Editor’sPage
Building Blocks
Looking at this issue’s table of contents, you might be tempted to think the subjects of the articles are unrelated.
But in reality several of the features are very
much connected.
Take, for instance, associate editor Alyson
Grala’s infrastructure story beginning on page
25. In it, she details the deteriorating condition of the state’s road and bridges. According
to the American Society of Civil Engineers,
36% of New Jersey’s bridges are structurally
deficient or functionally obsolete, and 78% of
the state’s major roads are in poor or mediocre condition. New Jersey is in line
for $652 million in federal stimulus money for highway and bridge repairs. Is that
enough? Maybe not, since towns are increasingly asking developers to foot the
bill for infrastructure improvements, particularly in the state’s aging cities.
But Gov. Corzine and the state legislature are trying to help out developers. In
early June, lawmakers passed the Economic Stimulus Act of 2009, which, among
other things, establishes an Economic Redevelopment and Growth Grant Program (see Newswire, page 9). ERG is New Jersey’s latest incarnation of a tax incremental financing plan, which has been used successfully in other states to
promote the revitalization of inner cities.
Some critics dismiss the plan as a just a handout to developers. But if one takes
into account the fact that so much of the state is off-limits to development and
towns are progressively more protective of their open spaces, then developers
have little choice but to redevelop sites in our cities, which is inherently a more
expensive endeavor.
As is cleaning up the 20,000 brownfields in the state (see page 31). Here again,
the state’s lawmakers have tried to help that process along by enacting the Licensed Site Remediation Professional Act. However, finding the funds nowadays
to clean up a brownfields area is tough.
Tough is also a word that could describe the race for the governor’s office (see
Cover Story, page 14). This year, incumbent Democrat Gov. Jon Corzine faces off
with Republican challenger Chris Christie. Christie has jumped out to an early
lead in several polls, including one posted on GlobeSt.com. But a lot can change
between now and Nov. 3.
In the poll, high taxes, a lengthy permitting process and an unfriendly business
climate were cited by many as some of the challenges New Jersey must resolve if
it wants to grow its business base.
Provided, of course, we have solid roads and bridges to bring them here.
Maria Wood, Editor
maria.wood@incisivemedia.com
Real Estate
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