Luxembourg Corporate Moves: Tennessee Cream of the Crop in North Carolina Advertiser Index Ask the Expert

Business Facilities - February 2009

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