NEW BRUNSWICK, N.J., June 22, 2009 – The New Jersey Chapter of NAIOP, the Commercial Real Estate Development Association, has announced its support of passage of the New Jersey Economic Stimulus Act of 2009 (SCS-2299 Lesniak/A-4048 Roberts).
“Given the unexpected severity of the current economic recession with no anticipated improvement in the commercial real estate sector before 2011, corrective legislation is needed now to encourage businesses to stay in and relocate to New Jersey in order to create private sector jobs,” noted Michael McGuinness, Chief Executive Officer of NAIOP-NJ.
SCS-2299/A-4048 contains several measures designed to jump-start New Jersey’s economy. The legislation would: improve the Urban Transit Hub Tax Credit Act program by reducing the investment thresholds and allowing for tax credit transfers; create a substitute for the RAD (Revenue Allocation District) program to be known as ERGG (Economic Redevelopment and Growth Grant); and exempt certain non-residential development from COAH (affordable housing) fee obligations, among other initiatives.
“We strongly support this legislation that will help New Jersey attract and expand business development,” said NAIOP-NJ Vice President of Public Affairs George Sowa of Brandywine Realty Trust. “Once a company leaves our state, they are gone for good. The commercial real estate industry is New Jersey’s ally in economic prosperity, but we need tools and incentives to retain the businesses and jobs we have, and attract new employers. These incentives are not costs, they are investments in the long-term viability of this State. This legislation sends the right message to businesses that it is worthwhile to be here.”
A quick survey of NAIOP-NJ members indicates that enactment of this legislation could enable dozens of approved projects to immediately break ground, resulting in thousands of new jobs.
“We urge the Legislature to support SCS-2299/A-4048, as its enactment will help turn the tide of New Jersey’s significant loss of private sector jobs and position our state to prosper once the national recovery begins,” said McGuinness.