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9.16.15
RE3- Remediation + Redevelopment + Results
Cooper’s Ferry Partnership
CAMDEN 1957
Moving Camden Forward
• Community Safety
• Education
• K-12
• Eds and Meds
• Transportation
• Development
Moving Camden Forward
Community Safety
Moving Camden Forward
Education Reform- K-12
Moving Camden Forward
Education: Eds and Meds
EDS & MEDS:
•
Rutgers University Camden
•
Cooper Medical School of
Rowan University
•
Rowan University at Camden
•
Camden County College
•
Cooper University Hospital
•
MD Anderson Cancer Center
•
Virtua Hospital
•
Our Lady of Lourdes
Over 12,000 Higher Ed Students
(180+ Medical Students)
Moving Camden Forward
Transportation
8
Walter Rand Transportation Center
RiverLink Ferry & Taxi
Benjamin Franklin Bridge
Walt Whitman Bridge
Planned Glassboro-Camden Line
GreenWay Trails
Access to NJ Turnpike | 295 | 676
Rt. 30, 38, 42, 70, 168
15 mins to PHL airport
8
Camden Kroc Center
2008
Roberts Pavilion
Rutgers Graduate Dormitory
City Parks, Roads and Streetscape
MD ANDERSON COOPER
Cancer Center
Cooper Medical School of
Rowan University
Setting The Stage For Private Investment
2008 – 2013
Over $750 Million
New Jersey Economic Opportunity Act
The Driving Force Rebuilding The City
10
1 YEAR - $1 BILLION
Holtec International
Cooper Hospital
Lockheed Martin
Webimax
Diogenix
Volunteers of America
Subaru of America
Broadway Associates
$260,000,000.00
$40,000,000.00
$107,000,000.00
$12,800,000.00
$7,500,000.00
$6,300,000.00
$118,000,000.00
$13,500,000.00
Broadway Housing Partners
PCM
Contemporary Graphics Solutions
American Water Works Co.
Chef'd LLC
Great Socks LLC
EMR
$6,100,000.00
$3,900,000.00
$34,000,000.00
$164,000,000.00
$19,000,000.00
$15,000,000.00
$253,000,000.00
More Announcements Within 90-Days
New Jersey Economic Opportunity Act
The Driving Force Rebuilding The City
GROW: Job creation and job
retention incentive program

Provides corporate business & insurance premiums tax credits

Min of 8 new or 19 retained full time employees

Min capital investment of $15/sqft of gross leasable area

Credits are material factor in decision

Prove net positive benefit of 100% of tax credit amount
•
Stay for 1.5x length of credits (15 years)
Business receives 1/10 of total credit each year for 10 years

$35,000,000 maximum annual cap


•
•
In Camden, additional awards if create > 35 jobs & make
capital investment > $5 million
Claw back if fall below 80% of certified employment level
Applications due July 1, 2019
ERG: Key developer incentive program




•
Fills project financing gaps: insufficient
revenues to support the project debt
service under a standard financing scenario
or a below market development margin or
rate of return
Incentive grant reimbursement = up to 40%
of total project cost for commercial
projects including retail, office and/or
industrial uses for purchase or lease
20 year term
Max of annual percentage amount of
reimbursement < an average of 85% of
the project's annual incremental revenues
Applications due July 1, 2019
• No property tax on improvements for years 1-10; full tax rate phased in at 10%/year
for years 11-20 (GROW and ERG)
New Jersey Economic Opportunity Act
Example: Company Relocation 150 Employees (Building 70k sq ft)
OWN
LEASE

If lease 70,000 sq ft with 150
employees


$13,000 per employee per year x
150 employees = $1,950,000 annual
Rent= 70,000 sqft @ $30/sqft NNN


$2,100,000/year
= $2,100,000 (Market Rate Rent) $1,950,000 (Total Amount of Credits)=
$150,000 Annual Rent
70,000sq ft - Class A /NNN
(Turn Key Operation)

If build 70,000 sq ft with 150
employees


Up to $50million for 150 Employees
Acquisition + All Development Cost
(+expenses) = 70,000 sqft @
$500/sqft
$35,000,000 (Development Cost)
$35 Million All-in Development Cost- Up to $50
Million Tax Incentives=

Free 70,000 sq ft –
Class A Office
Building
Note* Calculations are made with the assumption that the EOA applicant keeps/uses the credits
OTHER INCENTIVES




No state sales tax on any item purchased in NJ
(construction, office supplies, etc.) vehicles & gasoline
are excluded
No wage tax
Employees pay income tax in state of residence
New Market Tax Credits

Historic Tax Credits

Employees pay income tax in state of residence


Any retail items sold in Camden are subject to ½
state sales tax (3.5%)
Energy BPU Saving (Up to $1-Million)
Future Development Sites
Waterfront Sites
14
Admiral Wilson Blvd.
Former Prison
Development Opportunities
Goldenberg Site- Admiral Wilson Blvd.
15
20 Acres
Development Opportunities
Gateway District (Campbell’s Soup, Subaru HQ) Conceptual Drawing
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Gateway District
Conceptual Drawings
for Development
• Brandywine Realty
• Subaru HQ
Campbell’s Soup HQ
Existing Site
Waterfront Opportunities
Various Sites
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Waterfront Opportunities
AVAILABLE NOW
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Ruby Match Factory- 300 N. Delaware
(856) 234-9300
www.loft-offices.com
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For More Information
Anthony Perno- President & CEO
856. 757. 9154
perno@coopersferry.com
9.16.15
LIVE. WORK. INVEST. CAMDEN.