EDA APPROVES FUNDING TO SUPPORT REDEVELOPMENT EFFORTS IN NEWARK AND PLEASANTVILLE
Funding is First Authorized Under Enhanced Community Development Initiative
TRENTON, N.J. (June 20, 2007) – At its monthly meeting of its Board of Directors on June 12, 2007, the New Jersey Economic Development Authority (EDA) approved three projects aimed at assisting municipalities as they prepare for urban redevelopment. The projects — which advance Governor Jon S. Corzine’s commitment to stimulate urban investment — include $100,000 for two projects in Newark and $47,500 for a project in Pleasantville.
“EDA has taken steps to enhance our assistance programs to ensure municipalities have the tools they need to plan growth,” said Caren Franzini, EDA chief executive officer. “Funding for feasibility studies and predevelopment activity is an essential part of redevelopment efforts that will result in sustainable, vibrant communities.”
Franzini is referring to enhancements EDA has made to its community development lending resources, which allow up to $50,000 in financing to municipalities undergoing feasibility or predevelopment efforts. Previously, such funds were available only to community development organizations. These three projects are the first approved by EDA under the newly enhanced initiative to provide additional resources to municipalities.
In Newark, EDA approved a $50,000 loan to conduct a feasibility study for development property involving a proposed project that would include workforce housing, a structured parking garage, commercial space, a youth club and a movie theater. EDA also approved an additional $50,000 loan to the city to conduct a feasibility study for the redevelopment of the former Hahnes & Griffiths buildings. The proposed project will be the development of retail, housing and parking by Cogswell Realty Group, LLC.
To assist Pleasantville, EDA approved a $47,500 loan to conduct a feasibility study for the redevelopment of a municipality-owned site that houses local government services. The study will analyze the relocation of the services and the redevelopment of the vacant site.
Support for New Jersey’s urban areas is a key priority under the Governor’s Economic Growth Strategy. To support this strategy, EDA is working with the Office of Economic Growth to provide financial assistance, real estate development assistance and entrepreneurial training in the state’s urban aid cities. For more information on New Jersey’s support for business and economic growth, visit the state’s business portal at www.nj.gov/njbusiness or