Facebook Twitter LinkedIn Google Plus RSS

NJEDA awards first ever BLI grant

By ,

The New Jersey Economic Development Authority has approved a grant for the New Jersey Utilities Association under its Business Lease Incentive program.

The grant is the first under the BLI program, which, in conjunction with the Business Improvement Incentive program, is designed to support the growth of retail businesses and services in predesignated Garden State Growth Zones. Those zones are Atlantic City, Camden, Passaic, Paterson and Trenton.

NJUA is the statewide trade association for investor-owned utilities that provide water, wastewater, electric, natural gas and telecommunications services to New Jersey residents and businesses.

NJUA currently resides at 50 W. State St. in Trenton, and with the grant, will consider a move to a 1,890-square-foot street level location at 154 West State St. The announcement of the BLI program prompted NJUA’s leadership to consider a move to a street-level location. The program offers reimbursement of a percentage of annual lease payments to for-profit and businesses and nonprofit organizations in areas that plan to lease between 500 square feet and  5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term.

NJUA will receive reimbursement of 15 percent of its lease payments after making those payments for one year. This incentive will be paid out for two years after the applicant provides the necessary documentation.

Also Popular on NJBIZ

Vince Calio

Vince Calio

Vince Calio covers health care and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

Leave a Comment


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

Post Comment
View Comment Policy