; Waiting for their slice of stimulus
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Waiting for their slice of stimulus


In late March, New Jersey got $206.8 million, becoming the first state to be certified for "unemployment insurance modernization incentive funds" under the federal stimulus program, according to the U.S. Department of Labor. [...] the state netted an anticipated $17.5 billion total, according to Recovery.gov, a Web site that tracks stimulus funds.

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									                                                                                                                                                                    Staying the course
          THIS        WEEK

                                                                                                                                                                Legislation seeks to keep the state’s
                                                                                                                                                              transportation projects on track with a
                                                                                                                                                           $450 billion federal proposal with a focus on
                                                                                                                                                            land use, housing and sustainability. Page 17

                                                                                                                                      ®                             Economic Development Spotlight

industry insiders praise a bill that is                                                                                                        $2.00                          JULY 6, 2009                                                                             www.njbiz.com
making its way through the Legislature

                                                                                                                                                                                           Joe St. Arney
that would encourage employers to
reduce workers’ hours instead of making
                                                                                                                                                                                                                                                    Follow the Money
more layoffs.
                                                                                                                                                                                                                                                Tracking federal stimulus dollars
Page 6
                                                                                                                                                                                                                                                  from Washington to Trenton

Real Estate

                                                                              for their
                                              One component of the proposed stimulus bill is an expansion of the Urban Transit Hub Tax Credit program; developers and tenants

                                              A ‘monster’ to spur development slice of
                                              could make smaller investments near urban train stations, like Newark Broad Street Station, and still be eligible for incentives.
increased vacancy rates appear appetiz-
ing for the state’s retail market, which is
dominated by fast-food shops, discount
stores and franchises.

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                                              Business groups lend support to program expansions, incentives offered by stimulus
                                                 By aNdreW KitCheNMaN                        to provide incentives for build-               (D-Union) called the legislation
                                              A BILL THAT would provide broad                ers. It also expands eligibility               “truly a monster economic stimulus
                                              economic incentives to New Jer-                for the Urban Transit Hub Tax                  bill,” terming it the most important                                                              Business owners say funds
                                              sey developers is gathering sup-               Credit program, temporarily halts              legislation for New Jersey’s econo-                                                               haven’t yet trickled down
                                              port from business groups, but not             affordable-housing fees levied on              my that he has sponsored in his 32
                                              without raising fiscal and land-use            commercial builders, allows rent-              years in office.                                                                                           By MartiN C. daKS
                                              objections from critics.                       al-car tax increases around New-                      The stimulus has passed both                                                               NEW JERSEY WAS the first state in the
                                                   The proposed New Jersey                   ark Liberty International Airport              houses of the Legislature, and now                                                                nation to get one category of funding
a tough economy calls for re-evaluat-
ing insurance policies. experts advise        Economic Stimulus Act of 2009                  and promotes construction on col-              awaits the governor’s signature.                                                                  under the federal American Recov-
even small, private businesses need to        lets the state and towns dedicate              lege campuses.                                        The bill allows the state and                                                              ery and Reinvestment Act, commonly
protect themselves from employment            tax receipts from development                       State Sen. Raymond Lesniak                           ➤➤ See bill on page 4                                                                  known as the stimulus package, which
practice lawsuits.                                                                                                                                                                                                                            was designed to kick-start the national
Page 11                                                                                                                                                                                                                                       economy at a cost of about $787 bil-

                                               Hostile reception for proposed hospital
                                                                                                                                                                                                                                              lion over its 10-year life.
Sales Tips                                                                                                                                                                                                                                          But nearly four months after ARRA
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                                                                                                                                                                                                                                              was signed into law, with more than $1
Opinion                                                                                                                                                                                                                                       billion funneled into New Jersey’s cof-
                                               Critics say North Jersey already has too many beds                                           Hackensack University Medical
                                                                                                                                                                                                                                              fers, some small-business owners are
our Point of View: The economic stimu-                                                                                                      Center (with 65 percent equity)
lus act of 2009 is a good start, but law-                                                                                                                                                                                                     asking when the trickle-down effect
                                                        By ShaNKar P.                         former Pascack Valley Hospital, in            and Legacy Hospital Partners, of
makers need to continue encouraging                                                                                                                                                                                                           will reach them.
                                               AT A TIME when many hospitals                  Westwood, is facing vigorous oppo-            Plano, Texas (35 percent). HUMC
job creation, investment and growth.                                                                                                                                                                                                                “I guess it’s still kind of early to see
                                               in the state have troubled finances            sition as the state health planning           and Touro University College of
also, Political exchange, Corner office                    
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