Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is helping upgrade and improve Hackensack Avenue in Kearny, New Jersey, in support of the Kearny Point business center development. The investment will be matched by $1.3 million in local funds. The project is located in a Tax Cuts and Jobs Act designated Opportunity Zone and is expected to help create more than 7,000 jobs and generate $1 billion in private investment.
“The Trump Administration is proud to award its first Opportunity Zone grant in New Jersey, utilizing this valuable tool which was created as part of President Trump’s Tax Cuts and Jobs Act to better serve America’s economically distressed areas,” said Secretary Ross. “The added investment incentive provided by the Opportunity Zone program, coupled with the Commerce Department grant, will attract new business to Kearny’s new manufacturing, office, and entrepreneur space, and generate economic opportunity throughout the region.”
“For far too long, many underserved communities have encountered barriers that have prevented their cities and towns from thriving and generating economic growth,” said Governor Phil Murphy. “I am pleased the Department of Commerce will provide this grant to the city of Kearny to help attract businesses to invest in this community and expand opportunities for its residents.”
A $3 million EDA grant in the Town of Kearny, New Jersey, will help upgrade and improve the stretch of Hackensack Avenue between the Route 1 & 9 right-of-way and Eastern Road. The improvements will facilitate the development of Kearny Point, a private 130-acre light manufacturing, office, and entrepreneur space that will contain 2 million square feet of space in five buildings.
The funding announced today goes to a Tax Cuts and Jobs Act designated Opportunity Zone, which provides special incentives for further private sector participation and development. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zone designations spur economic development by giving tax incentives to investors in economically-distressed communities nationwide. To learn more about the Opportunity Zone program, see the Treasury Department resources page here. To learn more about the Department’s work in Opportunity Zones, read our blog post.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.