Incentive Calculator

One Gateway Center is located within a designated Urban Transit Hub. Tenants considering relocating may qualify for numerous state and municipal incentives to create or retain jobs. The primary incentives are in the form of tax credits ranging from $500 to $5,000 per job per year and are based on different criteria such as number of jobs created or retained, industry type, employee salary, etc. The ownership of One Gateway Center has created this incentives calculator to estimate the benefits for which prospective tenants may be eligible.

Please select the nature of the Company's business:
Employment*
How many jobs will be created at the project site or relocated from out of state?
New FTE
How many existing NJ jobs are relocating to the project site?
At-Rist FTE
Total Jobs
Please provide Companywide Median Wage:
Capital Investment
Provide total estimated capital investment at the project site:
Provide the gross leasable area (SF):
Will the company be using at least 51% of space to manufacture products?
Is the Company expecting to meet at least Gold LEED Certification?
Grow NJ Tax Credit Estimate**
Total Annual Project Award
Grant Award (over 10 year period)
Required Minimum Number of New Jobs for selected industry:
Required Minimum Number of Retained Jobs for selected industry:
Required Minimum Capital Investment:
* Grow NJ incentives can only be available to Full Time direct employees of the Company who spend more than 80% of their time at the project site, are employed by a business for consideration for at least 35 hours a week, and are provided with healthcare benefits. Consultants/Contractors can only be eligible if they are employed by a Professional Employment Organization (PEO). Part time employees are ineligible.

** This estimate is for general guidance and is not intended to be used as legal or other advice.

Disclosures

1) Eligibility for the Grow NJ incentives requires a competitive process in which incentives are a "material factor" in the ultimate location decision. For existing NJ-based jobs that the applicant declares are "at risk" of leaving the State, a more demanding standard is required – i.e., that jobs would be relocated from NJ "but for" the requested incentives.

2) Estimate assumes the Company has sufficient NJ State corporate tax liability to utilize the credits. Credits have recently traded at approximately 10% discount. Law requires credits to be transferred for at least 75% of face value.

3) EDA will reduce the Grow award to the extent necessary to ensure that the project will yield a net positive benefit to the State of at least 110% of the face value of the Grow NJ award incentives over 20 years, or 30 years for "mega projects".

4) Applicants seeking more than $4 million of annual credits are subject to additional economic analysis, and such awards are limited to the amount EDA determines is necessary to complete the project.

5) The amount of Grow NJ Award for "at-risk" jobs is limited by the lesser of total eligible capital investment/total eligible jobs/Grant Term OR 50% of base+bonus amount post annual cap/job.

6) Minimum capital investment requirement includes all of the hard and soft costs (limited to 20% of the total cost) associated with the project. Acquisition cost excluded, but landlord contribution can be counted towards meeting minimum requirement.

7) Project annual award is capped at $12,000 per job and $10 million per project; projects qualified as "mega projects" are subject to annual award cap at $15,000 per job and $30 million per project.

8) Only full time direct employees of the company that are located at the project site 80% of their time are eligible for Grow NJ incentives. Consultants and part-time employees are ineligible.

9) The Company is required to maintain at least 80% of its project employment at the site and 80% of its NJ statewide employment for 1.5x the term of the incentives (15 year maximum for 10 year tax credit term).

10) Project-related capital improvements must comply with green building, affirmative action, and prevailing wage requirements - reporting is required throughout construction period.

11) EDA program fees apply as follows: application fee - up to $5,000; approval fee - 0.5% not to exceed $500k; issuance fee - 0.5% not to exceed $500k; annual servicing fee - 2% not to exceed $75k. Additional fees required for transfers, modifications, extensions.

12) CEO must certify that 1) existing full-time jobs are at risk of leaving the state or being eliminated, 2) the projected creation or retention of full-time jobs would not occur "but for" incentives, and 3) that CEO has reviewed the application and all info.

13) Projects must apply for incentives by June 30, 2019; Mega Projects must apply for incentives by September 18, 2017.

14) Company must obtain a CPA certification within 3 years of the approval indicating that the capital investment and job commitments have been completed. EDA may, but need not, grant up to two six-month extensions of this deadline.