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State Redevelopment Incentives

Caren Franzini, Chief Executive Officer of the New Jersey Economic Development Authority, thanked EDANJ President, Frank Lucchesi, for the Association’s suggestions on ways to improve the Hazardous Discharge Site Remediation Fund and the state’s Brownfield Reimbursement Fund. EDANJ is committed to working this summer and fall with Ms. Franzini and her staff, NJDEP, other development organizations, the legislature and the administration on much needed improvements to financial incentives available for brownfield redevelopment. EDANJ anticipates the fall activity to include an approach that will: introduce a loan component to ensure greater access to funds; reduce caps, especially for Brownfield Development Areas, to ensure greater access for more applicants to funds; emphasize grants to municipalities for upfront investigative efforts to quantify the magnitude of the contamination; and require developers to “put more skin in the game” with the overall goal of only moving forward with public funds on redevelopment proposals that are viable and ready to move.

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