“Finding the sweet spot – Grow NJ and ERG Grant incentives are fundamentally about bringing investment and jobs to the right location”

If you want to get the best value from the new Economic Opportunity Act of 2013, you will most likely be successful if your business objectives are aligned with the often location driven public purposes that the Legislature sought to achieve with these new incentive tools. Owners or Tenants buying, developing and/or rehabilitating facilities, with businesses that bring jobs and investments to certain locations where the State seeks to attract them, can get considerably more assistance from Grow NJ credits than if those same users brought the same jobs to other Grow NJ eligible locations where the amount of the tax credits may not make the application process as worthwhile. Similarly the Legislature sought to incent developers to build in redevelopment plan areas by providing that applications can only be made for an Economic Redevelopment & Growth (ERG) Grant for a redevelopment project.

Before deciding where Grow NJ and ERG work best, it is important to determine whether you can meet a few key requirements for these incentive programs or you may wind up wasting time shopping for the right location.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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