The Portfields Initiative was designed to create new development sites and economic opportunities in the Port District – defined as the area within an approximately 25-mile radius around the Statue of Liberty – in order to meet the fast growing commercial cargo needs for ocean and air freight-related warehousing on underutilized or Brownfield sites.
New Jersey Portfields Initiative provides financial incentives, access to affordable capital, planning and other technical expertise, and coordination with state agencies for expedited project permitting and approvals to accelerate development.
- Low-interest loans or loan guarantees of up to $1 million for contamination-related site preparation costs like land assemblage, demolition, removal of materials and debris and engineering needs.
- Recoverable investments of up to $300,000 with a 1:1 match from the developer for feasibility analysis of a prospective site for development.
- Contracted land assemblage, project planning and implementation of strategy and marketing assistance.
- Assistance in securing necessary permits and approvals.
Planning and Predevelopment
Low-interest loans or loan guarantees of up to $1 million for contamination-related site preparation costs like land assemblage, demolition, removal of materials and debris and engineering needs.
- Recoverable investments of up to $300,000 with a 1:1 match from the developer for feasibility analysis of a prospective site for development.
- Contracted land assemblage, project planning and implementation of strategy and marketing assistance.
- Assistance in securing necessary permits and approvals.
Investigation and Remediation
Low-interest loans of up to $1 million for businesses to investigate and clean up sites suspected of or known to have discharges of hazardous substances. Municipalities may apply for grants or low-interest loans of up to $3 million per year for properties they own or for which they hold a tax certificate.
- Low-interest interim financing of up to $750,000 to developers/business owners for meeting the costs of Brownfield site remediation.
Infrastructure Development
Issuance of low-cost bond financing on behalf of a municipality to fund infrastructure and remediation costs associated with a development project located in a municipally-designated redevelopment area.Development Financing
Low-cost bond and loan financing and loan guarantees for site development, building construction and equipment purchase.
Incentive grants for job creation.
- Rebates and low-cost financing for renewable energy systems and energy efficient equipment and technologies that result in energy savings.
For more information on how the state of New Jersey can assist you with development of warehousing and distribution centers in the Port District contact 866.534.7789.
