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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.
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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