The flood gates burst open.. well kind of

As reported by Mobilizing the Region, in the last week of June 2009 the NJ State Legislature passed legislation amending the Urban Transit Hub Tax Credit program.

The expanded tax credit program will provide a 100% corporate business tax credit to companies planning capital projects that invest at least $50 million and create or relocate 250 jobs within a half-mile of a transit station, and within one mile in Camden.

The bill also extends coverage to light rail stations along the Newark light rail/subway line.  Essentially all of Downtown Newark is in the coverage area for this program.

It is now up to developers to take advantage of this program.  at the $75mm level only one project took advantage  – the Verizon Building on Broad Street.  At the $50mm and with the inkling of a economy on the rebound, developers need to jump at this.  The funding is not limitless and I am sure there will be political masters to be served as to what projects in which geographic areas are approved.

In other words get moving Newark and make noise!!

See full article here

See the complete text of the changes here

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Filed under Development, Government

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