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Governor Jon Corzine’s economic restructuring plan is making headlines in New Jersey. And while the broad policy principles of the plan have garnered the support of many in the commercial real estate industry, the proposed toll hike increase—as it is written—is raising concern, according to the 550-member New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP).

NJ-NAIOP’s official position on the Corzine plan supports its acknowledgement of the need to put in place strict fiscal constraints on borrowing and spending, identify a dedicated source of funding to underwrite the state’s vital infrastructure investments and create a source of repayment of bonded debt in a way that does not unduly impact the annual operating budget. However, NJ-NAIOP does not support the proposed toll increases as currently structured because the organization foresees significant adverse impact on New Jersey’s competitiveness and the goods movement industry that services our ports.

The organization is seeking assurances that certain measures will be incorporated into the plan, including a meaningful economic stimulus package. This package, with its emphasis on job retention and expansion, is essential in order to ultimately grow the state’s commercial tax base, which is the only way to expect future revenues to match New Jersey’s (growing) future liabilities.

NJ-NAIOP recommends several key actions be included in the aforementioned economic stimulus package. They include:

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