September 2, 2010
GOVERNOR SIGNS LEGISLATION FOR CLEAN WATER AND ENVIRONMENTAL PROTECTION
PROJECTS
Governor Chris Christie signed legislation to appropriate $821 million in no-cost or low-cost loans for water and sewer infrastructure projects across the state. Approximately $549 million will be for clean water project loans and $272 million for drinking water projects, which the Governor said will create hundreds of jobs.
The available money for the projects comes from a revolving loan program administered in part by the New Jersey Environmental Infrastructure Trust (EIT), an independent state financing authority.
It provides loans to local governments for construction of wastewater treatment facilities, sludge management systems, sewer overflow, stormwater and non-point pollution management projects.
The Trust also offers loans to publicly and privately owned drinking water systems for construction or upgrades. Funds are made available under the federal Clean Water and Safe Drinking Acts and various state bond issues.
BAYONNE BRIDGE PROJECT GETS $1 BILLION FROM PORT AUTHORITY
The Port Authority of New York and New Jersey approved an agreement to raise the Bayonne Bridge and also to fully restore the World Trade Center site in lower Manhattan.
The deal will cover the $1 billion cost of rebuilding or rehabilitating the Bayonne Bridge to raise it 60 feet to 215 feet to give new and larger container ships enough elevation to pass under.
The Port Authority has been studying ways to accommodate the larger ships expected after a widening of the Panama Canal is completed this decade. The U.S. Army Corps of Engineers estimated that raising the bridge to 215 feet would be the best solution. The Port Authority, however, has not yet finalized plans for the bridge project.
As part of the deal, New Jersey's commissioners on the bi-state board agreed to support the World Trade Center plans of Silverstein Properties to build office towers with the help of more than $1 billion dollars in public financing and subsidies, possibly by 2015.
Port Authority Chairman Anthony Coscia said the agreement "protects the public resources of this agency to build and modernize transportation facilities critical for the region's growth and prosperity."
SENATE APPROVES BILL ELIMINATING INACTIVE, OUTDATED STATE ENTITIES
The Senate, by a unanimous vote (37-0), approved a measure to eliminate 42 boards, commissions, and other such state entities that were deemed inactive or outdated. The legislation, now heads to the Governor, having already passed the General Assembly in June.
Most of the entities to be cut appeared on a list included in the April report of the Red Tape Review Group, created by Governor Chris Christie’s Executive Order and chaired by Lt. Governor Kim Guadagno. “Boards, commissions, committees, councils, and task forces have served their purpose, been inactive for years, no longer have a role to fulfill, have completed their work, have not been convened for a long period of time, or were never organized” the bill stated.
The Red Tape Review Group noted that a number of them still required internal staff work from the various state agencies within which they were located. Additionally, the review group acknowledged their continued presence often served to confuse the public.
GOMES GAMING TO ACQUIRE RESORTS CASINO HOTEL IN ATLANTIC CITY
Gomes Gaming, Inc., has agreed to acquire Resorts Casino Hotel in Atlantic City from RAC Atlantic City Holdings LLC. Resorts changed hands last year when lenders took possession from Colony Capital, LLC.
Gomes, the CEO of Gomes Gaming of Margate City, has managed some 14 gaming properties across the country throughout his 30-year career in the industry, including Trump Entertainment Resorts and Steve Wynn. The current acquisition is subject to approval by the New Jersey Casino Control Commission.
The two hotel towers at Resorts include 942 rooms, 100,000 square-feet of gaming space, 45,000 square-feet of convention, ballroom and meeting space, 20,000 square-feet of retail space and eight restaurants. The property has some 10.5 acres available for expansion.
AECOM AQUIRES TISHMAN
AECOM Technology Corporation announced it has acquired Tishman Construction in a US $245 million transaction.
AECOM, with approximately 45,000 employees around the world, is a global provider of professional technical and management services to a broad range of markets, including transportation, facilities, environmental energy, water and government. With clients in more than 100 countries, it had revenue of $6.3 billion in the year ended March 31, 2010.
Tishman is a 112-year-old privately held company with 900 employees across the United States and the United Arab Emirates. It has overseen 450 million square feet of construction, and is currently engaged in 1 World Trade Center and the PATH Terminal Hub at the World Trade Center.
In announcing the transaction AECOM President and CEO John M. Dionisio said: "This is a unique opportunity that combines two best-in-industry leaders capable of delivering the full suite of services."
SOUTHWEST AIRLINES COMING TO NEWARK LIBERTY INTERNATIONAL
Southwest Airlines will start flying out of Newark Liberty International Airport next spring. Southwest will lease take-off and landing slots from United and Continental Airlines, which are merging.
Southwest will have 18 daily flights from Newark that will phase in between March and June of next year to destinations which will be announced. The airline already operates out of LaGuardia International Airport in New York and Philadelphia International Airport.
Southwest said the addition of Newark "will provide a needed injection of low fares and competition into the Newark/New York market."
OLD LINENS 'N THINGS COMPLEX SOLD FOR $6 MILLION
The former Linens 'N Things office complex on Brighton Road, Clifton, has been purchased for $6 million in cash by KABR Real Estate Investment Partners of Paramus and Capstone Realty Group of Englewood. The 163,000 square-foot property contains three buildings.
The new owners said the complex, to be called Atrium at Allwood, will be repositioned and marketed to smaller users, particularly in the health care industry.
ANNUAL PORT INDUSTRY DAY SET FOR OCTOBER 27
The 10th Annual Port Industry Day for the Port of New Jersey-New York will be held on Wednesday, October 27, at the Global Container Terminal in Bayonne.
The day will feature at 9 a.m. the official conference program: "Positioning the Port for Future Growth." It also will include the annual food festival, tours of exhibits and networking with maritime and transportation leaders.
The program coordinator, Dorothy Rosciszewski, can be reached at (201) 437-1891 or online at portindustryday@yahoo.com.
EDA WILL USE STIMULUS FUNDS FOR COGEN PROJECTS
Using federal stimulus funds, the New Jersey Economic Development Authority, (EDA) will spend $15 million to support cogeneration projects combining heat and power.
In another action, the EDA board approved an Urban Transit Hub Tax Credit totaling $45 million for a food warehouse in Newark for Newark Farmers Market LLC and Wakefern Food Corporation.
PEOPLE ON THE MOVE
