VIEWS: 6 PAGES: 2 CATEGORY: Business & Economics POSTED ON: 6/18/2010
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Opinion 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 email@example.com. PubliSheR thomas F. curtin firstname.lastname@example.org ADVERTIsINg DiReCTOR OF SAleS NJBIZ Poll Mark cialdella email@example.com SeNiOR ACCOuNT exeCuTive Penelope spencer firstname.lastname@example.org The business impact of last month’s ACCOuNT exeCuTiveS corruption arrests will involve: susan alexander email@example.com lauren briggs firstname.lastname@example.org sue jaffe email@example.com lucille lo sapio firstname.lastname@example.org joe Malone email@example.com o Fewer companies willing to locate Merry solomon firstname.lastname@example.org in New Jersey. o More businesses leaving the Garden EDITORIAL eDiTOR State. sharon Waters email@example.com o A higher cost of doing business as DePuTY eDiTOR - NeWS extra regulation is added. joe st. arney firstname.lastname@example.org DePuTY eDiTOR & RePORTeR o Nothing; public perception is so low beth Fitzgerald email@example.com that the arrests change nothing. Workplace issues/General News COPY eDiTOR Meghan shapiro firstname.lastname@example.org STAFF WRiTeRS
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