1. New Jersey Future 2014
Redevelopment Forum
Timothy Lizura - President & COO
New Jersey Economic Development Authority
MARCH 14, 2014

2. Partnership for Action
Lt. Governor
Kim Guadagno
State, County
and Local
Partners

3. New Jersey Economic Opportunity Act of 2013
• The EOA merged the State’s economic development
incentive programs with the goal of enhancing business
attraction, retention and job creation efforts and
strengthening New Jersey’s competitive edge in the global
economy.
• The Grow New Jersey Assistance Program (Grow NJ) is
now the main job creation incentive program and the
Economic Redevelopment and Growth Program (ERG) is
the State’s key developer incentive program.

4. • Grow NJ – Employers/Tenants
• Jobs, Jobs, Jobs
• Per Employee Credit
• ERG – Development and Construction
• If You Build It…
• Commercial/Mixed-Use/Industrial
• Capital Investment $$$
• Gap Financing for Developers
• RES ERG – Residential
• Live, Work, Play
• Market Rate Housing in Distressed Areas
• Credit Sized to Gap
New Jersey Economic Opportunity Act of 2013

5. Policy Drivers
$ $$$$
Transit
Distressed municipality
Urban
$ $$$$
Industry
Wages
Impact

6. Interactive Mapping Tool

7. • In February 2011, Revel became the first project to close under
the ERG program.
• The $2.8 billion project, located on 20 acres of beachfront
property in the South Inlet of Atlantic City, had been stalled for
five years. The ERG was critical to moving this project forward.
Revel Resorts
Atlantic City

8. • The EDA awarded Port Imperial South, LLC an $8.8 million
reimbursement of costs associated with a Weehawken-based
redevelopment project under the ERG Program.
• This project involves the development of a mixed-use, master-planned
waterfront development which spans two and half miles directly
across the Hudson River from Midtown Manhattan.
• This assistance, which was instrumental in moving this project
forward, will result in the creation of an estimated 437 construction
jobs, 42 permanent, full-time jobs and leverage $58.5 million in capital
investment.
Port Imperial South LLC

9. Without Incentives With ERG Market Range
Equity IRR 10.32% 14.21% 15%-20%
Cash-on-Cash Yield 5.54% 6.01% 8%-10%
Port Imperial South LLC

10. www.njeda.com
www.NewJerseyBusiness.gov
New Jersey Business Call Center
(866) 534-7789