Subsidy Tracker Individual Entry

Company: 
New Brunswick Development Corp
Subsidy Source: 
state
Location: 
New Jersey
City: 
New Brunswick
Project Description: 

mixed-use development

Year: 
2010
Major Industry of Parent: 
real estate
Specific Industry of Parent: 
real estate
Subsidy Value: 
$90,600,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Capital Investment: 
$143,000,000
Source of Data: 

The value of the Urban Transit Hub Tax Credit was taken from: Joshua Burd, "Loosening deadlines for builders," NJBIZ, January 30, 2012. The value of the state DOT grant was taken from: Jared Kaltwasser, "Downtown New Brunswick's Gateway project will include affordable rental units," Bridgewater Courier News, January 21, 2010. The data on the remaining subsidies and the investment amount are taken from: DEVCO, Gateway Transit Village project description; available online at: http://www.devco.org/projects/pdf/Gateway%20Project%20Sheet%20FINAL.pdf

Notes: 

The subsidy was awarded by the state to non-profit private developer New Brunswick Development Corp. (DEVCO) for the construction of a mixed-use development called Gateway Transit Village. The project received $76.6 million through state's Urban Transit Hub Tax Credit (originally, the developer was approved for $55.1 million but later the amount was increased by $21.5 million). This subsidy is listed separately in the main Subsidy Tracker data in a 2010 entry for the program, with Transit Village as the recipient. The Gateway project also received $14 million from the state Department of Transportation's Local Aid Infrastructure grant. In addition, the developer secured bonds from New Brunswick Parking Authority, federal New Markets Tax Credits, and Recovery Zone Facility bonds (all three not included in the total).

Source Notes: 
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