Economic Development

Governor Murphy Signs Bill to Spur Development in Paterson

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The 3rd Ward’s Leader Dye site is one that may benefit from the tax credits. Credits: Steve Lenox
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PATERSON, NJ- Making good on a commitment to “have Paterson’s back,” Governor Phil Murphy signed legislation on Thursday extending the deadline for city officials to take advantage of $130 million in tax credits for local development projects by a year.

On Wednesday, just prior to heading to Trenton to urge Murphy to make the proposal law,  Mayor-Elect Andre Sayegh spoke at a lunch hosted by the Greater Paterson Chamber of Commerce saying that he believed the legislation would play a role in several different projects that would be catalysts for a “renaissance.”

Included in these, Sayegh said, is development around the Great Falls and the construction of a 12,000 seat arena, both of which would make Paterson a “destination for the right reasons.”

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“These tax credits possess the potential to ignite Paterson’s economic engine,” Sayegh told TAPinto Paterson following the signing. “We are gearing up to write a success story in our city.”

Calling it a “good day for the city,” Senator Nellie Pou, who championed the legislation in the New Jersey State Senate, said that while the area around the Great Falls and other section of Paterson are prime for development, “These tax credits make that investment more possible and more attractive.”

“This is a significant step in the right direction for the city of Paterson,” said Assemblyman Benjie Wimberly.“Not only will it promote economic development, it will also make our residents safe by allowing for improvements for pedestrian safety. Simply put – this law improves the quality of life in our city.”

“This extension allows for the renewal of Paterson with significant economic support for development,” said Assemblyman Shavonda Sumter. “It helps to ignite safe living spaces and tourism with the development of our visitor center, parks and entertainment venues. This is a major economic boost for Paterson.”

 

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