Kyrillos: “Another Day, Another $1 Million In Taxpayer-Funded Boat Checks Down the Drain”

Trenton— Outraged at news that Lower Township will pay out nearly $1 million in terminal leave payments to its employees for unused sick and vacation time, Senator Joe Kyrillos (R- Monmouth/Middlesex), sponsor of legislation to end sick leave payments for public employees, called for terminal leave reform to be completed before the end of the current legislative session.

“Lower Township’s taxpayers are being forced to pay for a needless, wasteful, and unjustifiable benefit that is enjoyed in virtually no other work environment,” said Kyrillos. “While we can negotiate and compromise over the details of a final bill to fix this problem, there should be no debate about the fundamental idea that any future sick leave earned by an employee should not carry cash value. Abandoning the idea that sick leave is for when an employee is sick rather than deferred compensation would be a slap in the face to taxpayers.”

The Press of Atlantic City reports that the Lower Township Council made an emergency appropriation of $900, 000 to fund terminal leave payments for employees this year, including three employees receiving checks in excess of $100, 000. Terminal leave payments are responsible for several cents on the municipal tax rate.

“We cannot allow this to go on any longer,” said Kyrillos. “There is simply no good reason to assign cash value to sick leave that is not used by an employee. Taxpayers are being gouged for no reason other than inaction in Trenton.”

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Guadagno Continues Statewide “Season of Service” with Visit to Holiday Express Event at the Hawkswood School in Eatontown

Trenton, NJ – Highlighting the importance of volunteerism during the Christie Administration’s statewide “Season of Service,” Lt. Governor Kim Guadagno today visited the Hawkswood School in Eatontown to participate in its annual Christmas program for special needs children and young adults. The event was part of the 19^th season of giving organized by Holiday Express, a Monmouth County-based 501(c)3 non-profit organization.

“Over 1.5 million residents of New Jersey volunteer their time and energy to a range of important causes and charitable organizations annually, and these efforts take on heightened meaning during the holiday season,” said Lt. Governor Guadagno. “The state is fortunate to have so many fine non-profit organizations like Holiday Express that offer opportunities for civic-minded people to make a positive impact in their communities at this hopeful and joyous time of year.”

The Hawkswood School, formerly the School for Children, is a leading provider of high-quality educational services for children and young people, ages 3 to 21, with autism and other complex disabilities. Since its opening in 1976, its services have helped support and enrich the lives of over 3,000 students. As part of its 19^th season of charitable programming, it is one of 55 unique events Holiday Express has scheduled across the area between November 15 and December 24.

“Lt. Governor Guadagno has been a long-time volunteer and supporter of Holiday Express,” said founder Tim McLoone. “It’s no surprise that she found time to volunteer today and give back to those in need.”

Founded in 1993, Holiday Express is comprised of more than 1,600 volunteers and professional musicians whose mission it is to offer music, food, gifts, financial support, and friendship to those less fortunate, during the holiday season and throughout the year. Their “interactive, free private parties” come complete with a rock n’ roll band, costumed characters, parodies, and of course a visit from Santa. Holiday Express visits the homeless and elderly, those with life-threatening illnesses, children and adults with mental or physical disabilities, and countless others in need across the tri-state area. For its work, Holiday Express appeared on a segment of the NBC Nightly News with Brian Williams titled “Making a Difference.”

“As events of this year clearly demonstrated, the work of our volunteers is more important than ever,” added Lt. Governor Guadagno. “Moreover, these needs are ongoing and require attention 365 days a year across a wide range of areas. Thanks to the continued spirit of our civic-minded residents and organizations like Holiday Express, I’m confident that New Jerseyans will continue to answer the call to service in 2012 and beyond.”

Through the Governor’s Office of Volunteerism, residents can find volunteer opportunities, as well as recognize individuals and groups that enhance New Jersey’s communities through service, by visiting volunteerism.nj.gov.

 To learn more about Holiday Express and its work, visit www.holidayexpress.org.

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SINGER BILL TO REINSTATE DEATH PENALTY WOULD APPLY TO CHILD KILLERS

Father Who Drowned 2Year Old Should Face the Ultimate Punishment

Senator Robert Singer issued the following statement regarding the tragic murder of 2 year old Tierra Morgan-Glover.  The Senator has introduced legislation that would reinstate the death penalty in New Jersey for those who murder a child, kill a police officer in the line of duty or commit a terrorist attack that results in fatalities.

“I do not support the death penalty out of a need for revenge or due to malice in my heart. Neither do the many individuals I have met who have suffered from heinous crimes,” Singer stated. “I support the death penalty because sometimes it is the only way to achieve justice for the victims and families affected by horrible crimes.”

Singer noted that his legislation would apply to the man who drowned his 2 year old daughter, still strapped in her weighted down car seat, while conscious and alert.

“I am well aware that the death penalty will not bring back a murdered child, slain police officer or a victim of terrorism,” Singer continued. “For certain crimes, however, life in prison is just not punishment enough.”

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FORT MONMOUTH TO HOST NEW VETERANS PROGRAM

            As Fort Monmouth begins its rebirth and enters its redevelopment phase, there is good news for veterans in need. Soldier On, a non-profit organization that works in partnership with the Department of Veterans Affairs and other agencies to provide veterans shelter and support, has support of its own among staff of the Fort Monmouth Economic Revitalization Authority, (FMERA).

            The wide-ranging Soldier On, already successful in Massachusetts and Virginia, was brought to FMERA by Monmouth County Freeholder Lillian Burry, FMERA’s Veteran’s Sub-Committee Chairperson and a voting member of the authority as the representative of the Freeholders. A long-time advocate for veterans’ issues, who has been fighting to keep the Veteran’s Administration Hospital open at the fort, Mrs. Burry researched the program, contacted its President and CEO, Jack Downing, and arranged a meeting between herself, Mr. Downing and FMERA members in October. In November, those who attended the presentation called Soldier On, “awe-inspiring” and, “a tremendously exciting opportunity.” The program must go through the established bid process, but FMERA staff recommended taking the next step to make it a reality at Fort Monmouth.

            “The FMERA staff is 100% committed to this,” said Mr. Bruce Steadman, FMERA Executive Director, in expressing his endorsement of the program. “At Mr. Downing’s presentation, there wasn’t a dry eye in the house. We want to explore the success he has had with Soldier On. I can’t think of a more important thing to have at Fort Monmouth.” Soldier On has been assisting veterans since 1994. In addition to providing equity-based permanent housing, the program is focused on helping veterans with such things as food, health care, mental health counseling, job assessment, training and placement assistance, as well as treatment and recovery for addiction.

            “Soldier On is tailor-made for Fort Monmouth, where there are a large number of veterans who could take advantage of and would benefit from such a program,” Freeholder Burry said. “It is a perfect fit and the facilities are already there and available. Veterans are three times more likely to experience homelessness than the rest of society. There are 275,000 homeless veterans in our country today. Their fight doesn’t end when they get home.” A short, informative and moving film on the program was shown during the November 10 FMERA meeting at the Eatontown municipal building.

            Mrs. Burry said that the program’s focus is on single veterans. Soldier On has received 75% federal funding at its other locations. Mr. Downing recently toured Fort Monmouth with FMERA members, identifying existing buildings where the program might be housed, as well as which facilities for it could undergo rehabilitation, said Freeholder Lillian Burry, who is also a member of FMERA’s Real Estate Sub-Committee. The next step, she said, is for FMERA members to make a site visit to the program’s Pittsfield, Massachusetts location.

            Freeholder Burry’s aim is to continue to serve the thousands of veterans already associated with the fort, as well as dedicate a portion of the site to the needs of younger and returning veterans. She believes that together with the proposed expanded veteran’s clinic and the Vet2Vet intervention program she is also working to bring to the fort, Soldier On will create a state-of-the-art full service veterans hub at Fort Monmouth; continuing it’s role as a centralized location where all veterans can turn for assistance and support. Mr. Downing has agreed to direct and help set up the program, working closely with the FMERA staff.

            “We assist veterans with both picking up the pieces of their lives and filling in the gaps that public agencies do not address,” Mr. Downing said. “At our core, Soldier On is about integrity: The integrity of veteran residents, the integrity of staff, and the integrity of our commitment to work tirelessly to improve the lives of veterans in the community at large.”

            The program currently operates a 165-bed shelter in two buildings leased from the Veterans Affairs Medical Center in Leeds, Massachusetts, and the Berkshire Veterans Residence, a transitional living facility. These facilities are managed by formerly homeless veterans; an approach that ensures that those served are empowered and take a role in creating and maintaining their own living environment. The organization’s website is www.wesoldieron.org. 

            “Soldier On’s premise is that ownership is most important,” Freeholder Burry said. “Mr. Downing has such a grasp of it all. He really understands. Fellow veterans manage and serve their peers and there will be a property manager on site.”

            Freeholder Burry has been involved in working on the future of Fort Monmouth for over six years; first as a member of the of the original Fort Monmouth Economic Revitalization Planning Authority, (FMERPA) and now on FMERA. She was appointed to both bodies by two sitting governors and unanimously approved by her fellow freeholders, who acknowledged that with her background, knowledge and passion for veteran’s issues, she is the best person for the job.

            After 94 years of service, Fort Monmouth officially closed on September 15 with an inactivation and color casing ceremony. In 2005, Fort Monmouth was selected for closure by the Base Realignment and Closure, (BRAC), Commission and moved its operations to the Aberdeen Proving Ground in Maryland. The BRAC decision called for the transfer of 4,950 civilian and 450 military positions.

            Signed into law by Governor Chris Christie on August 17, 2010, FMERA was created to provide investment, continuity and economic growth to the communities impacted by the federal government’s decision to close Fort Monmouth. The FMERA replaces the previous Fort Monmouth Economic Revitalization Planning Authority and advances that entity’s Reuse and Redevelopment Plan for economic development, growth and planning, with a focus on technology-based industries for the 1,126-acre fort property, which straddles Eatontown, Oceanport and Tinton Falls. 

            At its height, Fort Monmouth employed 15,000 people, 5,000 of those civilians. It’s estimated that the fort supported another 22,000 jobs and added $3.2 billion into the state’s annual economy. It is the mission of FMERA to attract a mix of industry, business, recreation and residential stakeholders to create a new future for the former base.

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Bill Spadea Announces Run for New Jersey Assembly

Joined by Former Romney Counsel Charlie Spies for February 2012 Special Convention

PRINCETON, NJ (November 30, 2011) —  Princeton Township resident Bill Spadea has officially declared his candidacy for the vacant New Jersey Assembly seat in the newly redrawn 16^th Legislative District by filing the necessary documents on Friday, November 25.   The vacant Assembly seat was held by longtime public servant, Assemblyman Pete Biondi, who sadly passed away two days following his re-election this month. 

Mr. Spadea will vie for the party’s nomination at the special four-county convention, which will happen within 35 days of the swearing in of the new Assembly on January 10, 2012.  The vote at the convention will determine who will fulfill a one-year term for the vacant Assembly seat.  Mr. Spadea will also participate in the June 5, 2012 primary to become the 16^th Legislative District’s Republican candidate for the NJ legislative special election on November 6, 2012.

“Pete Biondi was a great legislator, public servant, community leader and patriot. So many business and political leaders asked and encouraged me to consider this run to do right by Pete’s legacy of public service. I was so honored by their request that I felt compelled to step up,” said Spadea.

Mr. Spadea’s campaign is off to a strong start, enlisting the support of prominent GOP attorney Charlie Spies.  Mr. Spies, head of Clark Hill PLC’s national Political Law practice, served as CFO and Counsel for Governor Mitt Romney’s 2008 Presidential campaign, as well as counsel for the Republican Governors Association in 2006 and the Republican National Committee in 2004.  Spies stated, “Bill is a dynamic and enthusiastic candidate. His conservative principles, business background and organizational success make him the right man at the right time for New Jersey.”

Princeton Township is one of the eight new municipalities that will be a part of the new 16^th Legislative District in January 2012.  It was also one of the first municipalities to vote to consolidate with another municipality this month.  The consolidation of Princeton Township and Princeton Borough will be historic for the state of New Jersey.

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Bill Spadea has worked in New Jersey as a senior executive in the real estate industry for the past 15 years.  Additionally, he is an on-air political analyst and Republican strategist for several New York Region television stations. Mr. Spadea served in the United States Marine Corps Reserve from 1991 to 1999.  He ran for U.S. Congress in New Jersey’s 12^th district and earned more than 115,000 votes (40%) in 2004 running against the heavily-funded incumbent Rush Holt.  He is the co-founder and past-president of Building the New Majority, a grassroots political organization focused on helping NJ citizen-legislators win local campaigns.  Mr. Spadea lives in Princeton with his wife Jodi and their two children, who attend Princeton public schools – where he serves on the Zoning Board, is a coach for little league, chairs the annual Veteran’s Day event, and serves as master of ceremony for the annual Memorial Day Parade/Service.

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Governor Chris Christie Takes Action to Help Offenders Successfully Re-Enter Society and Lead Productive Lives

Governor’s Recidivism Initiative Builds on State’s Strong Record with Expansion of Successful Drug Court Program, Improved Program Management and Coordination and Accountability for Results

Trenton, NJ – Taking action to build on the nationally recognized success of New Jersey’s prisoner re-entry, rehabilitation and prevention programs, Governor Chris Christie today outlined an initiative to help even more offenders get the support they need to successfully re-enter society, break the cycle of criminality and lead productive lives.

Governor Christie outlined this cross-departmental Administration initiative at Cathedral Kitchen, a community service organization that serves meals to those in need in Camden. Cathedral Kitchen operates a culinary arts program which gives job training to unemployed, unskilled, homeless citizens, re-entering prisoners and parolees, helping them transition to a successful, productive life once they are out of prison.

The Governor’s re-entry initiative includes the expansion of the state’s successful Drug Court Program, the appointment of a Governor’s Office Re-entry Coordinator, the creation of a Governor’s Task Force on Recidivism Reduction, an ongoing program assessment, and the development of a real time recidivism database. These changes will allow New Jersey’s re-entry and rehabilitation efforts and programs to work together, to be guided and properly resourced based on results, and to ensure effective programs are expanded to serve as many individuals as possible.

“New Jersey has a strong record of helping rehabilitate offenders and providing the services they need to be successful in society, significantly decreasing their likelihood of reoffending and improving public safety,” said Governor Christie. “But we can do better to make our re-entry programs more efficient, successful and effective – helping even more individuals get the support they need to change their lives for the better and break the cycle of offending and reoffending.”

Today, New Jersey is widely recognized as a national leader in reducing incidents of recidivism and reducing its prison population. The Pew Center on the States’ State of Recidivism report, “The Revolving Door of America’s Prisons,” identified New Jersey’s 11 percent recidivism decline as among the steepest declines for any state during the report’s study period, from 1999-2002 and 2004-2007.  Since 1999, New Jersey’s prison population has declined more than 20 percent.

New Jersey spends over $225 million, not including over $40 million for the Drug Court Program, on its system of various re-entry and prevention programs across state government, but it is done in a decentralized manner with no mechanism to implement these resources strategically or measure program performance. The Governor’s initiative builds on the relative success of New Jersey’s existing system of re-entry programs in breaking the cycle of criminality and helping offenders lead successful lives after prison by addressing existing shortcomings and expanding those programs that are getting results.  

Existing programs like the Drug Court Program, which serves as an alternative to incarceration for drug-addicted, nonviolent offenders, have already been effective in reducing recidivism rates among those they serve.  

According to their October 2010 Drug Court Report, the rate at which drug court graduates are re-arrested for a new indictable offense is 16% and the reconviction rate is 8%. This is compared to re-arrest rates for drug offenders released from prison that stands at 54% with a re-conviction rate of 43%. According to that report, an average institutional cost per inmate is approximately $38,900, whereas the cost for an active drug court participant is roughly $11,379. 

The Governor’s initiative will focus additional resources on this successful, demonstrably effective program and allow others to be similarly identified and prioritized to further reduce recidivism with programs that work.

Connecting offenders with the services they need to be successful back in society, whether it is recovery from substance abuse or the need for official identification, is critical to ending the cycle of crime. At present, a joint program between the state Department of Corrections and Motor Vehicles Commission (MVC) identifies qualified offenders on a quarterly basis, who are taken to MVC offices to obtain a driver’s license or non-driver identification card prior to the completion of their sentence. This program takes down impediments to successful re-entry resulting from the lack of official identification, which is often necessary to apply for a job, obtain housing, or connect with critical services like Medicare or food assistance.

“This initiative will build on our strengths by expanding highly successful programs like the Drug Court Program to get addicted offenders the underlying help they need, while also measuring and reforming or eliminating ineffective programs, and directing our resources in a smart, strategic and coordinated way to those programs that are making a positive difference in changing lives,” said Governor Christie.

First Lady Mary Pat Christie has made re-entry and prevention programs that help ex-offenders and recovering addicts return to normal life a priority. New Jersey’s innovative prevention and re-entry programs aimed towards at-risk populations have been highlighted by Mrs. Christie for their work in providing the building blocks to self-sufficiency and a pathway to achieve life success. Several of the initiatives have brought recognition to the Garden State as a national model for the progress made in this area. An overview of Mrs. Christie’s efforts in this area can be found here.

The Governor’s initiative includes the following components:

 Expansion of the Drug Court Program

The drug courts presently accept approximately 1,400 new participants per year. Those new participants must volunteer for a sentence of drug court as opposed to incarceration. The Christie Administration initiative seeks to expand the drug court program by identifying eligible drug addicted non-violent offenders, providing them with clinical assessments to determine their suitability for drug court and sentencing those offenders to the drug court program regardless of their desire to enter the program. 

This approach recognizes that one of the main impediments to treatment for addiction is the denial of addiction. Treatment systems that address the denial issue can ultimately be successful in treating a larger population of appropriate offenders. The Governor’s Re-entry Task Force will be tasked with working with the judiciary to facilitate a suitable expansion of this program beginning with two vicinages to be determined through this effort.

Governor’s Office Coordinator for Prisoner Reentry

A collaborative vision is necessary to improve what is a comparatively successful system of re-entry services. That vision includes, as a first phase, centralizing and providing a formal management structure on the current, decentralized system. 

Governor Christie today announced that Lisa Puglisi, an attorney with more than a decade of experience with the Attorney General’s Office representing the Department of Corrections and later the State Parole Board, as his Coordinator for Prisoner Re-entry to convey and implement the Governor’s vision for an improved prisoner re-entry scheme. The Governor’s Coordinator for Prisoner Re-entry will co-chair the Task Force for Recidivism Reduction and serve as the principle policy adviser to the Governor on re-entry and recidivism reduction policy.

The Governor’s Task Force for Recidivism Reduction

There are more than just Corrections and Parole pieces to maintain and improve on the state’s public safety and prisoner re-entry mission. To address the current lack of coordination among the many treatment and reentry programs across state government, Governor Christie today signed Executive Order 83, creating the Governor’s Task Force for Recidivism Reduction.

The Task Force will be led by both the Chairman of the State Parole Board, James Plousis, and the Governor’s Coordinator for Prisoner Re-entry. Its members will include representatives from:

·        Department of Corrections

·         State Parole Board

·         Motor Vehicle Commission

·         Department of Human Services

·         Department of Health and Senior Services

·         Department of Military and Veterans Affairs

·         Department of Law & Public Safety

·         Juvenile Justice Commission

·         Department of Community Affairs

The Task Force will develop recommendations for the Governor regarding how best to ensure the effectiveness and success of New Jersey’s efforts towards recidivism reduction, including an initial benchmarking study of existing program effectiveness and performance, and the development and implementation of a system to measure program effectiveness in an ongoing, real-time way.

Day-to-day implementation of the Governor’s initiative will be led by the State Parole Board Chairman Plousis, including the ongoing elements of the proposal such as collecting and analyzing performance data from various state departments for budgeting, programming and procurement purposes.

Ongoing Program Assessment and Measurement

The Governor’s Re-entry Coordinator and Task Force will work to facilitate a professional benchmarking assessment that will evaluate the effectiveness of all re-entry programs offered. The path forward to improve prisoner re-entry requires the Administration to gauge the successes, failures and the depth of gaps in program delivery – inside and outside of prison.

Programming gaps will be rectified by expanding existing, successful programs and hitting capacity thresholds, particularly relating to program delivery within prison. With the parallel development of the real-time recidivism database, this assessment will remain an ongoing accountability tool, allowing the Administration to identify and remediate or eliminate poor performing programs, ensuring that resources are directed to the most effective and successful programs. 

Real-Time Recidivism Database

After the program assessment is completed, that data will be used to populate a database, which will allow the Administration to track outcomes for individuals and trends and level of effectiveness in programs in a real-time manner.

This project is currently in development through the efforts of the State Parole Board, Department of Corrections, the Juvenile Justice Commission, Department of Law & Public Safety, the Office of Information Technology and Rutgers University.

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Sen. Kyrillos Participates In Roundtable Discussion on Education Reform

Middletown— Senator Joe Kyrillos (R- Monmouth/Middlesex) this weekend reiterated his call for the Legislature to enact reforms to New Jersey’s public education system in the closing weeks of the 2010-2011 legislative session at a roundtable discussion on principal and teacher evaluations at Princeton University.

“New Jersey is a national leader in student achievement,” said Kyrillos, “yet too many students still move through the system without receiving the quality education to which they are entitled. Reforming our public education system will not just make the good schools better, it will help children trapped in failing school districts obtain the education they need to build better lives and futures.”

Senator Kyrillos provided opening remarks to the forum, “Leading the Charge”, hosted by education reform advocates Better Education for Kids, Students First, and Princeton Students for Education Reform. They day’s panel discussions included public school teachers and administrators, representatives of the Department of Education, as well as leaders from the American Federation of Teachers and New Jersey Education Association.

Kyrillos said he is proud to sponsor two bills that are part of Governor Christie’s education reform agenda, the Opportunity Scholarship Act and the School Children First Act. “Quality education starts with an effective teacher in every classroom. That is why it is so important that we modernize teacher evaluations, tenure protections, and pay structure to value student achievement over seniority. In addition, children in chronically failing districts need options to improve the instruction they’re receiving immediately. The Opportunity Scholarship Act will provide these students an opportunity to enter a high quality school setting in the short term while we work to fix the systemic problems that are all too common in certain districts in New Jersey.”

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Running Out The Clock?

With Just 56 Days Remaining In The Session, Let’s Hope The Legislature Gets Back From Their Current Vacation Ready To Finally Address Some Of New Jersey’s Most Pressing Issues

“You know we have more work to do, the tool kit has to happen. We have to find a way to put a tool kit together, again I’m sure it will be some kind of a compromise, but the core principles will be the same. … We need to continue to work now and seize the momentum that the Governor said to continue to make improvements in New Jersey.”– Senate President Steve Sweeney, Press Conference On Bipartisan Property Tax CapCompromise, July 3, 2010

THE LEGISLATURE HAS FAILED TO TAKE ACTION ON KEY ELEMENTS OF GOVERNOR CHRISTIE’S REFORM AGENDA

MEANWHILE, SEVERAL OTHER CRITICAL TOOL KIT REFORM BILLS LANGUISH IN THE LEGISLATURE

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KYRILLOS STATEMENT ON SECOND JERSEY CITY SICK LEAVE BOND IN A YEAR

State Senator Joe Kyrillos (R- Monmouth/Middlesex) responded to reports that Jersey City will borrow to pay for more than $9 million in accumulated personal time and sick time this year by calling again for an immediate vote to end unused sick leave payouts for public employees:”Today, we saw the clearest example yet of how the Democratic Majority’s refusal to enact meaningful sick leave reform is costing the taxpayers of New Jersey. Jersey City is being forced to pay $9 million in unused leave benefits, rather than controlling taxes and improving services is bad enough. Sick leave is not deferred compensation. It is not a retirement plan or a bonus- it is intended to be used as time off when an employee is sick. The Majority needs to recognize that we must end, not just cap, these payments and post the Governor’s conditional veto immediately.”

The amended version of, S-2220, which would change the retirees unused sick leave statute is now pending before the State Senate.

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Christie Administration Announces Funding To Spur Small Business Lending And Job Creation In New Jersey

Trenton, NJ – Governor Chris Christie today announced that the State of New Jersey has been approved by the U.S. Department of Treasury for $33.8 million in funding through the State Small Business Credit Initiative (SSBCI), part of the federal Small Business Jobs Act of 2010, to encourage small business lending and job creation in the state. The intent of the SSBCI, which is to create jobs and strengthen state lending programs, mirrors New Jersey’s recent efforts to enhance its support of the state’s small business community.”Small businesses are the job creating engines of New Jersey’s economy and we’ve made support for small business a top priority through targeted tax cuts, regulatory relief and lending programs,” said Governor Christie. “This funding being made available through the State Small Business Credit Initiative will strengthen our ongoing efforts to help small businesses succeed and grow in our state and create good paying, lasting jobs for New Jersey families.”

Governor Christie has made economic development a top priority by ensuring that New Jersey becomes a business-friendly state. Through the New Jersey Partnership for Action, under the direction of Lt. Governor Guadagno, the Christie Administration has implemented an aggressive economic development agenda, including overhauling state government’s regulatory system and reducing the red tape that stifles economic growth and imposes costs on businesses and citizens. The Governor’s Fiscal Year 2012 Budget provided for $185 million in targeted, job creating business tax relief and incentives to spur growth. When fully phased in over 5 years, the Governor’s tax policy changes will provide $2.35 billion in job creating tax relief. By implementing these policies, Governor Christie has ensured that New Jersey will once again be “Open for Business.”

The funds from SSBCI will be received by the New Jersey Department of Treasury in three tranches over two years, based upon at least an 80-percent commitment of the first and then second distributions. Through a Memorandum of Understanding, the New Jersey Economic Development Authority (EDA) will use the funds to deploy loans, credit guarantees and loan participations through its existing small business lending programs, and to make a venture capital investment. Funds will be targeted to small businesses, small manufacturers, and women and minority-owned enterprises, with a particular focus on businesses that are located in underserved communities throughout New Jersey.

As part of this effort, the EDA Board today took action to enhance its portfolio by expanding access to capital for small businesses. The Board approved an increase in the funding available through the EDA’s Fund for Community Economic Development (FCED) to support micro lenders, Community Development Financial Institutions and Urban Enterprise Zones that have a successful lending track record in their local communities. Under the “Loan to Lenders” component of the FCED, organizations with a successful EDA history will now be able to qualify for up to $750,000, an increase of $250,000 from what was previously available; new customers may qualify for up to $500,000. The loan term has been extended to up to 15 years, with interest-only payments for up to five years. Previously, terms were available for up to ten years, with interest-only payments for up to three years. Additionally, the use of funds has been expanded to also include lines of credit.

“As the state’s ‘bank for business,’ the EDA has a successful history of partnering with financial institutions to leverage its resources and ensure small businesses have access to the capital they need to remain and grow in New Jersey,” said Lt. Governor Guadagno. “By utilizing EDA’s existing partnerships within the lending community, New Jersey will be able to strengthen its current portfolio of assistance and help our small businesses secure the funds they need to expand and create jobs.”

For information on EDA’s small business programs, visit http://businesslending.njeda.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

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