918 SJM Camden - FINAL_Pages 7 / 30 / 19 5 : 47 PM Page 5 BAD FOR once all of the details are released . We do will take time for Camden to fully rebound . have concerns with how caps on a pro - But in the short - term , these companies posed project may limit New Jersey’s com - have already employed over 800 city resi - petitiveness . But the proposals outlined dents , unemployment is at its lowest rate cessingcompanies , among others , targeting by the governor include many of the same indecades and the poverty rate is beginning that area for growth . Both of these towns concepts that NJBIA has previously rec - to decrease . It’s a very positive effect , ” he in South Jersey are in desperate need of ommended , ” says Musick . “ These concepts continues . jobs and economic growth — and they include recommendations that reduce the “ As mayor of Camden , my fear — as came as result of the Grow NJ program . ” overall amount of incentives as the econ - well as many others ’ fear — is that the un - The governor has made it clear that omy dictates , concentrate incentives on pleasant conversations and microscope tax incentives will not be the only tool for new jobs , further increase the state’s ROI , that’s over the city has brought any future economic development moving forward . strengthen program governance , expand development to a halt , ” Camden Mayor “ The governor has proposed a robust tax access to small businesses , maintain the Frank Moran says . “ And I would venture incentive plan that responds to the short - transferability and monetization of tax to say probably statewide because folks comings of the current program as well as credits and encourage companies receiving don’t want their company involved in cer - the realities of our economy , ” says Isher - an award to incorporate a workforce de - tain levels of scrutiny . I testified in front of wood . “ We are still hopeful that program velopment component . ” the board and will be passed by the legislature . The gov - implored them to come I A panel formed by state Senate Presi - ernor believes tax credits are a necessary up with the right incentives , packages and dent Steve Sweeney held tool in the offers that continue to market the city of i conomic development tool ts first meeting e Camden . I’m biased [ toward ] my city and box , but they are not the only tool . Busi - at the end of last month . The outcome will always be [ biased toward ] the city ; it’s nesses choose New Jersey for a variety of was unreleased at press time , but the my obligation . I’m selfishly looking out reasons including our education and health Senate Select Committee on Economic for the better of my city and any economic caresystems , our diverse and well - educated Growth Strategies was expected to hear program that can benefit Camden — short - workforce , our location and our trans - testimony from several tax incentive pro - term , mid - term and absolutely long - term . ” portation options . We believe the governor’s gram proponents . Although many companies in Camden proposed incentive plan will put New have received criticism from residents and Jersey on the right course to grow and What this means for Camden community organizations for their lack of retain businesses in the state and will work In a time when the city of Camden is contributions to the city , there are those for all residents . ” putting itself back on the map as a world - who want to rise above it . Like Joe Balzano , Murphy has announced broad plans class city that can compete for talent , the CEO of EMR USA , and a Rutgers - Camden for a suite of new programs from the EDA , negative attention has put a sour taste in graduate . including NJ Ignite , a rent assistance pro - some people’s mouths . Although from the After college , Balzano started working gram for startups interested in incubators same political party , reports of unrest be - for Camden Iron Metal in 1995 , which and shared working spaces . NJ Forward tween Murphy and Sweeney — a lifelong was acquired by EMR in 2006 . A UK - based will create jobs in industries with high friend of Norcross — are nothing new . metal recycling company , EMR has oper - wages and experiencing rapid growth by Camden County Freeholder Director ations in 16 states , and Balzano is incentivizing local hiring practices or part - Louis Cappelli calls the task force “ a purely CEO of nering with a research university . NJ Aspire political decision . ” the U.S . division . Its three major facilities aims to turn vacant or “ All of the work being performed by are located in Camden , Minnesota and underutilized prop - the task force could have been performed Lousiana . When it came time to choose a erties into housing or business hubs , and internally by the state of central U.S . headquarters , EMR looked at will have a focus on workforce develop - New Jersey . The several options , but the tax incentives and ment.There are also plans for Brownfields state employs hundreds of lawyers , ac - the development of Camden played a big Redevelopment and Historic Preservation countants and controllers — all of whom part in the company’s final decision . “ From Tax Credits , along with the New Jersey In - could have conducted all of this work and my point of view , convincing the company novation Evergreen Fund , designed to saved taxpayers millions of dollars that ownership to relocate into Camden bring more venture capital investment . have been spent so far , ” Cappelli says . “ I wouldn’t have been possible without what’s NJIEFwill make approximately $ 500 million think it’s more about taking a shot at the going on , ” he says . in venture capital funds available . South Jersey Democrat base and leaders . ” The company received $ 133 million Yet , until these programs are officially Cappelli says instead of punishing in Grow NJ tax credits and now operates in place , New Jersey’s lack of a tax incen - those companies in Camden , he suggests out of the Victor Talking Machine building tive program poses a risk for the business members of the task force come and see downtown , and has constructed a barge climate . the improvements the city has made as dock in South Camden as well as an ad - “ When you don’t have that mechanism a direct result of large companies relo - vanced recycling system facility . “ We’ve to offset the high cost of doing business , cating there . “ A lot of these companies completed everything in our EDA appli - that makes New Jersey a non - starter for didn’t receive tax credits yet ; some projects cation but we have plans to spend more many companies who might be deter - aren’t even done , ” he says , speaking of beyond that application award , ” he says . mining where to set up their operations , ” the fact that only $ 400 million of the $ 11 Balzano is says Andrew Musick , vice president of billion in tax credits have been issued . “ I roud to say he has hired p government affairs at New Jersey Business invite them to come to Camden to visit close to 200 Camden residents , something & Industry Association ( NJBIA ) . with these companies and that wasn’t promised as part of the tax see firsthand More details are needed credits . “ Beyond the tax grant , it’s important otruly evaluate t the number of jobs created and the city to us to hire local . I grew up here and have whether Murphy’s proposals will success - residents who are working at many of an affinity toward Camden and its residents . fully replace an incentive like Grow NJ . these jobs . Everybody needs an opportunity and if “ Welook forward to reviewing the proposals “ Obviously after decades of decline , it SOUTH JERSEY MAGAZINE volume 16 issue 5 SouthJerseyMagazine.com 48 |