(TRENTON) – Legislation sponsored by Assemblyman Vince Mazzeo (D-Atlantic) to create a Garden State Growth Zone around the Atlantic City International Airport and take advantage of economic incentives to attract business to the area was approved Monday by the Assembly, giving it final legislative approval.
The Garden State Growth Zone (GSGZ) is a business improvement incentive created under the Economic Opportunity Act of 2013. There are currently five municipalities in the GSGZ: Atlantic City, Camden, Passaic, Paterson and Trenton. The designation provides significant bonus incentives for companies and developers to relocate and develop within those municipalities.
“Creating a growth zone around the airport, to encompass the Stockton Aviation Research Park has the potential to be a real driver in bringing new industry and new good paying jobs to our area,” said Mazzeo. “This would benefit the city, the county, lessen our reliance on gaming as our main economic driver and position Atlantic City as a prominent player in the aviation industry.”
As amended, this bill expands the type and amount of eligibility for certain incentives offered to qualified businesses under the Grow New Jersey Assistance Program and the Economic Redevelopment and Growth Grant Program, for businesses located in a Garden State Growth Zone (“GSGZ”) and within an aviation district. Currently, a GSGZ project has to yield fiscal benefits over a period of up to 30 years that equal or exceed 110 percent of the tax credit award amount. However, a GSGZ project in Camden has to yield fiscal benefits over a period of up to 35 years that equal or exceed 100 percent of the tax credit award.
The bill expands Camden’s enhanced incentives to GSGZs located in Atlantic City, Camden, Passaic, Paterson, Trenton, and the newly defined “aviation district.” The term “aviation district,” as revised by this bill, means all areas within a one mile radius of and including the boundaries of the Atlantic City International Airport and the Federal Aviation Administration William J. Hughes Technical Center. Furthermore, the bill removes the prohibition on gaming facility businesses qualifying to meet the definition of a “tourism destination project” under the Grow New Jersey Assistance Program and the Economic Redevelopment and Growth Grant Program.
The bill now goes to the governor.
