ERROR: Macro njDefaultArticleHeader is missing!

Grapevine

Grapevine: Taking their business elsewhere

Back to Top Comments Email Print

Latest News

Gilbane announces unit leader for N.J.

By Mario Marroquin
March 24, 2017 11:31 AM

The Gilbane Building Co. recently announced it had promoted Daniel Shea to vice president and unit leader for New Jersey. Shea served as vice president and operations manager prior to his promotion. CONTINUE READING

Savoy names chief compliance officer

By Emily Bader
March 24, 2017 10:15 AM

Savoy, a benefits consulting firm based in Florham Park, announced Thursday that Joan Fusco has been promoted to chief compliance officer. CONTINUE READING

advertisement

Rutgers Business School offers accelerated course for health care professionals

By Emily Bader
March 23, 2017 11:07 AM

Rutgers Business School Executive Education announced Wednesday it is offering a mini-MBA for health care providers and administrators in medical practices in New Brunswick starting in May. CONTINUE READING

Berkshire Bank names regional SVP for commercial lending

By Emily Bader
March 23, 2017 02:08 PM

CONTINUE READING

WCRE to handle leasing for elementary school that is closing in Marlton

By Eric Strauss
March 23, 2017 11:00 AM

Wolf Commercial Real Estate has been named the exclusive marketing and leasing agent for a Marlton school that is closing at the end of the academic year, it announced Thursday. CONTINUE READING

Bubbakoo's Burritos to open in Howell

By Mario Marroquin
March 23, 2017 12:10 PM

Levin Management Corp. recently announced it has added Bubbakoo’s Burritos to Aldrich Plaza in Howell. Bubbakoo’s will occupy 1,900 square feet at the location on Route 9. CONTINUE READING

Marcus & Millichap announce sale of retail property in Mine Hill

By Emily Bader
March 22, 2017 10:43 AM

Marcus & Millichap announced Tuesday the sale of Ferromonte Plaza, a 16,000-square-foot retail property in Mine Hill, for $3 million. CONTINUE READING

advertisement

For anyone who's wondering how businesses feel about the long, drawn-out effort to revamp the state's incentive programs, one insider pointed a recent meeting agenda for the Economic Development Authority.

The person said the EDA board in May had "one of the lightest agendas — at least in terms of incentives — in a very long time." The agenda included just two Business Employment Incentive Program awards totaling about $1 million, but nothing from the big-ticket programs like Urban Transit Hub and Grow New Jersey.

The reason, the source said, is that once a company applies for an incentive, the application "gestates for three, four, five months" before it appears on the board agenda. That would mean companies started to hit the brakes around January — when the first version of the Economic Opportunity Act hit the Assembly — and have since waited to learn the fate of the bill.

The Economic Opportunity Act would consolidate five incentive programs into two, loosen the geographic restrictions of some of the current incentives offerings and place a greater emphasis on job creation.

As of press time last week, the bill was pending a hearing before the Senate Budget Committee and the full chamber, while a separate version had passed in the Assembly in May. Stakeholders on all sides seemed optimistic that the bill would be on Gov. Chris Christie's desk before the Legislature breaks June 30; the governor already has indicated he'd sign it.

But movement of the legislation has been slower than anticipated, especially considering its broad support among business groups, lawmakers and the administration. The source said further delays might have tempted some would-be applicants to "cut bait and go somewhere else."

The person also noted that companies already had been "rowing in place" since late last year, when it became clear that the allocations for Grow New Jersey and Urban Transit Hub were beginning to run low.

In recent months, "companies that were interested in the state (were) rowing in place for a different reason," the source said.

Incentives bill a primary concern

There is at least one piece of solid progress on the Economic Opportunity Act, though: One of its chief sponsors is back in the driver's seat.

Ray Lesniak, the prime sponsor of the Senate version of the legislation, had been locked in a tough primary election battle, and in the weeks leading up to the June 4 election, sources told Grapevine the Union County senator's focus on the race was making it difficult for the bill to make its way through the Legislature.

Now that he's emerged victorious, all that's changed. Trenton insiders said Lesniak has returned his focus to the bill, and spent much of the last couple of weeks working on a slew of details. The talks concern, according to sources, an unnamed project in Camden that has the backing of Senate President Steve Sweeney.

Still, the sheer amount of details meant the bill — which proponents hoped to pass before the budget break, then in April, then in May, then again in early June — will end up among the last items to get a vote before the summer break.

Grapevine reports on the behind-the-scenes buzz in the business community. Contact Editor Tom Bergeron at tomb@njbiz.com.

Share This Story On:

Grapevine: Taking their business elsewhere

Back to Top Comments Email Print

Latest News

advertisement

For anyone who's wondering how businesses feel about the long, drawn-out effort to revamp the state's incentive programs, one insider pointed a recent meeting agenda for the Economic Development Authority.

The person said the EDA board in May had "one of the lightest agendas — at least in terms of incentives — in a very long time." The agenda included just two Business Employment Incentive Program awards totaling about $1 million, but nothing from the big-ticket programs like Urban Transit Hub and Grow New Jersey.

The reason, the source said, is that once a company applies for an incentive, the application "gestates for three, four, five months" before it appears on the board agenda. That would mean companies started to hit the brakes around January — when the first version of the Economic Opportunity Act hit the Assembly — and have since waited to learn the fate of the bill.

The Economic Opportunity Act would consolidate five incentive programs into two, loosen the geographic restrictions of some of the current incentives offerings and place a greater emphasis on job creation.

As of press time last week, the bill was pending a hearing before the Senate Budget Committee and the full chamber, while a separate version had passed in the Assembly in May. Stakeholders on all sides seemed optimistic that the bill would be on Gov. Chris Christie's desk before the Legislature breaks June 30; the governor already has indicated he'd sign it.

But movement of the legislation has been slower than anticipated, especially considering its broad support among business groups, lawmakers and the administration. The source said further delays might have tempted some would-be applicants to "cut bait and go somewhere else."

The person also noted that companies already had been "rowing in place" since late last year, when it became clear that the allocations for Grow New Jersey and Urban Transit Hub were beginning to run low.

In recent months, "companies that were interested in the state (were) rowing in place for a different reason," the source said.

Incentives bill a primary concern

There is at least one piece of solid progress on the Economic Opportunity Act, though: One of its chief sponsors is back in the driver's seat.

Ray Lesniak, the prime sponsor of the Senate version of the legislation, had been locked in a tough primary election battle, and in the weeks leading up to the June 4 election, sources told Grapevine the Union County senator's focus on the race was making it difficult for the bill to make its way through the Legislature.

Now that he's emerged victorious, all that's changed. Trenton insiders said Lesniak has returned his focus to the bill, and spent much of the last couple of weeks working on a slew of details. The talks concern, according to sources, an unnamed project in Camden that has the backing of Senate President Steve Sweeney.

Still, the sheer amount of details meant the bill — which proponents hoped to pass before the budget break, then in April, then in May, then again in early June — will end up among the last items to get a vote before the summer break.

Grapevine reports on the behind-the-scenes buzz in the business community. Contact Editor Tom Bergeron at tomb@njbiz.com.

Share This Story On:
advertisement

Comments


Be the first to comment.



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

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