According to U.S. Secretary of Commerce Wilbur Ross, the U.S. Department of Commerce’s Economic Development Administration (EDA) is helping upgrade and improve Hackensack Avenue in Kearny in support of the Kearny Point business center development, The investment will be matched by $1.3 million in local funds. The project is located in a Tax Cuts and Jobs Act designated Opportunity Zone and is expected to help create more than 7,000 jobs and generate $1 billion in private investment.
“The Trump Administration is proud to award its first Opportunity Zone grant in New Jersey, utilizing this valuable tool which was created as part of President Trump’s Tax Cuts and Jobs Act to better serve America’s economically distressed areas,” said Secretary Ross. “The added investment incentive provided by the Opportunity Zone program, coupled with the Commerce Department grant, will attract new business to Kearny’s new manufacturing, office, and entrepreneur space, and generate economic opportunity throughout the region.”
“For far too long, many underserved communities have encountered barriers that have prevented their cities and towns from thriving and generating economic growth,” said Governor Phil Murphy. “I am pleased the Department of Commerce will provide this grant to the city of Kearny to help attract businesses to invest in this community and expand opportunities for its residents.”
A $3 million EDA grant in the Town of Kearny, New Jersey, will help upgrade and improve the stretch of Hackensack Avenue between the Route 1 & 9 right-of-way and Eastern Road. The improvements will facilitate the development of Kearny Point, a private 130-acre light manufacturing, office, and entrepreneur space that will contain 2 million square feet of space in five buildings.
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