ERROR: Macro njDefaultArticleHeader is missing!

Grapevine

Grapevine: Incentives running on empty

By

Back to Top Comments Email Print

Latest News

Marcus & Millichap complete sale of $1.22 apartment building

By Emily Bader
October 23, 2017 12:50 PM

Marcus & Millichap announced recently the sale of a multifamily property in West New York for $1.22 million, according to Brian C. Hosey, regional manager of the firm's New Jersey office. CONTINUE READING

Peapack-Gladstone Bank appoints SVP, capital markets

By NJBIZ STAFF
October 23, 2017 12:57 PM

Bedminster-based Peapack-Gladstone Financial Corp. and Peapack-Gladstone Bank announced a new member to the team of private bankers at Peapack Capital, a subsidiary of of the bank which focuses on equipment finance and leasing. CONTINUE READING

advertisement

Hampshire Cos. opens storage facility in Westwood

By Mario Marroquin
October 20, 2017 11:16 AM

The Hampshire Companies and Westwood Realty recently celebrated the ceremonial ribbon cutting of its 37 Extra Space Storage facility in Westwood. The facility, a 100,000-square-foot, 916-unit self storage property located at 15 Madison Ave., was opened by Westwood Mayor John Birkner Jr. and Council President Chris Montana. CONTINUE READING

Marcus & Millichap completes multifamily property sale in Camden

By Mario Marroquin
October 20, 2017 10:27 AM

Commercial brokerage Marcus & Millichap recently announced it has completed the sale of a 392-unit multifamily property in Camden. CONTINUE READING

Gebroe-Hammer arranges apartment community sale in Belmar

By Mario Marroquin
October 19, 2017 12:49 PM

Commercial real estate brokerage Gebroe-Hammer Associates recently announced it completed the sale of a 30-unit garden-style apartment community in Belmar. CONTINUE READING

Mountainside-based Clearlogin acquired by Pa.-based Evolve IP

By Arthur Augustyn
October 19, 2017 01:14 PM

Pennsylvania-based cloud computing company Evolve announced its acquisition of Mountainside-based Clearlogin on Thursday. CONTINUE READING

Valley National Bank appoints EVP, CHRO

By Emily Bader
October 19, 2017 11:34 AM

Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp, announced Tuesday it has appointed Yvonne M. Surowiec to executive vice president – chief human resources officer. CONTINUE READING

advertisement

The state's Urban Transit Hub and Grow New Jersey tax credit programs are running dry, and a source said the business community is now asking what happens if more “big-time” commercial development opportunities come along.

About $330 million is left to be awarded under the popular incentive programs, and $100 million has been earmarked for residential projects, according to the Economic Development Authority. Agency spokeswoman Rachel Hartman last week said there "are currently applications in house that could potentially use up the re-maining (Urban Transit Hub and Grow New Jersey) allocations," but they are on a first-come, first-served basis and are not allocated until the EDA's board approves them.

But rumors are now circulating that the program will be maxed out after the next one or two EDA meetings, an insider said. Without action by lawmakers, that would leave the state without two of its biggest weapons in the fight to lure companies to New Jersey.

The source said brokers are discussing several large-scale economic development opportunities, including some business facility needs resulting from Hurricane Sandy. The list also includes "the perennial favorite" — the Hunts Point Terminal Produce Market in The Bronx, which in recent years has mulled relocating to New Jersey.

The person also pointed to the EDA's recent request for bids for the $100 million set-aside for residential projects under Urban Transit Hub. With bids submitted for 11 projects, the sum of the tax credits requested eclipsed the allocation by nearly $180 million, and some finalists are now "rowing in place" because of the uncertainty of what comes after the current pot of money runs out, the person said.

Reaching the limit for Urban Transit Hub and Grow New Jersey could be a moot point if a new bill finds success in Trenton. In mid-January, Al Coutinho introduced a measure that would overhaul and renew the state's incentive programs, in part by consolidating five of the programs to two.

Atlantic courts St. Clare's

Two sources have let Grapevine know that the Atlantic Health system is on the verge of yet another expansion. The two health care executives said the Morristown-based system is about to close a deal with St. Clare's Health System to become the new owners of the four-hospital chain.

According to St. Clare's spokeswoman Stephanie Galloway, the system's parent company Catholic Health Initiatives is in discussions with Atlantic Health — as well as other organizations — for the possibility of a transfer of ownership.

"It is premature to speculate on the outcome," Galloway said a statement. "Details will be publicly announced should a final decision be reached.

Atlantic Health confirmed St. Clare's statement through spokeswoman Pam Garretson, who said there was no additional information available.

This is the second time St. Clare's has had a serious courtship in as many years — a deal with national for-profit system Ascension HealthCare Network fell apart last fall.

No change with exchange

Chris Christie has made it clear that he won't create a state-run health insurance exchange, citing a lack of information from the federal government when he vetoed legislsation in December.

Small businesses and individuals will use the exchange to shop for federally subsidized health plans this fall under the federal Affordable Care Act.

But Christie has until Feb. 15 to decide whether to create a hybrid exchange — a partnership between New Jersey and the federal government.

A close watcher of health policy in Trenton doesn't see Christie going the hybrid route. "He has already announced that he will do a federal exchange," the source said. "He could reverse course, but I don't think it's likely he will."

New Jersey will still have the option of running its own exchange in future years, and this source predicted that "Christie will do a federal exchange for the first year and then see how it works, then make a decision about what to do going forward."

Grapevine reports on the behind-the-scenes buzz in the business community. Contact Editor Sharon Waters at sharonw@njbiz.com.

Share This Story On:

Grapevine: Incentives running on empty

By

Back to Top Comments Email Print

Latest News

advertisement

The state's Urban Transit Hub and Grow New Jersey tax credit programs are running dry, and a source said the business community is now asking what happens if more “big-time” commercial development opportunities come along.

About $330 million is left to be awarded under the popular incentive programs, and $100 million has been earmarked for residential projects, according to the Economic Development Authority. Agency spokeswoman Rachel Hartman last week said there "are currently applications in house that could potentially use up the re-maining (Urban Transit Hub and Grow New Jersey) allocations," but they are on a first-come, first-served basis and are not allocated until the EDA's board approves them.

But rumors are now circulating that the program will be maxed out after the next one or two EDA meetings, an insider said. Without action by lawmakers, that would leave the state without two of its biggest weapons in the fight to lure companies to New Jersey.

The source said brokers are discussing several large-scale economic development opportunities, including some business facility needs resulting from Hurricane Sandy. The list also includes "the perennial favorite" — the Hunts Point Terminal Produce Market in The Bronx, which in recent years has mulled relocating to New Jersey.

The person also pointed to the EDA's recent request for bids for the $100 million set-aside for residential projects under Urban Transit Hub. With bids submitted for 11 projects, the sum of the tax credits requested eclipsed the allocation by nearly $180 million, and some finalists are now "rowing in place" because of the uncertainty of what comes after the current pot of money runs out, the person said.

Reaching the limit for Urban Transit Hub and Grow New Jersey could be a moot point if a new bill finds success in Trenton. In mid-January, Al Coutinho introduced a measure that would overhaul and renew the state's incentive programs, in part by consolidating five of the programs to two.

Atlantic courts St. Clare's

Two sources have let Grapevine know that the Atlantic Health system is on the verge of yet another expansion. The two health care executives said the Morristown-based system is about to close a deal with St. Clare's Health System to become the new owners of the four-hospital chain.

According to St. Clare's spokeswoman Stephanie Galloway, the system's parent company Catholic Health Initiatives is in discussions with Atlantic Health — as well as other organizations — for the possibility of a transfer of ownership.

"It is premature to speculate on the outcome," Galloway said a statement. "Details will be publicly announced should a final decision be reached.

Atlantic Health confirmed St. Clare's statement through spokeswoman Pam Garretson, who said there was no additional information available.

This is the second time St. Clare's has had a serious courtship in as many years — a deal with national for-profit system Ascension HealthCare Network fell apart last fall.

No change with exchange

Chris Christie has made it clear that he won't create a state-run health insurance exchange, citing a lack of information from the federal government when he vetoed legislsation in December.

Small businesses and individuals will use the exchange to shop for federally subsidized health plans this fall under the federal Affordable Care Act.

But Christie has until Feb. 15 to decide whether to create a hybrid exchange — a partnership between New Jersey and the federal government.

A close watcher of health policy in Trenton doesn't see Christie going the hybrid route. "He has already announced that he will do a federal exchange," the source said. "He could reverse course, but I don't think it's likely he will."

New Jersey will still have the option of running its own exchange in future years, and this source predicted that "Christie will do a federal exchange for the first year and then see how it works, then make a decision about what to do going forward."

Grapevine reports on the behind-the-scenes buzz in the business community. Contact Editor Sharon Waters at sharonw@njbiz.com.

Share This Story On:
advertisement

Comments


Be the first to comment.



Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy
advertisement
ERROR: Macro defaultSidebar is missing!
ERROR: Macro footer_top is missing!
Back to Top