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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