HACKENSACK, N.J. -- The City of Hackensack has been awarded a $100,000 grant from the New Jersey Economic Development Authority as part of the agency’s “Opportunity Zone Challenge Program.”
As one of only five municipalities across the state to receive the grant, Hackensack will use these funds to determine if certain census tracts in the city are suitable for redevelopment with hopes of bringing new life science and research-related industries to the city.
“As we continue to grow as a city, it is critical for us to find new ways to secure necessary funding to conduct feasibility studies to ensure we are developing responsibly,” said Hackensack Mayor John Labrosse. “The grant we have received from the New Jersey Economic Development Authority allows us to explore our options to revitalize one of our industrial neighborhoods by bringing innovative businesses to Hackensack while also growing our own tax base.”
The “Opportunity Zone Challenge Program” was designed to provide seed funding for planning activities that will help to increase capital flows and economic investment into local governments and help communities meet their goals for opportunity zone fund investment. Hackensack Meridian Health University Medical Center is a strategic partner in helping the city identify what industries might be attracted to Hackensack based on close proximity to a world-class medical Institution.
“Working hand-in-hand with community partners is critical to ensuring Opportunity Zone investments have the greatest possible positive impact,” said NJEDA Chief Executive Officer Tim Sullivan. “The Opportunity Zone Challenge facilitates the close partnerships between the NJEDA and municipal, county, and local leaders that are critical to realizing each community’s vision for equitable, inclusive revitalization.”