Oct-23-08 NJRA Hosts Redevelopment Area Bond/ Revenue Allocation District Workshop
NJRA Hosts Redevelopment Area Bond/ Revenue Allocation District Workshop
Workshop Filled to Maximum Capacity
TRENTON – The New Jersey Redevelopment Authority (NJRA) Redevelopment Training Institute, in partnership with McManimon & Scotland, LLC, today hosted a one-day Redevelopment Area Bond/Revenue Allocation District workshop at Thomas Edison State College in Trenton. The workshop provided a thorough overview and in-depth assessment of the redevelopment financing tools used in redevelopment areas in New Jersey. All 75 seats for the workshop were filled.
“The Redevelopment Training Institute, an extension of NJRA’s technical assistance arm, continues to engender great interest and enthusiasm,” said Joseph Doria, Commissioner of the Department of Community Affairs (DCA) and NJRA Chair. “Today’s workshop provided invaluable guidance to officials from across the state on what actions they can take during these difficult economic times to begin or continue redevelopment.”
Today’s workshop was designed to provide a balanced perspective and encourage users to apply these resources to finance redevelopment projects, where appropriate. Students learned from experienced attorneys and practitioners who provided timely and relevant information on Redevelopment Area Bonds (RAB), Redevelopment Area Districts (RAD), Payment In Lieu of Taxes (PILOT), and other financing options used in redevelopment areas. Topics covered included: Taxable and Tax-Exempt Debt and Tax Increment Financing; Five-year Tax Exemption Law; Financial agreements.
“Through our work at NJRA we have learned that more knowledge about redevelopment, real estate development and project finance is needed. We are aware of the need to reach beyond the project specific technical and financial assistance needed during the redevelopment process,” said Leslie A. Anderson, NJRA Executive Director. “Through NJRA RTI, we are establishing a solid legacy for urban redevelopment.”
The NJRA, an affiliate of the DCA, is a state redevelopment financing authority committed to revitalizing urban New Jersey. For further information on the NJRA Training Institute, please log on to http://www.njra.us/rti.