PATERSON, NJ – In what might have been another nod to the promise of investment in Paterson, Tim Sullivan, CEO of the New Jersey Economic Development Authority (NJEDA) was back in the city on Tuesday to deliver Mayor Andre Sayegh a $100,000 Opportunity Zone Grant.
The Opportunity Zone program is a federal tax incentive designed to spur investment in distressed rural and urban communities. Administered by the NJEDA, the Opportunity Zone grant program supports efforts to attract community-supported investments, build investment readiness, and help cities meet their goals for Opportunity Fund investment.
“We are elated that Paterson is being acknowledged for boundless opportunities available in this great city,” Sayegh said at the city hall press conference. “We are thankful to the New Jersey Economic Development Authority for elevating our strategy to examine and catalogue street-level zoning codes, as well as update redevelopment plans, to better attract investors to our opportunity zones.”
Paterson is one of just five communities in the state to receive the funding that will all for the examination of street-level zoning codes and regulations in each of the city’s eight Opportunity Zones to ensure investors have the information they need to successfully guide a project to completion. The effort, city officials said, will increase long-term capacity by jump starting efforts to update antiquated redevelopment plans in a way that capitalizes on the Opportunity Zone program.
“Working closely with local leaders in Opportunity Zone communities is critical to enduring equitable, inclusive revitalization,” said Sullivan. “Paterson’s plan to analyze and improve regulations to facilitate community backed investment in the city’s opportunity zones represents the kind of proactive thinking New Jersey needs, to not only address the challenges we face today but also to lay the groundwork for long-term, sustainable economic growth.”
“This grant opportunity is fantastic for the City of Paterson. It allows us to take advantage of this new federal program but to do so in a planned and impactful manner throughout the eight census tracts that we have in the city,” said Economic Development Director Michael Powell.
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