The Asbury Park business community is invited to participate in an update to the recently reinstalled Urban Enterprise Zone [UEZ] – a redevelopment funding program that offers everything from reduced tax credits to debt financing and project improvements in blighted areas.
Sen Vin Gopal and James Simmons, the business development representative from the NJ State Urban Enterprise Zone Program will lead the 9:30 a.m. Tuesday meeting being held in City Council Chambers at 1 Municipal Plaza.
First enacted in 1983, the UEZ program was aimed at fostering economic revitalization. The program was used locally to fund the purchase of new fire trucks, façade improvements for local businesses, the Main Street Farmer’s Market, a marketing program for the city and website design, development and maintenance services, and small business loans.
Funding stopped in 2010 but with the May 30 passage of the S846 bill, revitalization of the funding for another 10 years comes in line as the city reaches an uptick in redevelopment in its southwest neighborhood.
“The Urban Enterprise Zone has helped attract new businesses to Asbury Park, allowing this iconic Monmouth County community revitalize its ever-growing business district,” Gopal has said. “Today, Asbury Park is a destination community with a wide variety of successful restaurants, shops, boutique hotels and other local businesses. It is impossible to discuss the growth of Asbury Park without acknowledging the key role its designation as an Urban Enterprise Zone has played.”
Currently, there are 27 active zones in 33 municipalities. In Asbury Park, the UEZ guidelines translated into:
100% sales tax exemption for specified materials and tangible personal property
Qualified retail businesses may charge 50% of the 7% NJ sales tax (3.5%) on certain “in person” purchases
One-time corporate tax credit of $1,500 for each new full time employee who is a resident of Asbury Park and has been unemployed for at least 90 days or dependent upon public assistance
Subsidized unemployment insurance for certain new employees with gross salaries of less than $4,500 per quarter as per Department of labor schedule.
Tax credit against the Corporation Business Credit of 8% if investment is an approved “In Lieu” by the Urban Enterprise Zone Authority and City of Asbury Park
Sponsored by the City of Asbury Park and Asbury Park Chamber of Commerce, a light breakfast fare will be served at the 9:30 a.m. Tuesday meeting. To RSVP call 732-775-7676 or or email info@asburyparkchamber.com.
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