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Providing the tools to spur redevelopment                                                                                                                                                                   ®

DeveLopers coNTINUe to cheer the gover-                   the funding gap some developers face. cautious       ting targets for new employment, even though
nor’s recent signing of the New Jersey economic           companies and skittish developers have been          the act is touted as a vehicle for job creation. The                August 10, 2009
stimulus act, which expands the Urban Transit             wary about making investments, but this plan can     loss of jobs during the economic downturn has
hub Tax credit program and creates an economic            prompt them to get off the fence and begin making    been as painful as any of the side effects of the             How to Reach Us
redevelopment and Growth Grant program (see               commitments, or, as one developer put it, “take a    credit crunch and slowdown in development. The           Mailing address
                                                                                                                                                                        njbiz, 220 Davidson Ave, Suite 302
story on Page 9).                                         project off the wall and make it real.”              stimulus act’s incentives will undoubtedly result        Somerset, NJ 08873
      Developers, who have a history of bemoan-                as New Jersey works to stay competitive         in more jobs, especially in the construction sector.     Phone (732) 246-7677
ing the state’s regulatory hassles, worked with           with neighboring states in attracting and retain-    But the act’s beneficiaries, including developers,       Fax: editorial (732) 249-8886
officials through the governor’s real estate advi-        ing business, the stimulus act provides municipal    could have been pushed harder if a goal had been         Fax: advertising (732) 249-8952
                                                                                                                                                                        Fax: oPerations (732) 846-0421
sory Board to find constructive ways to influence         leaders with one more tool to encourage develop-     set for job creation. u                                  subscriPtions (866) 288-7699
policy, including this legislation.                       ment. The measure also promotes development                                                                   rePrints For article reprints, please
                                                                                                                    Our       Point          of      View               contact our reprint coordinator at
      with the economy seemingly starting to sta-         where it makes the most sense: in urban areas,                                                                Wright’s Reprints: 1-877-652-5295.
bilize, the stimulus act arrives at a perfect time,       especially near transit centers.                                      What do you think?                      For photos, please see www.njbiz.com/photos
offering tax increment financing as a way to bridge            But the legislation was derelict in not set-               Tell us at editorial@njbiz.com.
                                                                                                                                                                        thomas F. curtin tcurtin@njbiz.com

                                                                                                                                                                        DiReCTOR OF SAleS
                 NJBIZ           Poll                                                                                                                                   Mark cialdella mcialdella@njbiz.com
                                                                                                                                                                        SeNiOR ACCOuNT exeCuTive
                                                                                                                                                                        Penelope spencer pspencer@njbiz.com
         The business impact of last month’s                                                                                                                            ACCOuNT exeCuTiveS
            corruption arrests will involve:                                                                                                                            susan alexander salexander@njbiz.com
                                                                                                                                                                        lauren briggs lbriggs@njbiz.com
                                                                                                                                                                        sue jaffe sjaffe@njbiz.com
                                                                                                                                                                        lucille lo sapio llosapio@njbiz.com
                                                                                                                                                                        joe Malone jmalone@njbiz.com
    o Fewer companies willing to locate                                                                                                                                 Merry solomon msolomon@njbiz.com
      in New Jersey.
    o More businesses leaving the Garden                                                                                                                                EDITORIAL
      State.                                                                                                                                                            sharon Waters swaters@njbiz.com
    o A higher cost of doing business as                                                                                                                                DePuTY eDiTOR - NeWS
      extra regulation is added.                                                                                                                                        joe st. arney jarney@njbiz.com
                                                                                                                                                                        DePuTY eDiTOR & RePORTeR
    o Nothing; public perception is so low                                                                                                                              beth Fitzgerald bfitzgerald@njbiz.com
      that the arrests change nothing.                                                                                                                                  Workplace issues/General News
                                                                                                                                                                        COPY eDiTOR
                                                                                                                                                                        Meghan shapiro mshapiro@njbiz.com
                                                                                                                                                                        STAFF WRiTeRS
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