; Tight credit kills $70M project
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Tight credit kills $70M project


The Park Service would also explore options to accommodate Rutgers University and Brookdale Community College, which had planned to lease about 5,500 square feet for a marine research institute in Fort Hancock.

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									          THIS       WEEK
                                                                                                                                                        Business over lunch
BIZ Around the State
Page 2                                                                                                                                                                                            restaurant owners are
Trenton                                                                                                                                                                                          optimistic Congress will
Page 8                                                                                                                                                                                         restore meal tax deduction.
                                                                                                                                                                                                              Page 19
Real Estate
                                                                                                                         ®                                        Tax Planning Spotlight
                                                                                                                                   $2.00                        OCTOBER 26, 2009                                   www.njbiz.com

                                              Tight credit kills                                                                                                                             As election
                                                                                                                                                                                             nears, N.J.
A proposed warehouse and distribution
project along I-295 and the New Jersey
Turnpike will face a lengthy approvals
process before it gets off the ground.
                                              $70M project                                                                                                                                   budget in

                                                                                                                                                                           Christina Mazza
Page 10                                        Area businesses hoped for Sandy Hook deal,
Finance                                        but cautious investors wouldn’t commit
                                                           By shankar P.
                                                                                                                                                                                             center ring
                                                AN ArBITrATOr’s report that killed
                                                a $70 million redevelopment project                                                                                                           Projected shortfall casts
                                                on sandy Hook underlined investors’                                                                                                            doubt on candidates’
                                                support for the venture, even as it cited                                                                                                     ability to achieve goals
                                                insufficient financing commitments as
                                                a reason to cancel the deal.                                                                                                                     By anDreW kitChenMan
                                                      The developer, Sandy Hook Part-                                                                                                        eACH OF THe three candidates for
A New Jersey firm meets with CPAs               ners Inc., has worked for 10 years on                                                                                                        governor has had a chance to answer
from China to discuss strategies, low           plans to rehabilitate 33 buildings at                                                                                                        the $8 billion question: How will they
labor costs and regulations.                    Fort Hancock into a marine research,                                                                                                         close the projected
Page 12
                                                education and training campus across                                                                                                         state budget def-
Sales Tips                                      300,000 square feet. But the National                                                                                                        icit next year?
Page 14                                         Park service announced last week that                                                                                                              with the
                                                it had scrapped the 60-year lease, cit-                                                                                                      state’s fiscal
Lessons Learned                                 ing the assessment of “financial insuf-                                                                                                      situation con-
                                                ficiency” by the arbitrator, Maurice                                                                                                         tinuing to wors-
                                                Robinson, of el segundo, Calif.                                                                                                              en, budget experts
                                                      Almost all the potential investors                                Tim McLoone, owner of McLoone’s Rum Runner, in Sea                   have raised concerns about the plans
                                                in the project were “very interested,”                                  Bright, says the rehabilitation of Fort Hancock would                from Democratic Gov. Jon S. Corzine,
                                                      ➤➤ See PROJECT on page 5                                          have boosted business for the whole region. McLoone’s                republican Chris Christie and inde-
                                                                                                                        restaurant is one mile away from Sandy Hook.                         pendent Chris Daggett.
                                                                                                                                                                                                   It isn’t clear, from the details
                                                                                                                                                                                             they’ve provided, if their plans will
A bankruptcy lawyer finds that in                                                                                                                                                            cover the short- Inside
today’s turbulent economy, creditors
are not so willing to wait.
Page 15
                                            State continues to attract pharma ind
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