EDA goes before Senate Budget Committee

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The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

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advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

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Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

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Hampshire Cos. buys Piscataway shopping center

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advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

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Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

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By Eric Strauss
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The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

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January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

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By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

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By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

Back to Top Comments Email Print

Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

Back to Top Comments Email Print

Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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By January 26, 2015 10:17 AM

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The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

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Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

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Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

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The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

By

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Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

Back to Top Comments Email Print

Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

Back to Top Comments Email Print

Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

Back to Top Comments Email Print

Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

Share This Story On:

EDA goes before Senate Budget Committee

By

Back to Top Comments Email Print

Latest News

Kislak to market Paterson apartments

By Eric Strauss
January 26, 2015 11:18 AM

CONTINUE READING

I.D. Systems gets $850K in purchase orders for six end users

By January 26, 2015 10:17 AM

CONTINUE READING

advertisement

Executive Business Brokers announces sale of Jersey City supermarket

By Emily Bader
January 26, 2015 09:27 AM

CONTINUE READING

South Jersey Industries declares quarterly dividend

By Eric Strauss
January 26, 2015 10:01 AM

CONTINUE READING

Hampshire Cos. buys Piscataway shopping center

By Eric Strauss
January 23, 2015 11:19 AM

CONTINUE READING

Pa. bank names regional leader for N.J.

By Eric Strauss
January 23, 2015 11:26 AM

CONTINUE READING

Honeywell earnings: 'Capping off another year of terrific performance'

By Eric Strauss
January 23, 2015 11:36 AM

CONTINUE READING

advertisement

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

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The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.

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EDA goes before Senate Budget Committee

By

The New Jersey Economic Development Authority took its turn Wednesday in front of the Senate Budget Committee.

In her opening statement, CEO Michele Brown told the committee about her agency’s work with business incentives, small business assistance, and, lately, Hurricane Sandy recovery. She said they’re eager to begin helping businesses affected by the storm.

Gov. Chris Christie’s spending plan for the first portion of federal recovery money includes $500 million for grants, though the plan is still awaiting final federal approval.

“Our immediate goal is to get grant assistance to businesses affected by the storm as quickly as possible to ensure they’ll have the capital needed to resume or maintain their operations,” she said. “It’s an especially acute need for all the businesses in the tourism district.”

In the early part of the hearing, Budget Chairman Paul A. Sarlo (D-Wood-Ridge) questioned Brown about the backlog in payouts for the Business Employment Incentive Program, which last year included about 600 applicants and some $672 million in outstanding payments.

Brown said the latter number is now down to about $500 million, and she said the backlog of 2009 applications will soon be paid in full, leaving only 2010, 2011 and 2012 applications.

Sarlo also asked about the status of two high-profile economic development projects, the American Dream – Meadowlands complex in East Rutherford, and the struggling Revel casino and resort in Atlantic City.

Brown said Triple Five, the American Dream developer, is planning to come to the agency for about $300 million under the Economic Recovery Grant program as part of an effort to close a funding gap.

As for Revel, Brown noted the state hasn’t yet paid a penny towards the project because the $261 million incentive approved for the casino is in the form of a tax reimbursement, and the casino only opened last year. The casino filed for bankruptcy last month, but Brown expressed hope for a turnaround.

“We’re hopeful that when they come out of bankruptcy, if the bankruptcy trustee approves their new plan, that they will be on sounder fiscal footing than they are now,” she said.

The Senate Budget Committee is scheduled to hear testimony from the state comptroller and the Department of Banking and Insurance during afternoon sessions Wednesday.


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