NJ EDA Establishes New Brownfields Office

TRENTON, NJ-The New Jersey Economic Development Authority has set up a Brownfields Redevelopment Office to make it easier for municipalities, developers and other businesses to access financial resources available from the Authority for the remediation and redevelopment of such sites.

“The new office is an outgrowth of Gov. [James] McGreevey’s announcement to consolidate brownfield financing programs with the EDA,” according to Caren Franzini, executive director of the Authority. “It also supports the state’s commitment to provide east access to the financing tools that can help municipalities, developers and businesses clean up contaminated and underutilized sites and make them usable again.”

The action follows Gov. McGreevey’s recent signing of a bill to designate another $40 million for the replenishment of the Hazardous Discharge Remediation Fund (see earlier story). The fund is managed by EDA in conjunction with the state’s DEP.

EDA’s Brownfield Redevelopment Office also administers two new lending programs that make up to $10 million in short-term loans available to developers to offset predevelopment funding gaps for projects in older communities, and to meet funding requirements for brownfield site remediation, according to Franzini.