The Atlantic County Economic Alliance has been awarded a $120,000 federal Rural Business Development Grant to create a detailed strategy for the development of the aviation district surrounding the Atlantic City International Airport, FAA William J. Hughes Technical Center and the National Aviation Research and Technology Park in Egg Harbor Township.
The ACEA has been working for the passage of legislation to designate this area as a Garden State Growth Zone with competitive incentives for businesses that relocate within a one-mile radius of the airport.
The legislation was passed by the New Jersey Senate and Assembly in June and now awaits Gov. Phil Murphy’s signature.
The Opportunity Zone program allows businesses to defer paying tax on capital gains by re-investing them into opportunity funds from which investments are made in properties or businesses located within an Opportunity Zone.
The ACEA has contracted with Triad Associates of Vineland to prepare the aviation development strategy that will build upon the countywide economic development plan prepared by AngelouEconomics in 2015.