The Florio AdministrationUrban Economic Development Initiatives – Newark

What….no Funds??

1. Overview of the $224 million Economic Recovery Fund Law – Elizabeth Renaud

2. Economic Recovery Fund Projects – Caren Franzini

3. A success story…the NJ Performing Arts Center - Larry Goldman

4. Brief Overview - Newark Today – Caren Franzini

The Economic Recovery Fund

Economic Recovery Fund Projects

1. Economic Growth Fund for Business – Created Statewide Loan Pool with 12 NJ banks; $100 million Bond Pool to assist manufacturing companies

2. Economic Development Infrastructure - $17 million – Atlantic City International Airport

3. Cultural and Tourism Development - NJ Performing Arts Center; Strand Theater, Lakewood; Camden’s Sony-Pace Ampitheater; New Brunswick’s Civic Square

Economic Recovery Fund Projects

4. School Renovation and Repair - $45 million in ERF Funds leveraged $250 million loan program.

5. Environmental Clean Up - loans to businesses to clean up contaminated sites to allow for new development.

6. Shore Restoration - $15 million for shore protection

NJPAC – A success story

Downtown Newark Today

Prudential - $400 Million

Panasonic - $125 Million

Cablevision - $50 million

Teacher’s Village - $125 million

Dranoff-NJPAC - $100 million

Renovation Military Park - $3 million

Lessons Learned

Need Leadership, Direction and Focus – Governor Florio led the Team – state agencies worked together

Funding Infrastructure is key – cultural facilities; roads; airports; streets; beaches; water; sewer; site remediation

Utilize private sector approach – Leverage funds – need public/private partnerships