DCI SIGNS & AWNINGS FINDS PERMANENT HOME IN NEWARK
One of 380 Businesses in Urban Communities Supported
by the EDA since October 2006
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DCI Signs & Awnings, a sign manufacturer, recently decided to establish a permanent location in the City of Newark. The company is one of 389 businesses assisted by the New Jersey Economic Development Authority (EDA) since October 2006 to stimulate investment in the state's urban communities.
"Investments in companies like DCI and in communities like Newark remain critical to strengthening New Jersey's economy," said EDA Chief Executive Officer Caren S. Franzini.
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Pictured: DCI President Danny Castillo and Odis Jones, EDA Director of Urban and Site Development.
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DCI, a minority-owned business formed in 1994, received a $258,000 loan participation from the EDA to help it acquire a building in Newark, which will serve as its headquarters.
"Newark has been an ideal location to grow DCI Signs & Awnings and we are thankful for the assistance we received from the state," said DCI President Danny Castillo. "We look forward to continuing to expand our operations and presence in New Jersey."
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The assistance to DCI brings total EDA support in the state's urban communities to more than $610 million since 2006. This assistance leveraged an estimated $1.5 billion in total public/private investment in New Jersey's urban economy, setting the foundation for the creation of an expected 11,769 new jobs.
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The EDA has two additional programs designed to increase the viability of projects in urban areas and re-energize New Jersey's cities. The Urban Plus program provides up to $3 million for projects in the targeted municipalities of Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick, Paterson and Trenton. The Urban Transit Hub Tax Credit Program, created to encourage business development, capital investment and employment in designated communities near commuter rail stations, provides tax credits equal to up to 100% of a qualified capital investment.
Additionally, in June 2009, the EDA launched the New Jersey Food Access Initiative. This initiative is designed to spur supermarket development throughout New Jersey's urban centers to further community revitalization, job creation and reduce health disparities in the state. The EDA has approved a $3 million investment to The Reinvestment Fund (TRF) to create the Food Access Fund, with the goal of leveraging additional public and private investment. To complement the statewide program, the EDA also invested $1 million in a pilot supermarket initiative in the City of Newark. In collaboration with TRF and Brick City Development Corporation, the city has launched its $5 million Newark Fresh Food Program.
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MAJOR FINANCIAL SERVICES FIRM DECIDES TO RELOCATE TO NEW JERSEY
The Depository Trust & Clearing Corp. Plans to Bring 1,600 Jobs to Jersey City
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The Depository Trust & Clearing Corporation (DTCC) announced plans to relocate a significant portion of the DTCC staff based in the northeast to a new location in New Jersey when its current lease expires at the end of 2012.
Under the terms of the long-term lease, DTCC will relocate about 1,600 staff members to the Newport Office Center in Jersey City, on the Hudson River waterfront across from Manhattan, with employees expected to move in early 2013. DTCC will occupy a total of 415,000 square feet of space in the Newport Office Center.
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"After lengthy deliberations with officials in New York and New Jersey, we have concluded that a move to New Jersey is the right decision," said Donald F. Donahue, DTCC chairman and CEO. "New Jersey offers us a favorable business climate, convenient access to our customers in the greater metropolitan area and also allows us to disperse our staff more widely for business continuity purposes. New Jersey will benefit from an infusion of 1,600 highly skilled professionals who specialize in financial services, information technology and operations. We are also excited to tap into New Jersey's skilled workforce as our business grows in the future."
Donahue credited support from the state's economic development group, and the New Jersey Economic Development Authority (EDA), as the company evaluated its relocation strategy.
New Jersey's advantages were a key factor in the company's decision, including the competitive costs for a long-term lease, availability of infrastructure support, accessibility to DTCC headquarters and the ability to recruit highly skilled staff to the location. The company will also benefit from economic incentives offered through the EDA, including the Business Employment Incentive Program (BEIP) and the newly authorized Economic Redevelopment and Growth (ERG) Grant program. The grants will support DTCC's relocation of a portion of its corporate staff functions in finance, legal, regulatory, human resources, specialized IT and product development from its Manhattan headquarters to Jersey City.
Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties that market these products.
DTCC's depository provides custody and asset servicing for more than 3.5 million securities issures from the United States and 117 other countries and territories, valued at $27.6 trillion. Last year, the company settled more than $1.88 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and abroad.
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Recent Transactions
ASLS Pleasantville, Inc.
Pleasantville
The provider of commercial laundry services will utilize a $575,414 loan to obtain equipment and machinery. Within two years, 45 additional full-time jobs will be added to the payroll.
Hoboken Children's Academy II
Hoboken
A $230,000 Small Business Fund loan will assist the daycare provider in establishing a second location in Hoboken. The funds will be utilized for renovations, equipment and working capital associated with the expansion. The new daycare will add 14 new jobs.
ITT Space Systems, LLC
Bloomfield
As one of the world's largest suppliers of pumps and systems to transport, treat and control water and other fluids, ITT was approved to receive a Business Employment Incentive Program (BEIP) grant. The company will create 175 new jobs at its Bloomfield facility to support its significant growth.
The Talk Market, Inc.
Newark
With a $750,000 term loan from the Edison Innovation Commercialization Fund, this technology company will be able to take the next step towards commercialization. And, in the process, add 20 new positions.
Prestige Hospitality Services, LLC
Paterson
A $700,000 loan participation through the Statewide Loan Pool with Sun National Bank will allow the hospitality laundry services company to refinance existing equipment debt and employ 50 additional staff.
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 EDA PROVIDES A
HEAD START
TO ORGANIZATION
When Passaic Family Head Start, Inc. decided to acquire the building it had been leasing from the city since 1986, the EDA wanted to help the quasi-public, not-for-profit organization that provides educational, nutrition, health and social services to low-income children and their families.
Under the Local Development Financing Fund program and assistance from their local bank, the organization was able to purchase the 15,424 square-foot building.
The Local Development Financing Fund loans are available to businesses located in Urban Aid municipalities. It requires demonstration that financing under the program is critical to the project's success. Up to $2 million is available for the purchase or renovation of real estate or other fixed assets.
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