The Greater Atlantic City Chamber’s Economic Development Committee is spearheading an effort to help grow and diversify the area economy. As part of that effort, the Chamber proposed expansion of an existing tax incentive program to benefit Atlantic City and Atlantic County, and revisions to existing legislation were proposed to the District 2 state representatives.
Senate Bill S2872 was introduced January 9, 2017 and referred to the Senate Economic Growth Committee, where it awaits a hearing. S2872 expands the NJEDA-administered Grow NJ program to include the area around the FAA William J. Hughes Tech Center and Atlantic City Airport in Atlantic County. The bill also increases and enhances the incentives currently available to Atlantic City as well as three other urban centers (Trenton, Passaic and Paterson), areas designated as Garden State Growth Zones by the state.
Key Points
- Casino competition has shown the need for diversification of our regional economy.
- Unemployment and foreclosures remain among the highest nationally and statewide.
- Independent economic studies indicate aviation related industries should be encouraged and developed.
- Aviation-related assets at the FAA William J. Hughes Tech Center and Atlantic City International Airport can foster training, technology and service-related growth industries.
- Higher Ed Technology programs at local universities coupled with EDA incentives would create incubators for growth.
- Expanded business travel to and from the Hughes Tech Center will benefit Atlantic City Airport
- With the Stockton Aviation Research & Technology Park construction underway, these incentives will serve to attract new companies to our region, provide employment and expand the economy of the region.