Competitive Program Helps Attract Long-Term Investment While Preserving NJ’s Historic Structures

TRENTON, N.J (February 1, 2023) – Applications for the 2023 round of funding for the New Jersey Historic Property Reinvestment Program (HPRP) are now open, the New Jersey Economic Development Authority (NJEDA) has announced. Applications for Regular and Transformative Projects will be accepted until 2:00 p.m. on Monday, April 3, 2023. For eligibility requirements and to access the application, please visit https://www.njeda.com/historic-property-reinvestment-program/.

Created under the New Jersey Economic Recovery Act of 2020, the HPRP’s main focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving historic properties throughout the state. 

“The HPRP is strategically designed to support efforts to preserve local historic assets while meeting the needs of a 21st century economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Investing in the rehabilitation of dormant properties enables us to bolster local communities by furthering Governor Phil Murphy’s efforts to prioritize equitable and inclusive development, all while respecting the significance of iconic structures throughout New Jersey.”

The HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to encourage and bolster long-term private investments focused on the rehabilitation of existing identified historic structures throughout New Jersey. The program incentivizes work that can significantly contribute to the revitalization of cities and downtowns into more vibrant magnets for people and investment, while preserving often underutilized historic properties and returning them to productive use.

In October, the NJEDA’s Board approved HPRP tax credits to support the rehabilitation of Loew’s Theatre in Jersey City. This project, which marks the first award under the HPRP, is expected to result in the complete rehabilitation of the historic theater for use as a live performance, movie, and entertainment venue. The Board authorized the award of $42.27 million in tax credits, representing 45 percent of the eligible cost under the project, which has an estimated total cost of $110 million. 

“Our investment into the revitalization of historic properties through the HPRP will have a lasting positive impact on neighborhoods and cities statewide,” said NJEDA Director of Historic Preservation Aidita Milsted. “We saw a robust response when we launched the HPRP last year and are excited to see what projects come our way through the 2023 application period.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, TwitterInstagram, and LinkedIn.

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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, February 8, 2023, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.com. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

Webinar will Showcase Recipients from NJ ZIP’s First Phase to Share Insights and Experiences

TRENTON, N.J. (January 25, 2023) – The New Jersey Economic Development Authority (NJEDA) will host a webinar to provide small business owners in New Jersey with details of the expanded New Jersey Zero-Emission Incentive Program (NJ ZIP) on Thursday, February 2. Several small business owners who are Phase 1 recipients of the program will share their testimonials and experiences.

In line with Governor Phil Murphy’s vision to use 100 percent clean energy statewide by 2050, NJ ZIP aims to accelerate the adoption and use of zero-emission vehicles across the state, reduce overall pollutants, and help institutions and businesses go green. More than $39 million in vouchers has been approved through Phase 1 of the program. Those who benefited from the vouchers will discuss the impact on their organizations and take questions from prospective applicants. Learn more about NJZIP here

The NJEDA announced the $45 million expansion of the program in July 2022, which includes two important additions – statewide eligibility and purchase of heavy-duty in addition to medium-duty vehicles. The program first launched in 2021 as a pilot program available only to businesses in the greater Newark and Camden areas, and subsequently expanded to the greater New Brunswick and greater Jersey Shore areas. Phase 1 of the program only supported medium-duty vehicles.

Purchasers will be able to apply for vouchers ranging from $20,000 to $175,000, based on vehicle class, to support their purchases of medium- and heavy-duty vehicles that meet zero-emission standards. Additional bonuses are available. The application for Phase 2 of NJ ZIP is expected to launch in the coming weeks.

Complete program eligibility and details can be found at http://www.njeda.com/njzip.

The webinar is scheduled 12:00 p.m. to 1:00 p.m. on February 2. Those interested can find out more about the program and register for the webinar at https://www.njeda.com/event/nj-zip-purchaser-application-overview/. A recorded version of the information session will be posted at http://www.njeda.com/njzip following the event.  

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Spending on film and television production exceeds $650 million for 2022

LOS ANGELES – Governor Phil Murphy and the New Jersey Motion Picture and Television Commission announced today that overall in-state production spending from filmmaking exceeded $650 million in 2022, besting the previous record of $500 million set for 2021. The announcement came at the outset of a series of meetings in California between Governor Murphy and the film, TV, and technology industries.

The record spending followed a busy year that saw a surge in production after Thanksgiving. In addition, motion picture, television and streaming productions in the state created over 8,500 jobs in 2022. That number is expected to grow significantly in the coming years as several major studios finish construction.

“Following my reinstatement of the Film and Digital Media Tax Credit program and game-changing investments in our rapidly expanding film and television industries, production has exploded in the past four years as more people learn what New Jersey has to offer,” said Governor Murphy. “This huge growth has fueled thousands of jobs for New Jersey residents while providing economic benefit to our towns and cities.”

Total production spending in New Jersey has surged since 2018, when Governor Murphy reinstated the Film and Digital Media Tax Credit program. The program, which was expanded in 2021, has made New Jersey a major filming hub on the east coast.

“People all over the state are experiencing the thrill of having the next box office hit or television series filmed in their community. These productions, plus the recent addition of some top-tier studio development projects, will continue to drive economic activity and create many thousands of employment opportunities for New Jerseyans from diverse backgrounds long into the future,” said Secretary of State Tahesha Way. “Governor Murphy’s leadership of the state’s thoughtful, cross-agency approach is preserving New Jersey’s legacy as the birthplace of film and cementing its place in the industry as a nurturing home where creative careers and projects can thrive.”

New Jersey was the backdrop for dozens of feature films over the past year, including Oppenheimer, Inappropriate Behavior, and Maybe I Do. Major television series filmed here included The Walking Dead: Dead City and Harlan Coben’s Shelter.

The surge in production has been accompanied by increased interest from studios looking to set up shop in New Jersey. In 2022, Lionsgate broke ground on a Newark location, and last month Netflix’s bid to purchase property at Fort Monmouth for a major east coast hub was approved by the Fort Monmouth Economic Revitalization Authority. Projects in Bayonne and Carteret have also made progress as content producers search for space to set up shop.

“From the start, Governor Murphy has been determined not only to increase production, which we’ve done, but also to attract major studios to New Jersey,” said Tim Sullivan, Chief Executive Officer of the New Jersey Economic Development Authority. “With the flood of interest from major content producers we could see millions of square feet of studio space become available in the next three years.”

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First Lady Tammy Murphy (immediately left of podium) poses with NJEDA Chief Executive Officer Tim Sullivan (behind podium), CSIT Executive Director Judith Sheft (far right), CSIT staff members and Maternal and Infant Health R&D Grant Program awardees following today’s event.

Trenton, N.J. (January 20, 2023) – The Commission on Science, Innovation and Technology (CSIT) Board today awarded a combined $1.275 million in grants to 17 startups to accelerate the development of technologies, products, and services that support maternal and child wellbeing. The grants were awarded through CSIT’s Maternal and Infant Health Research & Development (R&D) Grant Program, which launched last June.

Through the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to support maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.

“New Jersey is home to some of the most innovative startups across a myriad of industries, and it is my honor to be here today to recognize some of the top startups in maternal and infant health,” said First Lady Tammy Murphy. “As we celebrate our sixth annual Maternal Health Awareness Day here in New Jersey, I reflect on the significant work we have accomplished and what has yet to come. In the next three years, a top priority is to build a thriving Maternal and Infant Health Innovation Center in Trenton that will continue this groundbreaking work long past the Murphy administration. I am certain that today’s grant recipients will be essential partners to the Center and to Nurture NJ.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation economy in the nation, the awardees announced today represent a diverse group of entrepreneurs focused on supporting maternal health in New Jersey. Nearly 40 percent of awardees are self-reported minority-owned startups and 33 percent are self-reported women-owned businesses. The following startups within New Jersey’s life sciences, technology, and non-retail food and beverage sectors were each awarded grants of up to $75,000:

“We are proud to work with First Lady Murphy and our partners around the state to support the crucial and lifesaving work being done through the Nurture NJ initiative,” said CSIT Executive Director Judith Sheft. “Helping these startups to advance their products and services from ideas through commercialization will have a lasting impact on the quality of care for New Jersey’s mothers and infants.  The awardees are working on a variety of drug, diagnostic, hardware and software solutions to address and improve maternal and infant health.”

The Maternal & Infant R&D Seed Grant Program started as a $750,000 program, but given the high volume of quality applications and interest from the startup community, the CSIT Board announced additional funding today that nearly doubles the amount available for awards to $1.275 million. As part of the agreement signed last year between the New Jersey Economic Development Authority (NJEDA) and CSIT, the NJEDA dedicated $250,000 from the Economic Recovery Fund towards this program. CSIT provided the remainder of the funding from its Fiscal Years 2022 and 2023 budgets.

NJEDA Chief Executive Officer Tim Sullivan noted that the NJEDA’s investment in this program represents the Authority’s commitment to maternal and infant health innovation. The awardees exemplify the type of innovative work that will be housed at the Maternal and Infant Health Innovation Center currently being developed in Trenton.

“Under Governor Murphy’s and First Lady Murphy’s leadership, CSIT and the NJEDA are finding innovative ways to help make New Jersey the safest place to give birth and focusing on ending racial disparities in maternal and infant health,” Sullivan said. “These grant awards serve the dual purpose of prioritizing investment into programs, research, and services that improve the lives of women and children, while also working to drive down the racial inequities that exist in access to care. In addition, we are furthering opportunities for young, innovative companies in the Garden State.”

First Lady Murphy joined Sheft, Sullivan, CSIT Board members, legislators, and industry leaders to announce the awards today at the NJEDA’s New Jersey Bioscience Center (NJBC) – Step-Out Labs in North Brunswick. Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, the NJBC Step-Out Labs provides a life sciences workplace environment for post-incubation and rapidly growing biopharmaceutical companies.

“Today, through the combined work of so many partners, 17 startups are poised to receive more than $1 million in funding to move their projects forward,” said CSIT Chair Debbie Hart. “We applaud those innovators who are creating solutions where they are so desperately needed, as well as the First Lady for her foresight and commitment to this important work. We are grateful to have the opportunity to partner in this way and that babies and their families will benefit in meaningful ways.”

About the New Jersey CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Opportunity for stakeholders to learn about this first-in-the-nation investment program

TRENTON, N.J. (January 20, 2023) – The New Jersey Economic Development Authority (NJEDA) will hold a virtual information session to provide venture capitalists, private equity investors, and New Jersey startups with information on how they can access capital from the New Jersey Innovation Evergreen Fund (NJIEF). Established by Governor Phil Murphy’s New Jersey Economic Recovery Act of 2020, the NJIEF is a ground-breaking tool designed to grow the state’s innovation economy by catalyzing up to $600 million to support early-stage innovation-focused businesses in New Jersey, while creating mentoring, networking, and educational opportunities to help position these companies for success.

Last month, the NJEDA announced the results of a $50 million tax credit auction, in which established corporations committed funding, technical assistance, and mentorship to help startup businesses in the state. Funds raised through the tax credit auction are expected to help support six to ten high-growth businesses this year.

The information session will be held on January 26th at 9:30 a.m. Register at https://www.njeda.com/event/njeda-innovation-evergreen-fund-investment-program/. A recorded version of the information session will be posted at http://www.njeda.com/evergreen following the event.  

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, January 20, 2023, at 10:00 am.

A copy of the proposed agenda can be found at https://www.njeda.com/csit.

+1 551-220-2262
Conference ID: 770 580 900#

Join Microsoft Teams Meeting

Would-Be Entrepreneurs Can Learn How to Apply for
Up to $400,000 in Income Replacement Funding & Mentorship

TRENTON, N.J. (January 13, 2023) – The New Jersey Economic Development Authority (NJEDA) today announced it will host a webinar next week for would-be entrepreneurs to learn how they can apply for grants of up to $400,000 to pursue their endeavors through the upcoming $10 million New Jersey Innovation Fellows (NJIF) program. The January 19th virtual information session will offer an overview of the program and will provide insight on how the competitive program will support teams of at least three entrepreneurs with mentorship, training, and income replacement capital over a two-year period. Entrepreneurs interested in attending the webinar can register at https://www.njeda.com/event/njeda-innovation-fellowship-program/.

Applications are expected to launch in the first quarter of 2023 for the NJIF, which is designed to replace a stream of income an entrepreneur might forgo to launch an early-stage business. The NJEDA anticipates that support from the NJIF Program will attract innovative ideas and entrepreneurs who would otherwise be unable to pursue the launch of a new venture due to the need for income or, in the case of a recent graduate, who would choose to accept employment in lieu of entrepreneurship due to socio-economic constraints. The program will be open to would-be entrepreneurs in the following industries: advanced transportation and logistics, advanced manufacturing, aviation, autonomous vehicle and zero-emissions research or development, clean energy, clean technology, life sciences, hemp processing, information and high technology, finance and insurance, professional services, film and digital media, and non-retail food and beverage business (including food innovation).

The NJIF Program will award 10 to 16 grants across two cohorts annually of $200,000 per team. In keeping with Governor Murphy’s vision for inclusive economic growth, teams may access an additional $50,000 award on top of the $200,000 base award if one entrepreneur verifies residency in a designated Opportunity Zone in New Jersey. Teams may be awarded an additional $50,000 for each entrepreneur leader who self-certifies as a minority or female entrepreneur or is a graduate of a New Jersey college or university. Qualifying teams may receive additional bonuses of up to $150,000 in aggregate for certifying team members, resulting in a total $400,000 award. To be eligible for the NJIF Program, at least half of the team must certify as “first-time entrepreneurs” and at least half of the entrepreneur team must come directly from the workforce. In addition to the financial benefits of the program, all entrepreneur fellows must participate in a mentorship program.

The NJEDA expects to open the NJIF Program application semi-annually in 2023 and 2024, until funds are exhausted.

About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the state’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the state and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

 
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A Special Telephonic meeting of the New Jersey Economic Development Authority is scheduled for 10:00 am, Wednesday, January 18, 2023.
 
The Members will convene to via conference call only, to discuss and vote on an amendment to the NJ Wind Port Ground Lease with PSEG Nuclear.
 
Members of the public may participate in the meeting by calling in on the conference line.  Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number is being provided:
 
MEETING NAME: NJEDA BOARD MEETING (JANUARY 18, 2023)

PARTICIPANT DIAL-IN NUMBER: 877-692-8955

PARTICIPANT ACCESS CODE: 4204420

 
Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays. 
 
The agenda can be found 48 hours prior to the meeting at our website: www.njeda.com