The Importance of New Jersey's Opportunity Zones
Steve Adubato goes on-location to the ""Investor Symposium on Federal Economic Opportunity Zone Program"" to talk to elected officials and business and community leaders about why Opportunity Zones matter in New Jersey and the nation.
Jose Lozano, President & CEO, Choose New Jersey; Ras Baraka, Mayor of the City of Newark; Frank Giantomasi, Firm Member, Chiesa, Shahinian & Giantomasi; Linda Bowden, NJ Regional President, PNC Bank; Albert Kelly, Mayor of the City of Bridgeton; Michele Siekerka, President & CEO, NJIA & Tom Braken, President & CEO, NJ Chamber of Commerce.
"I recently moderated a forum hosted by Choose New Jersey, on a new federal initiative called Opportunity Zones. Now this is a program that looks to spur economic investment in communities throughout the country. Now many of those communities are, in fact, right here in New Jersey. At the forum, I spoke to elected officials, business leaders, and others, about Opportunity Zones, and why they matter to New Jersey, and, of course, across the country. Here now are those interviews. This forum, as engaging as it is, dealing with real life issues, the part of the strategic direction of Choose New Jersey? Absolutely. Choose New Jersey is going to start to evolve. It is a wonderful organization, it has the ability to convene some of the best folks, and some of the folks will actually end up to be able to articulate what the economy needs, and be a liaison to the community. Thanks, so does this community. Thank you. Mr. Mayor, you've been involved in economic development in the city even before, well before, you were mayor. What do these Opportunity Zones potentially mean to the redevelopment in a city like Newark? Well, it was an infusion of investment in areas that have been neglected for at least five decades or more in this city. Ah there... you know, helps us you know, expedite the kind of development that's already happening, but also push some real development in parts of the community that need it so desperately. And I don't think if we... if this legislation didn't exist, we were able to have this kind of investment opportunity here. Financial institutions, other folks are not investing in neighborhoods that need it the most. It's just not happening. This is a way to incentivize them to get that done. This is a first step, and so we are eager to see what happens out of this. Thank You Mr. Mayor. Yup. Frank Gionta Massey knows the City of Newark very well. We're at the Choose New Jersey forum with Senator Booker, Governor Murphy, talking about, quote-unquote, "Opportunity Zones". This project could mean a lot... you know, a lot about redevelopment? Critical, critical to towns like Newark. This is probably the single best thing that the urban centers can get from the Trump tax package. The impacts of this are dramatic. I predict that you'll see more infusion of dollars..."