Tuesday, September 10, 2013

NJ developers ready to get giddy as incentives bill nears

New Jersey's development community hasn't had much reason to buy a round in recent years but the corks may be popping on the bubbly soon.

NJBIZ reports this afternoon that:

"Months of waiting on what would — or would not — become of the Economic Opportunity Act finally seem at an end. ..Gov. Chris Christie conditionally vetoed the legislation Monday, with the Assembly adopting Christie's changes that same day and the Senate expected to do likewise on Thursday.
"The bill would consolidate five corporate incentive programs into two, expand eligibility for tax credits and place a greater focus on job creation.
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"This legislation is really transformative, and is really going to make New Jersey one of the most business-friendly states in the country," said Clark Machemer, vice president of public affairs for the New Jersey chapter of industry group NAIOP, and vice president and regional director of development for The Rockefeller Group.
"Ted Zangari, a real estate attorney with Newark-based Sills, Cummis & Gross who also serves as chair for the firm's redevelopment law practice group, called the bill "a free market-style program" that doesn't punish companies unwilling to leave the suburbs. The massive Urban Transit Hub tax credit program was signed to offer tax breaks to spur development, but was originally limited to nine cities.
You can read the full story here
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