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October 19, 2011

Atlantic County Economic Forum Beyond the Boardwalk. Financing Economic Development in an Era of Fiscal Austerity. October 19, 2011. Tim Lizura Senior Vice President, Finance & Development. Making New Jersey a Home for Growth Governor Chris Christie’s Economic Development Initiatives.

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October 19, 2011

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  1. Atlantic County Economic Forum Beyond the Boardwalk Financing Economic Development in an Era of Fiscal Austerity October 19, 2011 Tim LizuraSenior Vice President, Finance & Development

  2. Making New Jersey a Home for Growth Governor Chris Christie’s Economic Development Initiatives

  3. Partnership for Action Lt. Governor Kim Guadagno

  4. New Jersey’s “Bank for Business” • Provides capital for project development. • Offers incentive programs to attract and retain • business. • Connects small businesses to funding • opportunities. • Operates technology centers to assist emerging • research and development companies.

  5. Cedar Shopping Centers • Cedar Shopping Centers was approved for up to $20.4 million under ERG to • support the redevelopment of the Shore Mall in Egg Harbor. The $102.7 million • project includes 602,562 sq. ft. of space, with a focus on converting the site into a • mixed-use, open-air shopping center with retail, restaurant and commercial space. • The redevelopment will also include off-site infrastructure improvements to alleviate • congestion, increase traffic safety and provide direct access to the project from the • Parkway. • The redeveloped Shore Mall will create approximately 829 full-time retail and • restaurant jobs, and 550 construction jobs. The project will also retain 677 jobs.

  6. Revel Atlantic City • Governor Christie created a tourism district within Atlantic City in February to • improve public safety and public health and generate economic activity. At that time, • the Governor also announced the restart of the Revel project, clearing the way for • completion of the $2.8 billion project. • Through ERG, Revel will receive up to $261.3 million over 20 years. The project is • expected to create 5,400 construction jobs and 5,500 new, full-time jobs • In addition to the Casino, Revel will undertake various other development projects, • including infrastructure improvements along Rhode Island Avenue and boardwalk • reconstruction.

  7. Marina Thermal Facility Expansion • The Marina Thermal Facility has been successfully operating since 2003. Through • the ARRA CHP Program, EDA provided a $3.2 million grant to establish a 7.965 • cogeneration plant to expand the District Energy Center in Atlantic City currently • serving the Borgata Casino. • The project emphasizes the long-term vision of creating a District heating and • cooling system that will serve the Renaissance Pointe area and support Atlantic • City’s continuing revitalization. • The expansion of the facility is expected to create 50 construction jobs.

  8. Next Gen Aviation Research & Technology Park • With the development of the Next Gen ARTP, the State is building on its existing • foundation to become the major player in the aviation industry and create high- • paying, technology jobs in southern New Jersey. • To support the efforts of the William J. Hughes Technical Center, Atlantic County, the • Atlantic County Improvement Authority, Stockton State College and the SJEDD, • EDA provided $50,000 in 2005 to fund a study to determine the project’s feasibility. • By 2010, SJEDD started the infrastructure improvements and design process for the • first building on the site. • Features: 58 acres; seven multi-story buildings with over 400,000 sq. ft. of research • facilities; expected to employ 2,000; connectivity to FAA data, systems and labs.

  9. Small Business Support Through the New Jersey Business Growth Fund, a partnership between the EDA and PNC Bank, Galloway Pediatrics received a $385,000 loan with a 25% EDA guarantee to refinance its mortgage. Founded in 2005, the company expects to create five new jobs and maintain its existing staff of four. Family-owned G-Boys Excavating received a $350,000 line of credit from The Bank with a 50% EDA participation through the Main Street Business Assistance Program to help the Hammonton-based construction services company meet working capital and refinancing needs. G-Boys expects to add four new employees to its existing staff of 22.

  10. Tim Lizura Senior Vice President, Finance & Development New Jersey Economic Development Authority tlizura@njeda.com Business Action Center: (866) 534-7789 www.njeda.com www.NewJerseyBusiness.gov

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