Economic Redevelopment & Growth Program (New Jersey)

From Open Energy Information


Last modified on February 12, 2015.

EZFeed Policy

Place New Jersey


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
Active Policy Yes
Implementing Sector State/Province














Program Administrator New Jersey Economic Development Authority
Primary Website http://www.njeda.com/web/Aspx_pg/Templates/Npic_Text.aspx?Doc_Id=1186&menuid=1424&topid=718&levelid=6&midid=1175


Last Review 2014-09-15



Summary

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.


Policy Contact

Department New Jersey Economic Development Authority
Address PO Box 990
Address 2 36 West State Street
Place Trenton, New Jersey
Zip/Postal Code 08625-0990


Email CustomerCare@njeda.com
Website http://www.njeda.com/web/Aspx_pg/Templates/Pic_Text.aspx?Doc_Id=89&midid=729&menuid=729&topid=717


















References