Economic Redevelopment & Growth Program (New Jersey)
Last modified on February 12, 2015.
|Applies to States or Provinces||New Jersey|
|Name||Economic Redevelopment and Growth Program (New Jersey)|
|Policy Category||Financial Incentive|
|Policy Type||Grant Program|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Tidal Energy, Wave Energy, Wind energy|
|Program Administrator||New Jersey Economic Development Authority|
Economic Redevelopment and Growth program (ERG) is an incentive for real estate development projects that have a financing gap, defined as having insufficient revenues to support the project debt service under a standard financing scenario. It can also apply to projects that have a below market development margin or rate of return. The grant is not meant to be a substitute for conventional debt and equity financing, and applicants should generally have their primary debt financing in place before applying. In order for a project to be approved, it needs to undergo a rigorous analysis of the sources and uses of funds, construction costs and projected revenues. Approved developers/owners are eligible to receive up to 75% of the incremental increase in approved State revenues that are directly realized from the businesses operating in the redevelopment project premises.
|Department||New Jersey Economic Development Authority|
|Address||PO Box 990|
|Address 2||36 West State Street|
|Place||Trenton, New Jersey|