Gov. Chris Christie today signed a bill creating the Grow New Jersey Assistance Program, a measure that will set aside at least $200 million in incentives to help economic development in areas beyond the state’s nine so-called Urban Transit Hubs.
The bill has been touted for months by real estate developers and economic development advocates as a way to breathe new life into struggling suburban areas and properties, as incentive programs help revitalize cities like Newark and Jersey City.
In a prepared statement, Christie said the bill “recognizes and builds on the success of the Urban Transit Hub tax credit,” which was created in 2008 and is administered by the state Economic Development Authority. Grow New Jersey’s allocation will be drawn from the $1.5 billion tax credit cap established under the legislation that created the Urban Transit Hub tax credit program.
Under Grow New Jersey, eligible businesses will receive annual tax credits between $5,000 and $8,000 for 10 years for each full-time job created or retained. To be eligible, a business must retain 100 full-time jobs or create at least 100 full-time jobs in an industry the EDA deems desirable. The recipient also must make a capital investment of at least $20 million in a qualified incentive area.
The Grow New Jersey bill further amends the Urban Transit Hub program by expanding properties eligible to apply for incentives, including medical facility sites, vacant hospital sites and federally designated neighborhoods within one mile of a rail station.
Coming Monday: A look at sites that are aiming to benefit from the Grow New Jersey program. Only at NJBIZ.com.