Trenton – Legislation sponsored by Senate President Pro Tempore M. Teresa Ruiz, which would create the Emerging Technology Urban Grant Program in the Economic Development Authority, cleared the Senate Economic Growth Committee today. The program would work to encourage emerging technology companies to locate in Newark, Trenton, Camden and New Brunswick.
“This legislation has the power to transform our urban centers and bring cutting edge technology development into our cities. As we work to expand STEM education from elementary school through college, this will ensure the next generation of New Jerseyans have promising job opportunities waiting for them upon graduation,” said Senator Ruiz (D-Essex). “These companies will benefit the state’s economy and open the door for groundbreaking partnerships with existing businesses and universities.”
Under the bill, S-1157, emerging technology companies would be required to maintain a headquarters in the Urban Technology Zone for the two-year grant term and at least three additional years. Emerging technology companies work to develop new biotechnology, information technology, and electronic technology, among other things.
The grant would go towards the cost of using cloud based computing services. The grant funding would be released quarterly, following the submission of documents proving the company is meeting the requirements of the grant.
The bill was released from committee by a vote of 5-0 and next heads to the Senate Budget and Appropriations Committee for further consideration.