Business View Magazine | June 2019

249 BUSINESS VIEW MAGAZINE JUNE 2019 urban revitalization efforts. The expansion of the CCI now provides more cities with a direct connection to specialized expertise for addressing complex environmental issues, leading to successful remediation and redevelopment of contaminated sites. In addition to brownfields redevelopment, the Governor has also proposed additional place- based programs to help catalyze investment in New Jersey’s cities. The proposed Historic Preservation Tax Credit will help revitalize underused historic structures and make them an important part of New Jersey’s urban centers while upholding their storied pasts. The proposed NJ Aspire Tax Credit Program will provide tax credits on a competitive basis to help address funding gaps in commercial, residential, and mixed-use (including parking) projects, with a focus on cities, downtowns, and suburban neighborhoods served by mass transit. Making NJ the State of Innovation New Jersey has the eighth largest economy in the United States, generating over $590 billion in economic output or nearly three percent of the entire U.S. economy. However, over the past decade, New Jersey’s role as a leader in innovation has slipped significantly. Governor Murphy is committed to reversing that course and seeing New Jersey reclaim its leadership role in this vital sector. To achieve this goal, the Governor took the important step of re-establishing the Commission on Science, Innovation, and Technology, which will lead the way in promoting the state as a home for academic and technological research, development, and commercialization. To provide an environment where start-up companies have the best opportunity to succeed, the NJEDA created NJ Ignite - a rent-support program that provides start-up technology and life sciences companies with up to nine months of rent support in exchange for moving into and operating from approved collaborative workspaces. Over a dozen incubators, accelerators, and coworking THE NEW JERSEY ECONOMI C DEVELOPMENT AUTHOR I TY