PSE&G Area Development Department works closely with the NJEDA providing financial solutions to meet client's financial needs.

The New Jersey Economic Development Authority (NJEDA) is an independent state agency dedicated to fostering economic growth in the state by financing businesses and investments and offering real estate development services and technical services. It has provided nearly $17 billion in assistance to over 8,500 projects and facilitated the development of over nine million square feet of space.

The NJEDA is prepared to put its financial resources and development  expertise to work for businesses seeking to develop port-related warehousing and distribution facilities in the New Jersey Port District. The agency offers financial incentives, access to affordable capital, planning and other technical expertise, and coordination with other state agencies for expedited project permitting and approvals to accelerate the development of underutilized and brownfield properties into ocean- and air-freight–related warehousing and distribution centers in the Port District.

NJEDA can work with a municipality, developer, or business owner at each stage of the development process. The NJEDA can assist with:

• Planning and Predevelopment
  • Low-interest loans and loan guarantees of up to $1 million for non-contamination–related site preparation costs like land assemblage, demolition, removal of materials and debris, and engineering needs
  • Recoverable investments of up to $300,000 with a 1:1 match from the developer for feasibility analysis of a prospective site for development
  • Contracted land assemblage, project planning, and implementation strategy and marketing assistance
  • Assistance in securing necessary permits and approvals from the New Jersey Department of Environmental Protection
     
• Investigation and Remediation
  • Low-interest loans of up to $1 million for businesses to investigate and clean up sites suspected of or known to have discharges of a hazardous substance (Municipalities may apply for grants and low-interest loans of up to $3 million per year for properties they own or for which they hold a tax certificate.)
  • Low-interest interim financing of up to $750,000 to developers/business owners for meeting the costs of brownfield site remediation (Borrowers must have signed a Brownfield Reimbursement Agreement with the New Jersey Commerce Commission.)
     
• Infrastructure Development
  • Issuance by the EDA of low-cost bond financing on behalf of a municipality to fund infrastructure and remediation costs associated with a development project located in a municipally designated redevelopment area
     
• Development Financing
  • Low-cost bond and loan financing and loan guarantees for site development, building construction, and equipment purchases
  • Incentive grants for job creation based on new taxes paid by employees (Eligible businesses must create a minimum of 25 new jobs with grants made annually for up to 10 years, ranging from 10% to 80% of the new state income taxes paid.)
  • Rebates and low-cost financing for renewable energy systems and energy efficient equipment and technologies that result in energy savings

To learn more contact tcomerford@locationnj.com, download the NJEDA Factsheet,  or visit NJEDA's website www.njeda.com