Frequently Asked Questions:
What is the role of the EDA in this initiative?
Who can participate in ERB financing?
What is an eligible revitalization project?
What is the application and approval process for ERB financing?
Where can I access a project application to receive assistance through the ERB?
Are there any fees associated with ERB financing?
Are there incentives for locating in Camden?
Who do I contact for more information about the ERB?
What is the role of the EDA in this initiative?
The role of the EDA is to provide staff support to the ERB, finance projects approved by the ERB, and oversee and monitor progress on behalf of the Board in carrying out revitalization and economic development projects in the City of Camden. In carrying out these responsibilities, the EDA is authorized to employ professionals and consultants; borrow money and issue up to $175 million in bonds or other debt to fund authorized projects and contract with the State Treasurer for repayment of the funds; make loans, guarantees, equity investments, grants and other forms of financing from these funds to pay for part or all of an eligible project. The EDA also will direct projects to other state agencies for processing and funding as appropriate.
Who can participate in ERB financing?
Financing is available to not-for-profit organizations, for-profit businesses, commercial or residential developers as well as governmental agencies for eligible revitalization projects.
What is an eligible revitalization project?
Under the ERB guidelines, A revitalization project is a planned physical improvement that, when completed, will contribute to the economic, cultural, recreational, tourism, social or educational development of the City of Camden. A revitalization project has a specific location within the City and cost associated with its design, construction and implementation. A revitalization project must be capable of being started in two years and completed in four years.
Eligible project uses include:
- Infrastructure
- Demolition
- Property Acquisition
- Capital Equipment
- Streetscape and street signage improvements
- Construction and/or rehabilitation of housing, commercial and industrial buildings
- Landscape amenities
- Brownfield remediation
- Tot-lots
- Community centers/gardens/parks
- Façade restoration
What is the application and approval process for ERB financing?
Once an application is submitted, EDA staff reviews the application for program eligibility, completeness and consistency with the Municipal Rehabilitation and Economic Recovery Act, as well as other applicable plans and assistance policies adopted by the ERB pursuant to the Act. The project's financial viability and readiness to proceed are also eligibility criteria. If the project meets the criteria, EDA staff prepares and analysis of the project for the ERB Project Review Committee (PRC) for recommendation to the Members of the ERB. If approved by the ERB, the project would then advance to the EDA Board for funding authorization. If an application is complete and meets the program requirements, this process can take approximately 90 days.
Note: The PRC Meeting is held on the 3rd Monday of every month. The ERB Meeting is held on the 4 th Tuesday of every month. The EDA Board Meeting is held on the 2 nd Tuesday of every month. These meetings schedules are subject to change.
Where can I access a project application to receive assistance through the ERB?
Applications are available online on the Camden ERB website. Physical copies of the application can be obtained at Camden City Hall or by contacting the EDA.
Are there any fees associated with ERB financing?
Yes. There is a non-refundable application fee of $250 for not-for-profit organizations or $500 for for-profit businesses. There is also a 1% financing fee with .5% due at commitment and .5% due at closing.
Are there incentives for locating in Camden?
There are federal and state tax credits, rebates, and grants for businesses including the Welfare to Work Tax Credit, the Work Opportunity Tax Credit, the Empowerment Zone Tax Credit, the Renewal Community Tax Credit, the Urban Enterprise Zone Tax Credit, the Economic Recovery Tax Credit, the Business Employment Incentive Program Grant, the Open for Business Program Rebate, and the Customized Training Grant. These business incentives make locating in Camden the right choice for companies that are expanding or relocating and will create new jobs.
Who do I contact for more information about the ERB?
For application and community inquires, contact Laura Wallick at (609) 292-2780 or email lwallick@njeda.com. For media inquires, contact Nicole Royle at (609) 292-8691 or nroyle@njeda.com.
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