> Economic Development
Since 2010, the New Jersey Economic Development Authority (EDA) has approved over $121 million in financing assistance, business incentives and tax credits to 21 projects in the City of Trenton. This assistance is expected to leverage more than $216 million in total investment and is expected to serve as a catalyst for the creation of more than 300 new jobs, nearly 1,400 construction jobs, and the retention of 259 jobs at risk of leaving New Jersey.
The New Jersey Economic Opportunity Act offers significant incentives for any business considering Trenton as a location. In fact, EDA has approved over $36 million in tax credits to four projects through the Residential Economic Redevelopment and Growth (ERG) Program. One of these projects, Roebling Lofts, involves the transformation of the old Roebling Steel building into rental lofts and apartments and is expected to create 250 construction jobs. Vacant for nearly 20 years, the renovated structure will include multi-family lofts, two-bedroom lofts, and one bedroom units, all featuring high ceilings and large industrial windows. For more information on this project, please visit EDA’s “Cranes in the Air” page.
In addition to ERG assistance, EDA has approved over $52 million in tax credits to two projects through the Grow NJ Program. This includes an $18.9 million Grow NJ award to support the construction of a central baking facility that will provide donuts and bakery products to over 130 Dunkin’ Donuts restaurants throughout the Central New Jersey, Southern New Jersey and Pennsylvania area. This state of the art baking facility would be located at 600 Perry Street in Trenton, the former site of the Trentonian newspaper, and is expected to bring 170 new full time jobs to the heart of the city.
For more information on incentives available in Trenton through the New Jersey Economic Opportunity Act, please click here.
The EDA also supports small businesses in Trenton, and the EDA Board recently approved the creation of two new small business pilot programs - the Business Lease Incentive and Business Improvement Incentive Programs. The goal of these programs is to enhance the vibrancy of commercial corridors through business attraction, retention, and building improvements in Garden State Growth Zones, including the City of Trenton. These programs will offer annual lease payment subsidies for new and additional space and reimbursement of building improvement costs to street level businesses in eligible commercial corridors within the City. Click here to learn more about these programs.
EDA can also provide financing to financial intermediary organizations who, in turn, offer term loans and lines of credit to micro-enterprises and small businesses not qualified for traditional bank financing. In December 2014, the EDA Board approved a $500,000 loan to the Regional Business Assistance Corporation, a non-profit Community Development Finance Organization that provides loans and technical assistance to small businesses located throughout New Jersey.