Nj future redevelopment forum 2014 eoa bzik

UNDERSTANDING THE CONNECTIONS BETWEEN THE NJ EOA & THE SOMERSET COUNTY

STRATEGIC PLAN

Robert Bzik, AICP/PP, DirectorSomerset County Planning

Board

NJ Future Redevelopment Forum Panel: “Getting the Most Out of the Economic

Opportunity Act”March, 14, 2014

Bookend Economic Strategy• Comprehensive Economic Development

Strategy• Somerset County Investment Framework

Economic Opportunity Act• Interpretation and Impact

Smart Growth Perspective

Overview

Comprehensive Economic

Development Strategy

Bookend Economic Strategy

Somerset County Investment Framework

GOALS: Job Creation and Private Sector Investment

PRIORITY FOCUS AREAS:• Leverage business resources and services to

attract and retain industries and companies• Re-use significant properties to incentivize

targeted industry growth• Reduce the Regulatory Burden• Improve the delivery of employer-focused

workforce development resources• Target transportation and utility investments in

areas that will have the greatest economic impact

Comprehensive Economic Development Strategy

Somerset County Investment Framework

PURPOSE:Provide a criteria-based framework for identifying areas most suitable for growthGOALS:• Support ongoing regional and local smart

growth, preservation, economic revitalization, sustainability and resiliency planning initiatives

• Achieve tactical alignment of land use, infrastructure and preservation plans, resources, programs, policies and investment decisions

• Convey a clear investment message regarding local and regional land use priorities for both the public and private sectors

Interpreting and Mapping the Economic Opportunity Act

Basic Eligibility• Qualified Incentive Area• Priority Area• Mega Project*• Garden State Growth

Zone• Urban Transit Hub• Distressed Municipality

Bonus Incentives• Deep Poverty Pocket• Transit Oriented

Development• Mixed Use Development• …many others

Location-Based Incentives – Overview

Qualified Incentive Area - $500• Planning Area 1

(Metropolitan)

Location-Based Incentives – Base Eligibility


(Metropolitan)• Planning Area 2

(Suburban)




(Suburban)• Planning Area 3 (Fringe)




(Suburban)• Planning Area 3 (Fringe)




(Suburban)• Planning Area 3 (Fringe)• Port District




(Suburban)• Planning Area 3 (Fringe)• Port District• Highlands Planning Area




(Suburban)• Planning Area 3 (Fringe)• Port District• Highlands Planning Area




(Suburban)• Planning Area 3 (Fringe)• Port District• Highlands Planning Area• Planning Area 4/4B/5, if:

• Designated Area in Need of Redevelopment or Rehabilitation


Areas determined to be in need of redevelopment or

rehabilitation (Local Redevelopment &

Housing Law)





• Designated Center








About 70% of the county is “qualified.”

Outside of these areas, incentives may still be

available if the property has a structure, or has ever had a

structure.

Priority Area - $3,000 Planning Area 1

(Metropolitan) Planning Area 2













(Suburban)• Planning Area 3 (Fringe) Port District• Highlands Planning Area• Planning Area 4/4B/5, if:




Location-Based Incentives – Base EligibilityPriority Area - $3,000 Planning Area 1




Designated Center

Location-Based Incentives – Base EligibilityPriority Area - $3,000 Planning Area 1




Designated Center Deep Poverty Pocket

Census tract with at least 20% of the population below the

poverty level





Designated Center Deep Poverty Pocket






Designated Center Deep Poverty Pocket Transit Oriented

Development


Within ½-mile of a public transit station

(NJ Transit, PATH, PATCO)






Development


Overall, about 50% is “priority” and 20% is “qualified” at the

base level.

Location-Based Bonuses• Deep Poverty Pocket

• $1,500

Location-Based Incentives – Bonuses


• $1,500



• $1,500• Transit Oriented

Development• $2,000







Development


Overall, about 50% is “priority” and 20% is “qualified” at the

base level.








• Mixed-Use Development• $500


Located in a mixed-use development with moderate income housing for at least 20% of full-time employees




• Mixed-Use Development• $500


Qualified Incentive Area ($500)• Planning Area 3 (Fringe)• Highlands Planning Area• Designated Area in Need of

Redevelopment/Rehabilitation

Priority Area ($3,000)• Planning Areas 1 and 2 • Port District• Designated Center• Deep Poverty Pocket• Transit Oriented Development

Location-Based Bonuses• Mixed-Use Development ($500)• Deep Poverty Pocket ($1,500)• Transit Oriented Development

($2,000)

Location-Based Incentives – Summary

Smart Growth Perspective

Somerset County Investment FrameworkFocuses investment using asset-based

criteria

Built upon updated planning policy framework

Emphasizes regional, interdependent opportunities

NJ Economic Opportunity Act

Broadens incentive eligibility to encourage growth

Uses traditional planning areas combined with

new economic-oriented policy areas

Emphasizes site-level, project-specific criteria

EOA Weighted toward Urban Areas• EOA incentives extend to areas where open space,

farmland and historic preservation are higher priorities

• EOA = tax incentives whereas CIF & CEDS are comprehensive

• EOA minimum capital investment is favors rehabCATEGORY MAXIMUM ANNUAL INCENTIVE

Garden State Growth Zone $30 million Urban Transit Hub $10 million Distressed Areas $80 million

Versus Priority Areas $4 million Other Eligible Areas $2.5 million

CATEGORY MAXIMUM ANNUAL INCENTIVE Industrial Rehab $20 /sq. ft. Office Rehab $40 /sq. ft.

Versus Industrial New $60 /sq. ft. Office New $120/ sq. ft.

FOR MORE INFORMATION, PLEASE CONTACT:

SOMERSET COUNTY PLANNING BOARDSomerset County Administration Building

20 Grove Street, P.O. Box 3000Somerville, NJ 08876

Phone: (908) 231-7021

Fax: (908) 707-1749E-mail: [email protected]

http://www.co.somerset.nj.us/planweb/index.htm

mailto:[email protected]

Nj future redevelopment forum 2014 eoa bzik

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