New Jersey Economic Development Authority

The Board meeting included a CEO's Report to the Board and presentations on the Economic Transformation Incentives Authority Matters. Public comments were provided regarding the Café program timeline and the Activation, Revitalization and Transformation (ART) Program Phase 1. Key approvals involved the ASPIRE program, including tax credits for a Transformative residential project in New Brunswick and a commercial project in Hoboken, including a modification to the Net Benefit Analysis policy for the hospitality industry. Policy approvals were made for the Cultural Arts Facilities Expansion (CAFE) program, including defining "cultural arts" and reserving tax credits, with an award for Project Supernova in Jersey City and the Mayo PAC Expansion and Renovation Project. The Board approved a Historic Property Reinvestment tax credit for the Gibraltar Building Rehabilitation Project and a NEXT NJ Program AI tax credit award to CoreWeave, Inc. Approvals were also granted for the first set of awardees under the FEED NJ Pilot Program, a Strategic Innovation Center investment in NJ HAX Plasma Forge LLC, and Qualified Investments under the New Jersey Innovation Evergreen Program. Furthermore, approvals included the inclusion of five high-scoring applications for the NJ Innovation Fellows AI Cohort and utilization of FY26 Main Street Appropriation for Small Business Lease Grant (SBLG) and Small Business Improvement Grant (SBIG) approvals. Authority matters included approval of the NJ BASE Program Parameters and outcomes of legal appeals for the Activation, Revitalization, and Transformation Program - Phase II. A Tax-Exempt Bond for the Atlantic City Sewerage Company was approved for sewer system financing. Real Estate matters included approval of project delivery methods (CM with/without GMP, and Design-build with/without GMP) and the Ninth Amendment to the PILOT agreement for the NJ Bioscience Center.

The meeting commenced with Chairman's Remarks, followed by informational presentations regarding Strategic Innovation Centers and a Netflix update, and the CEO's Monthly Report. Governor Phil Murphy addressed the board, thanking the CEO for his leadership. Key actions involved approving programmatic updates to the Garden State C-PACE Program, entering into an MOU with the Port Authority of New York and New Jersey for zero-emission vehicles, and approving the creation and funding for the New Jersey Green Workforce Training Grant Challenge Phase 2. The board also approved investments related to the NJ AIM and Nurture NJ Innovation Center accelerator programs, the NJ AI Accelerator Fund, an award for the Apprenticeship Training Centers Construction Grant Program, and follow-on investments and tax credit auction approvals for the New Jersey Innovation Evergreen Fund. Under Economic Security, approvals were granted for the second set of awards and declination for the Food Equity and Economic Development in New Jersey (FEED NJ) Pilot Program, and an MOU with Rowan University to establish an Economic Empowerment Center. Delegations of authority were approved for various programs, and the FY 2026 Fiscal Plan was approved. In Real Estate matters, the board approved the project development budget for Phase 2 of the Liberty State Park Revitalization Program, authorized the release of a deed restriction for the Jersey City Medical Center Property, and approved the purchase of parcels from the former Riverfront State Prison Site in Camden.

The meeting addressed several key areas, including clean energy initiatives such as the RETROFIT NJ Program and an MOU with New Jersey Transit to expand the Camden Bus Electrification Program. The council also discussed workforce innovation partnerships, including an addendum to the MOU with the New Jersey Department of Environmental Protection and the New Jersey Film Works Grant Program Awards. Community development was addressed with the Asset Activation Planning Grant Program. The Authority's Audited Financial Statements for 2024 and a recommendation for a contract award for Independent Auditor Services were reviewed. Additionally, the council discussed the Film and Digital Media Tax Credit Program and approved tax credits for Camp Blood Productions LLC. The board also convened in an executive session regarding real estate negotiations.

The meeting covered a range of topics, including the Aspire program with discussions on tax credits for residential and commercial projects in New Brunswick and Hoboken. The CAFE program was addressed with policy approvals and tax credit awards for projects like Project Supernova and the Mayo Performing Arts Center expansion. The Historic Property Reinvestment Program was utilized for the Gibraltar Building Rehabilitation Project. The NEXT NJ Program AI tax credit award to CoreWeave, Inc. was approved. The Food Equity and Economic Development in New Jersey (FEED NJ) Pilot Program was approved along with Strategic Innovation Center investment in the NJ HAX Plasma Forge LLC. Additionally, qualified investments under the New Jersey Innovation Evergreen Program, approvals and declinations for the NJ Innovation Fellows AI Cohort, utilization of FY26 Main Street Appropriation, NJ BASE Program Parameters, Activation, Revitalization, and Transformation Program appeals, bond project for The Atlantic City Sewerage Company, real estate project delivery methods, and the Ninth Amendment to PILOT for the New Jersey Bioscience Center were all discussed and approved.

The meeting included discussions and actions related to the Film & Digital Media Tax Credit Program, including special adoption and proposed new rule amendments, and the designation of a Studio Partner. The board also considered and approved the Take Charge Program, a pilot initiative for electric charger installation, and approved a Qualified Investment under the New Jersey Innovation Evergreen Program. Additionally, tax credits were approved from the Aspire program for projects in Paterson and Secaucus. Several items were withheld from consideration, and the board reviewed HDSRF and PUST applications approved under delegated authority.