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Over the past two years, NW Financial has provided various consulting services for the City of Newark’s Brick City Development Corporation. As part of its services, NW Financial analyzes economic impacts to the City of Newark and the State of New Jersey based on new development projects being contemplated by developers within the City. The economic benefits include, but are not limited to new businesses & employees, sales tax spending, economic benefits of new residents, construction costs, payroll and income tax benefits, etc. NW Financial has also been instrumental in providing analysis on effects of local spending and expansion of the tax base for the City and State and reviewed new legislation options in order to assist the City to identify gap closing measures for redevelopment projects.
Two projects that successfully received state approvals for financing under the redevelopment law are Lister Ave and Teacher’s Village. Lister Ave was approved for financing through the NJEIT of approximately $19 million of Redevelopment Area Bonds to finance remediation on a 14 acre site that will be transformed into 350,000 square feet of warehouse and office space. Teacher’s Village receive approval for the issuance of approximately $5.3 million of Redevelopment Area Bonds to assist in financing 250,000 residential square feet, 95,000 square feet for charter schools and 62,000 square feet of retail.
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