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TEANECK, NJ-New Jersey Gov. Jon Corzine will announce incentives to stimulate the economy this afternoon including a $250 million allocation to banks to help builders whose projects have stalled because of the credit crisis. So says his new economic czar Jerold L. Zaro to approximately 600 real estate executives at Incisive Media’s RealShare New Jersey conference here this morning.

In his first major speech since Corzine appointed him head the Governor’s Office of Economic Growth just 48 hours ago, Zaro, 57, previewed some of the key points the governor will make during his emergency economic address this afternoon in Trenton.

He said Corzine will reveal a number of incentives that include suspending the state sales and use taxes on commercial properties that add jobs and allocating “major sums” to stave off home foreclosures in a program that might include the state buying back homes from distressed homeowners.

The governor will reveal a new program to provide small companies of up to 500 employees with $3,000 for each new employee added, Zaro said, adding that Corzine also will announce a plan to stimulate school, road and bridge construction as well as the proposed ARC tunnel into Manhattan. Corzine will allocate $10 million to help low-income residents pay for heat this winter and $2.5 million to help the state’s food banks address drops in donations.

Corzine also will support streamlining the permitting process for development by outsourcing environmental inspections for non-major developments and by appointing a point person to guide major development applications through the bureaucratic process with various state agencies.

“I can tell you the Corzine administration is focused on one four-letter work right now and that’s jobs,” said Zaro, an attorney and former chairman of the NJ Highway Authority.

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