August 7, 2012 - New Jersey Redevelopment Authority Provides Preliminary Approval for $10 Million Tax- Exempt Bond
NEW JERSEY REDEVELOPMENT AUTHORITY PROVIDES PRELIMINARY APPROVAL FOR
TRENTON, N.J. - The New Jersey Redevelopment Authority (NJRA) today announced that it provided preliminary approval for a $10 million tax-exempt bond to Renewable Jersey, LLC for the development of a green modular manufacturing plant in the city of Bridgeton’s Port District Redevelopment Area.
Renewable Jersey, LLC (RJ), the developer for the project, will purchase and redevelop the former Bridgeton Port (formerly Hunt’s Tomato) site into a green modular manufacturing plant which will be the first and only in the state of New Jersey. The project site consists of four abandoned warehouses situated on 15.25 acres and is expected to serve new construction within in a 200-mile radius. Until now, all modular housing was manufactured and shipped from Pennsylvania. The completion of this project will create 128 full-time jobs in the first year within the plant.
“This project fits within the scope of Bridgeton’s Port District Redevelopment Plan,” said Department of Community Affairs Commissioner Richard E. Constable, III. “Not only will NJRA’s investment help Bridgeton through the creation of full-time jobs for its community, but it will also bring four vacant buildings back to productive use.”
The four warehouse buildings associated with the project will be converted to serve different functions in the plant’s overall manufacturing process. The first building will be retro-fitted to create three assembly lines to build green modular homes. The second building will be used for training and provide storage space for material. The third building will also be used as additional storage space for material. The fourth building has been deemed unsafe by the Bridgeton Code Office and will be demolished and replaced with a modular office building.
“This facility will be the first and only modular housing manufacturing plant in New Jersey,” said Leslie A. Anderson, NJRA Executive Director. “The project, which is located in Bridgeton’s Urban Enterprise Zone, the Federal Empowerment Zone and the Enterprise Community and Renewal Community, will have numerous benefits for the community.”
The NJRA Bond program offers creative bond financing solutions to companies seeking financing for capital improvements and expansions. The NJRA acts as a conduit by issuing its qualified small issue bonds for purpose of acquiring or constructing capital facilities for qualified borrowers so that the borrowed funds (bond proceeds) can be treated as tax-exempt. The NJRA sells bonds to raise capital for making long-term loans at attractive, below-market interest rates to a broad range of qualified businesses and not-for-profit organizations. The Authority has the ability to issue $100 million of taxable and tax-exempt bonds annually to stimulate revitalization in New Jersey's urban areas.
NJRA’s mission is to provide a unique approach to revitalization efforts in New Jersey's cities by developing programs and resources to improve the quality of life by creating value in urban communities.
For more information about the New Jersey Redevelopment Authority, visit http://www.njra.us.