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By Andrew KitchenmanThe board took the action during a meeting Tuesday at which the board also approved its monthly round of grants to create jobs, as well as loans for renewable energy projects.
The $14.6 million Economic Redevelopment and Growth grant will be paid to Newport Office Center VI LLC, which will lease space to DTCC.
“This is a moment that’s going to be very hard to exceed in how proud we should be,” said board member Jerold L. Zaro, chief of the state Office of Economic Growth.
The board also approved rules implementing the new ERG program, which provides grants for development through the taxes generated from the developments. The rules allow the state to provide grants to projects that are stalled in the midst of construction, although more than 50 percent of the projects’ costs must have already been spent for them to be considered.
“I do believe this balances the need to move ahead,” board Chairman Carl Van Horn said of the rules.
E-mail Andrew Kitchenman at akitchenman@njbiz.com
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