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Second Quarter 2008 Edition
Sports Betting in AtlanticCity Casinos (A1 A1909) - This bill, if signed into law, will ask voters to decide whether Atlantic City casinos should be permitted to allow in-person wagering on the results of professional sporting events. Even if passed, however, there are still hurdles as a federal law currently prohibits professional sports betting in New Jersey meaning that an act of Congress or a court decision would be required to legalize professional sports betting in New Jersey. The bill has passed the Assembly and has been referred to the Senate Wagering, Tourism & Historic Preservation Committee. The bill currently has the support of the Casino Association of New Jersey.
New NJEDA Loans - The New Jersey Economic Development Authority is launching a new low-interest loan, Urban Plus, which offers up to $3 million for projects in Atlantic City, Camden and seven cities in North Jersey. The loans' terms are up to 10 years and can be used toward the purchase of fixed assets. They can finance up to 50% of a project's total cost as long as the project is approved by the municipality and creates or maintains jobs among other requirements.
Governor Corzine's Budget - Governor Jon S. Corzine proposed a budget that will cut spending by $500 million and contains no new or increased taxes. Spending reductions in the proposed budget total approximately $2.7 billion - which will offset the rising costs of healthcare, energy and contractual obligations. The budget also proposes eliminating three departments: Commerce, Agriculture and Personnel. All other departments have had their spending reduced. Currently, the Development Council is drafting a response to the budget.
Paid Family Leave(A873/ S786) – Paid Family Leave has been reintroduced this legislative session by Senator Stephen Sweeney. The proposed program would extend Temporary Disability Insurance benefits to allow employees at all sized companies to take up to six weeks of paid leave. The Assembly version of the bill has passed in the Assembly and has been sent back to the Senate for vote. The Development Council strongly opposes this legislation due to the negative impact it will have on businesses in South Jersey.
Energy Master Plan - The Energy Master Plan is due out by the end of March. SNJDC anticipates the plan will provide a means to implement the Global Warming Response Act, which states that New Jersey must reduce its greenhouse gas emissions by 20% by 2020 and by 80% by 2050. The Development Council has been closely following the progress of the plan and will release comments on the plan following its release. Visit our Web site to view our current Energy Position: www.snjdc.org.
Aviation Research and Technology Park (ARTP) - Currently under development, the ARTP is planned to be built on 55-acres adjacent to the William J. Hughes Technical Center near the Atlantic City Airport. The ARTP will bring together public and private sectors to help advance our nation's expanding aviation needs. Congress recently approved and the president signed into law a $439,000 appropriation for the park. The Development Council has been strongly in favor of this park as an engine to increase highpaying jobs in the region.
