The New Jersey Economic Development Authority (NJEDA) kicked off its February board meeting this week commemorating 2024 as the 50th anniversary of its establishment.

And during that meeting, ample examples of the type of work the NJEDA does was on full display with a number of projects, initiatives and grants taking steps forward.

As NJBIZ reported Feb. 8, the NJEDA approved the major mixed-use NJPAC District project in Newark for a nearly $200 million Aspire tax credit.

The board also cleared $25.1 million in Real Estate Rehabilitation and Development Grants under the Activation, Revitalization, and Transformation (A.R.T) Program. The move will support 13 projects in Newark and Atlantic City as they continue to battle the aftermath of the pandemic.

“New Jersey’s downtowns are essential to our state’s economy and culture and in the wake of the pandemic, Gov. Phil Murphy has been committed to ushering in a resurgence in these downtowns,” said NJEDA Chief Executive Officer Tim Sullivan. “The funding awarded today will allow entities to rehabilitate vacant and blighted properties to encourage businesses, commuters, and residents back to city centers.”

Additionally, the $5 million Phase Two of the Child Care Facilities Improvement Program received approval.

“So many working families depend on Family Child Care homes for the safety and enrichment of their children,” said Sullivan. “Phase Two of the Child Care Facilities Improvement Program expands eligibility to include these vital home-based operations, ensuring that registered FCCs all over New Jersey have access to the resources needed to provide quality child care services.”

Earlier in the week, NJEDA announced applications for Phase Two of the popular Manufacturing Voucher Program would open soon. The effort received $20 million in grant funding in the most-recent state budget.

‘More essential than ever’

But how did we get here? On Aug. 7, 1974, then-Gov. Brendan Byrne signed the NJEDA into law.

It was designed to create jobs for working men and women in the state via an organization that would seek to attract new industries while expanding existing ones.

“Fifty years and 10 governors after its creation, the work of the NJEDA is more essential than ever as we continue to build and shape a stronger, fairer New Jersey economy that supports good-paying, family-supporting jobs of the future,” said Gov. Phil Murphy in a press release. “The Authority’s role has continued to grow and evolve over the years as new challenges arise, and through it all, NJEDA has remained nimble, listening and responding to the needs of businesses and communities – large and small.”

Murphy says the result has unleashed extraordinary and recent economic growth, transforming New Jersey into one of the best states in the nation to start or grow a business.

Still working

The administration points to efforts under its watch to provide and create resources for New Jersey entrepreneurs, small businesses, municipalities and developers in a variety of ways and across sectors. Additionally, officials referenced the NJEDA’s support of Garden State businesses during emergencies, such as Superstorm Sandy and the COVID-19 pandemic.

Sullivan credits the governor and the Legislature for entrusting the NJEDA with developing and executing on resources that address the needs of New Jersey businesses as well as proactively foster the growth of industries and development projects.

“As we work to create opportunities for New Jerseyans from all backgrounds and foster the growth of New Jersey’s economy during 2024, we will continue to build on the momentum of 50 years of creating new jobs, driving economic activity, and revitalizing communities,” said Sullivan.

You can read more here and here about the work of the NJEDA, recent developments and upcoming projects/initiatives from NJBIZ’s recent interview with Sullivan.