What is the GCUEZ

Source http://www.cityofgloucester.org

 

The path to economic success in Gloucester City starts here, with the Gloucester City Urban Enterprise Zone (GCUEZ) program. The UEZ program was developed by the State of New Jersey to help promote redevelopment in its urban centers. The goal of the UEZ is to promote sustainable growth by helping businesses succeed in city neighborhoods. The GCUEZ offers participating businesses an advantage by providing incentives that encourage growth while stimulating the local economy. Build your business with the help of the GCUEZ program:

 

STATE BENEFITS:

100% sales tax exemption for specified materials and tangible personal property.

Qualified retail businesses may charge 50% of the 6% NJ sales tax on certain \”in person\” purchases.

Revenues generated from the 3% sales tax are maintained in a Zone Assistance Fund (ZAF) dedicated for use within the GCUEZ for certain economic development and/or public service improvement projects.

One-time corporation tax credit of $1,500 for each new, full-time permanent employee who is a resident of Gloucester City and has been unemployed for at least 90 days or dependent upon public assistance.

Subsidized unemployment insurance for certain new employees with gross salaries of less than $4,500 per quarter as per Department of Labor schedule.

Priority financial assistance from the New Jersey Local Development Financing Fund (LDFF) and Department of Labor Job Training Program

LOCAL BENEFITS:

Local Economic Development Loan funds at 3% for 5 years for real estate acquisitions, building renovations, machinery, and equipment. Click here for an application.

Facade Improvement Loan program where businesses can borrow $5,000 for their facade improvement at a fixed rate of 1% payable over a 60 month/5 year period. Click here for an application.

LOCAL PROGRAM OVERVIEW:

To date the GCUEZ has generated approximately $1.1 million in sales tax revenues with only 50 UEZ certified businesses signed up. We have invested almost $352,645, funding ten (10) projects, deemed to improve the economic climate of the Gloucester City commercial districts. Below is a synopsis of your UEZ dollars at work…

 

1. Marketing Campaign — $10,000 – to create and distribute promotional mailers (postcards and kits) to prospective business owners and developers

 

2. Community Cleanup Campaign — $2,500 – to hire a consultant on how to enhance Gloucester City\’s image

 

3. Entryway Enhancement – $2,345 — to erect a welcoming entryway with signage and landscaping along the Rte. 42 ramp onto Market Street.

 

4. Promotions & Advertising Campaign — $54,000 – for advertisements and events to promote Gloucester City as a great place to live, work, and shop.

 

5. Business Recruitment & Retention Consultants — $109,000 – to hire the JGSC Group to develop a plan for downtown revitalization and to assist with business recruitment and retention.

 

6. Matching Façade Grant (Pilot Program) — $40,000 – a pilot program offering $10,000 in matching façade grants to four (4) Gloucester City UEZ businesses

 

7. Signage Grant — $30,000 – to provide up to $1,000 in sign grants to 30 UEZ businesses for the repair or replacement of their business sign.

 

8. Design Guidelines — $40,000 – to hire a consultant to create façade, signage, and streetscaping design guidelines to assist with the rehabilitation of the commercial and historic districts.

 

9. Crime Prevention Patrols — $24,800 – to pay overtime costs to utilize police foot patrols, bicycle patrols, plain clothes officers in unmarked units, and the K-9 unit to patrol and maintain visability in the business districts.

 

10. Retail Business Incubator — $40,000 – to offer rent subsidies to businesses offering targeted retail goods and services in order to stimulate business recruitment efforts.

For more information contact Gina Dunphy, UEZ coordinator 456-6075 or via email at [email protected]