Mayor Gilliam Comments on Governor Christie’s Veto of the Economic Development Bill

Atlantic City, New Jersey – One of the last actions to be taken by Governor Chris Christie was to veto legislation that would have provided powerful incentives for economic development in Atlantic City and around the Federal Aviation Administration Technical Center.

Mayor Frank Gilliam stated, “I am disappointed that Governor Christie did not sign the Economic Development Bill.  This legislation would have given Atlantic City more tools to encourage economic growth.  Nevertheless, Atlantic City remains designated as a Garden State Growth Zone which provides strong incentives that were used to attract South Jersey Gas and other businesses to Atlantic City.”

In January 2017, the late Senator Jim Whelan sponsored S 2872 with co-sponsor Senator Nellie Pou, who represents Patterson.  The bill would have provided increased incentives for the Garden State Growth Zones which includes Atlantic City, Patterson, Passaic and Trenton and added an area around the Federal Aviation Administration Technical Center.

The bill would have changed the net benefits test for developers, easing the requirement to a level that only the City of Camden has enjoyed.  The bill would have also permitted gaming projects to qualify for tax credits for the first time.

Since the Garden State Growth Zone incentives sunset on July 1, 2019, Atlantic City has a limited window to attract new investment and grow its tax base.

“There are many vacant parcels available in Atlantic City that are ideal for business development,” noted Mayor Gilliam.  “The 12 acres at the base of the Atlantic City Expressway, Bader Field and the Riverside Site are all publicly owned and development ready.  My staff will be inventorying sites and are prepared to provide one stop service for developers interested in bringing new jobs to our City.”

Developers who apply for NJEDA program must demonstrate that the tax credits are a material factor in the business decision to make a capital investment and locate in Atlantic City.

To date, the NJEDA incentives has been used to attract the following businesses:

South Jersey Gas                                      $12,655,260                  167 jobs retained

Atlantic City Call Center                       $33,200,000                  332 new jobs

Enroute Computers Solutions            $9,315,000                     38 new jobs, 43 retained

More information on the Atlantic City Garden State Growth Zone Incentives is provided on the New Jersey Economic Development Authority web site using the link below  http://www.njeda.com/pdfs/GSGZ_AtlanticCity.aspx

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