GOVERNOR’S BUDGET WOULD REDUCE STATE SPENDING BY $500 MILLION
The budget introduced by Governor Jon Corzine totals $32.9 billion and represents a spending cut of $500 million compared to the current year budget of $33.4 billion. It proposes reductions of approximately $2.7 billion to offset rising healthcare, energy and contractual costs. It does not address the State’s $32 billion debt.

Highlights are:
-Elimination of 3,000 jobs through a combination of an early retirement program, attrition and layoffs.
-The budget eliminates the Departments of Agriculture, Commerce and Personnel.
-A $190 million reduction in the level of aid to municipalities.
-Reductions in grant and aid funding across the board, from support of hospitals and higher education institutions to healthcare programs and funding for the arts. To see the text of the Governor’s Budget Address Go Here.

FEDERAL TRANSIT OFFICIAL TO JOIN CORZINE AT TRANSPORTATION CONFERENCE
Governor Jon Corzine will be joined by Federal Transit Administrator James S. Simpson at the fifth annual Governor’s Transportation Conference on Friday, February 29, sponsored by the New Jersey Alliance for Action. Corzine will discuss how the state’s fiscal condition will have “major ramifications for New Jersey transportation projects and programs for generations.”

Simpson will review the ARC trans-Hudson rail tunnel project that recently received an upgrade in positioning for federal funding.

Other speakers will include former Congressman Robert Franks, and State Transportation Commissioner Kris Kolluri.

The Conference will be at the Lafayette Yard Marriott Conference Center in Trenton with registration at 12:30 p.m., followed by the program at 2 p.m. To reserve your place Go Here

SUPREME COURT GIVES GOVERNOR AND LEGISLATURE ANOTHER CHANCE TO FUND SCHOOL CONSTRUCTION
The New Jersey Supreme Court has given Governor Corzine and the Legislature another chance to act promptly and in good faith to approve $2.5 billion in new construction funds to restart stalled school projects in Abbott districts. Citing a pledge by the State Attorney General that the Governor will move ahead on the necessary legislation, the Court declined to impose its own deadline. It stressed, however, that if the pledge is not kept, the plaintiff Education Law Center can seek relief.

Attorney David G. Sciarra declared: “We fully expect the Governor to follow through with a legislative proposal and to actively work for passage of the bill. We also expect the Legislature to act quickly on the legislation given the urgent and undisputed need.”

$2 MILLION PLEDGED BY COUPLE TO NEW PLAINSBORO HOSPITAL PROJECT
A pledge of $2 million has been made to Princeton HealthCare System’s planned hospital complex in Plainsboro. The pledge came from local banker, Stephen Distler and his wife, Dr. Roxanne Kendall, and increases the amount of donated funds for the project to at least $18 million. Distler leads the fund-raising campaign.

In announcing the gift, PHCS also boosted the projected cost of the new hospital complex from $350 million to $400 million to reflect higher construction-related expenses rather than a change in scope. The Plainsboro complex would replace PHCS facilities in Princeton Borough --- the University Medical Center at Princeton Hospital and Merwick Rehab and Nursing Care Center.

NEW JERSEY EDA ANNOUNCES NEW URBAN LOAN PROGRAM
The New Jersey Economic Development Authority (EDA) has announced Urban Plus, a new low-interest loan program to provide up to $3 million for projects in nine municipalities. The loans would be for terms up to 10 years.

The eligible municipalities would be Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick, Paterson and Trenton.

MERCER CORPORATE CENTER TO BREAK GROUND
Ground will be broken in March for the first phase of construction on Mercer Corporate Center, a new four-building, 200,000-square foot office park along Klockner Road in Hamilton. The project is by Opus East LLC, a Rockville, MD., based real estate developer.

The first phase will consist of construction of two identical three-story 60,000-square-foot buildings, with completion scheduled in December. On the 52-acre campus, the developer said it plans environmentally friendly features, including energy-efficient mechanical systems.

ADVANCE SELLS THREE OFFICE BUILDINGS
Advance Realty Group sold three office properties to Normandy Real Estate Partners, a Morristown-based real estate investment management firm.

The buildings, which encompass more than 500,000-square feet of space, include the Park Place campus in Florham Park, 310 Madison Avenue in Morris Township and the Branchburg Centre in Branchburg. Advance reported that the transactions would free up capital to help finance the company’s 15 current development and redevelopment projects.

GALE TO CONSTRUCT NEW BUILDING FOR SANOFI-AVENTIS
A new four-story, 200,000 –square-foot office building will be developed for Sanofi-Aventis in Bridgewater by Gale Real Estate Services Co. of Roseland. It will mark an expansion of the French pharmaceutical company’s U.S. headquarters.

Sanofi-Aventis said the new building would give the company the ability to accommodate future business needs. Construction is expected to begin in 2009.

NORTHERN/CENTRAL NEW JERSEY OFFICE MARKET REMAINED STABLE
The Sitar-Rutgers Regional Report says that the Northern and Central New Jersey office market was stable throughout the year in 2007, despite economic instability and the severe mortgage crisis. The year began and ended with a total vacancy rate of 15.3 percent.

The report states that new absorption for the overall Northern and Central New Jersey office market was a positive 815,000 square feet, making 2007 the third consecutive positive year.

PEOPLE ON THE MOVE

-Deborah Howlett, a reporter for the Newark Star Ledger, has joined Governor Jon Corzine’s administration as the new Director of Communications. She succeeds Anthony Coley, who left the position in January.
-Governor Corzine nominated Jeanne Fox, Esq. for reappointment to the New Jersey Board of Public Utilities and he also nominated Elizabeth Randall, Esq. for appointment to the Board.

To tell us what you think of our on-line news Go Here.

Back to Online News Home Page