The bill would expand the state's innovation zones into the capital city region with the hopes of attracting more businesses and jobs
TRENTON -- State Sen. Shirley Turner (D-Mercer) is pushing for a bill that would expand the state's innovation zones into the capital city region with the hopes of attracting more businesses and jobs.
"We know New Jersey is one of the states that are not showing the kind of economic growth that other states are," she said. "We need to do more and come up with more ways to put people back to work and spur economic growth, particularly in the capital city."
The bill, which cleared the Senate Economic Growth committee last week, builds on a 2004 executive order signed by former Gov. Jim McGreevey that created three "innovation zones" near the state's three research universities in Newark, Camden and the North/New Brunswick corridor.
Over the past decade, tax credits and other incentives have been offered to start-ups in those zones, state Economic Development Authority spokeswoman Erin Gold said.
For example, $10 million of the $60 million available annually in the Technology Business Tax Certificate Transfer Program is set aside for businesses that locate there.
She also pointed to projects like the Waterfront Technology Center in Camden and the Technology Centre of New Jersey in North Brunswick, where customized lab, office and production space is provided to technology and life sciences companies.
Under Turner's bill, "Greater New Brunswick" would now expand its reach to include New Brunswick, South Brunswick, North Brunswick, Piscataway, Franklin Township in Somerset, Princeton, Plainsboro, East Windsor, West Windsor, Ewing, Lawrence and Trenton.
Turner said the goal is to attract high-technology businesses and research scientists to these zones, where proximity to universities and hospitals would increase collaborative research efforts and lead to more business and job growth.
"One of the main things (companies) want when they locate is to make sure they have an educated, trained workforce," she said. "Our educational institutions do just that."
She singled out The College of New Jersey's new 89,000-square-foot STEM building that is under construction.
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"They will actually be doing a lot more in the way of preparing for high-tech jobs," she said. "Our students will be graduating with more majors in high-tech, so that is one of the academic institutions that I think is going to be very helpful to this area of the state."
Turner's bill also calls for each zone to have an advisory committee made up of local business leaders and researchers that would meet quarterly to update the EDA on its needs.
Caren Franzini, the former longtime CEO of the EDA and co-chair of the new Greater Trenton initiative, said research universities attract federal dollars and top research talent who, in turn, can partner with businesses to help make the state more competitive.
"They become great areas for connecting business and higher education and the innovation economy is very critical to the state," which is home to so many pharmaceutical and biotech companies, she said.
Mercer County alone is home to TCNJ, Princeton University, Rider University, Thomas Edison State College and Mercer County Community College.
"There is a nexus of great universities in this part of the state," Franzini said. "I think it's important to recognize that nexus exists and we should highlight and promote that."
She said Greater Trenton, the public-private partnership that launched in October, is supportive of anything that can bring business and investment to Trenton.
"If having this legislation expands benefits and focuses on the City of Trenton, it's a great thing for Trenton," she said.
The Senate Economic Growth committee approved the bill, 4-0. It now advances to the full Senate.
Cristina Rojas may be reached at crojas@njadvancemedia.com. Follow her on Twitter @CristinaRojasTT. Find The Times of Trenton on Facebook.