Presentation on theme: "October 19, 2011 Financing Economic Development in an Era of Fiscal Austerity Tim Lizura Senior Vice President, Finance & Development Atlantic County Economic."— Presentation transcript:
October 19, 2011 Financing Economic Development in an Era of Fiscal Austerity Tim Lizura Senior Vice President, Finance & Development Atlantic County Economic Forum Beyond the Boardwalk
2 Tax Environment Vetoed income tax rate hike Allowed corporate business tax surcharge to sunset Signed 2% property tax cap Enacted a single-sales-factor formula and provided for loss carry-forwards Increased R&D tax credit to 100 percent Reduced minimum business tax paid by Subchapter S Corporations 25% Regulatory and Legislative Climate Established Red Tape Review Commission Created the Office of Economic Growth and Green Energy at DEP Signed BRRAG measure Signed law establishing FMERA Advanced plan to revitalize Atlantic City Supportive of Grow NJ Aggressive Outreach Empowered Secretary of State to guide large, complex projects through the permitting and approval process Launched Proactive Business Calling Plan Lt. Governor Embarked on Statewide “100 Business Tour” Unveiled the Partnership for Action Making New Jersey a Home for Growth Governor Chris Christie’s Economic Development Initiatives
3 New Jersey Business Action Center Lt. Governor Kim Guadagno Partnership for Action
4 Provides capital for project development. Offers incentive programs to attract and retain business. Connects small businesses to funding opportunities. Operates technology centers to assist emerging research and development companies. New Jersey’s “Bank for Business”
5 Cedar Shopping Centers Cedar Shopping Centers was approved for up to $20.4 million under ERG to support the redevelopment of the Shore Mall in Egg Harbor. The $102.7 million project includes 602,562 sq. ft. of space, with a focus on converting the site into a mixed-use, open-air shopping center with retail, restaurant and commercial space. The redevelopment will also include off-site infrastructure improvements to alleviate congestion, increase traffic safety and provide direct access to the project from the Parkway. The redeveloped Shore Mall will create approximately 829 full-time retail and restaurant jobs, and 550 construction jobs. The project will also retain 677 jobs.
6 Revel Atlantic City Governor Christie created a tourism district within Atlantic City in February to improve public safety and public health and generate economic activity. At that time, the Governor also announced the restart of the Revel project, clearing the way for completion of the $2.8 billion project. Through ERG, Revel will receive up to $261.3 million over 20 years. The project is expected to create 5,400 construction jobs and 5,500 new, full-time jobs In addition to the Casino, Revel will undertake various other development projects, including infrastructure improvements along Rhode Island Avenue and boardwalk reconstruction.
7 Marina Thermal Facility Expansion The Marina Thermal Facility has been successfully operating since 2003. Through the ARRA CHP Program, EDA provided a $3.2 million grant to establish a 7.965 cogeneration plant to expand the District Energy Center in Atlantic City currently serving the Borgata Casino. The project emphasizes the long-term vision of creating a District heating and cooling system that will serve the Renaissance Pointe area and support Atlantic City’s continuing revitalization. The expansion of the facility is expected to create 50 construction jobs.
8 Next Gen Aviation Research & Technology Park With the development of the Next Gen ARTP, the State is building on its existing foundation to become the major player in the aviation industry and create high- paying, technology jobs in southern New Jersey. To support the efforts of the William J. Hughes Technical Center, Atlantic County, the Atlantic County Improvement Authority, Stockton State College and the SJEDD, EDA provided $50,000 in 2005 to fund a study to determine the project’s feasibility. By 2010, SJEDD started the infrastructure improvements and design process for the first building on the site. Features: 58 acres; seven multi-story buildings with over 400,000 sq. ft. of research facilities; expected to employ 2,000; connectivity to FAA data, systems and labs.
9 Small Business Support Family-owned G-Boys Excavating received a $350,000 line of credit from The Bank with a 50% EDA participation through the Main Street Business Assistance Program to help the Hammonton-based construction services company meet working capital and refinancing needs. G-Boys expects to add four new employees to its existing staff of 22. Through the New Jersey Business Growth Fund, a partnership between the EDA and PNC Bank, Galloway Pediatrics received a $385,000 loan with a 25% EDA guarantee to refinance its mortgage. Founded in 2005, the company expects to create five new jobs and maintain its existing staff of four.
10 Tim Lizura Senior Vice President, Finance & Development New Jersey Economic Development Authority firstname.lastname@example.org Business Action Center: (866) 534-7789 www.njeda.com www.NewJerseyBusiness.gov