2008 Mayors’ Report
Jersey City, NJ‚ÄĒNew Jersey’s Premier City (Mayor Jerramiah T. Healy)
They don’t call Jersey City the “Gold Coast” for no reason. A city in the midst of a renaissance, Jersey City is experiencing growth in many fronts, and particularly with the influx of various financial and commercial institutions that are now calling Jersey City’s downtown business center their home.
There are many reasons that make Jersey City a wise and attractive choice for businesses to establish or revitalize themselves, take a new lease if you will. Each motivation is strongly compelling on its own.
WHY PAY MORE?
In Jersey City, there is no city income tax, corporate tax, payroll tax, or commercial rent tax. Compared to Manhattan, utility rates are 30% lower, operating costs are 35% less, and the average advertised rent for Class A office space is one-third more economical. Jersey City’s tax programs are designed to let you keep the money you’ve earned.
LOCATION, LOCATION, LOCATION
As part of the Tri-State Area business corridor, Jersey City and surrounding communities bring you top-tier infrastructure and resources. This includes people and technology from telecommunications providers, manufacturing and industry, universities and state-of-the-art medical facilities. Equally important is Jersey City’s accessibility, by railway, waterways, buses, and other public transportation. The heart of downtown Manhattan, Atlantic Ocean seaports and Newark International Airport are only minutes away.
Jersey City rolls out the “Welcome” mat for you with all the support and resources it makes available to help your business start, grow, and flourish. The state’s Business Employment Incentive Program (BEIP), Business Relocation Assistance Grant (BRAG), Employee Training Grant (ETG), Urban Enterprise Zone (UEZ), and local pro-business policies make a Jersey City address even more desirable.
Do we need to say more? In just the last six years alone, Jersey City gained 35,000 new jobs and $3.8 billion in capital improvements. An additional $52 million nurtured the inner city through 60 UEZ programs.
How about asking your potential neighbors what they think of Jersey City? Goldman Sachs; JPMorgan Chase Bank, Inc.; Morgan Stanley; Merrill Lynch; Lehman Brothers; ICAP North America, Inc.; Fidelity Investments; Knight Equity Markets, LP; ISO (Insurance Services Office, Inc.); and Forest Laboratories are some of the entities that have made their way to Jersey City.
So what else is on the Jersey City horizon? How about a condominium complex, featuring a championship golf course, neighboring Liberty State Park. Or residential buildings being developed in the Powerhouse Arts District, providing live/work spaces for artists. Yes, we almost forgot to mention that Jersey City is also a great place to live. That’s a new conversation altogether.
It’s really a simple choice. If there’s a will, there’s a way for you to have Jersey City as your next destination.
Jersey City Economic Development Corp.
30 Montgomery Street,Suite 820
Jersey City, NJ 07302
Decatur, Illinois – America’s Agribusiness Center (Mayor Paul Osborne)
Located in the heart of the Midwest, Decatur, Illinois, is like no other city in America. With a metro area population of 125,000, Decatur is the focal point of national and international business concerns and quality of life activities and venues in east central Illinois.
The Decatur region has long been known as America’s Agribusiness Center thanks to the presence of global leaders like Archer Daniels Midland (ADM) Corporation, Tate & Lyle North America and Caterpillar. But while Decatur’s presence as a manufacturing powerhouse is well-established, it is also recognized around the world for its the cutting edge of research and development, engineering, life science and biotech research.
In fact, despite belief that past perceptions are today’s reality, engineers, scientists, technicians and other managerial and professional occupations make up the largest part of the Decatur area workforce in addition to a large pool of workers experienced in all aspects of manufacturing, biotechnology and agribusiness. Best of all, they are setting the standard for productivity, reliability and innovation at home and around the world.
Scientists and researchers at the Decatur-based global headquarters of ADM, Tate & Lyle, and other companies, are creating innovative ways to feed the world and at the same time developing advanced polymers, alternative fuels, and lifesaving pharmaceuticals from renewable resources. Decatur has recently experienced an explosion in the health care industry with planned medical center expansions totaling nearly $75 million. Health science professionals have chosen Decatur as their place of business due to a highly skilled workforce, access to nearby medical research centers and the pro-business attitude of Decatur-area community leaders.
Decatur boasts outstanding business-oriented educational resources through Millikin University’s Tabor School of Business and Richland Community College’s manufacturing center and business curriculum. Within a one hour drive of Decatur you will find the Schools of Medicine for both the University of Illinois and Southern Illinois University, providing the latest in health care technology and research. Also in close proximity are renowned educational institutions like the University of Illinois at Urbana-Champaign, Illinois State University, Bradley University, Eastern Illinois University and the University of Illinois at Springfield.
In today’s global economy, businesses require integrated transportation systems that meet their regional, national and international distribution needs. Decatur is uniquely positioned and ready to meet these needs through its world class transportation system which includes a Foreign Trade Zone, U.S. Customs Point of Entry, Norfolk Southern, CSX and Canadian National Railroads, a world class airport facility capable of handling aircraft of all sizes, proximity to three major Interstates and a centralized location situated between Chicago and Memphis, Indianapolis and Kansas City. With nearly $600 million in capital investment planned or underway in the region, it is easy to see why more and more businesses are looking to Decatur for logistics, distribution and manufacturing projects.
Combine this with a venture capital fund dedicated to businesses who locate in Decatur and Macon County, aggressive local and state economic development incentives, infrastructure, and optimal location, you have all of the ingredients for success.
It is easy to see why more and more businesses See Decatur in a Whole New Light!
Economic Development Corporation of Decatur and Macon County
Craig Coil, President
101 South Main Street,Suite LL5
Decatur, IL 62523
New Lenox, Illinois‚ÄĒHome of Proud Americans (Mayor Tim Baldermann)
Located in Will County, among the 10 fastest growing areas of the nation, the Village of New Lenox offers business and residents a progressive local government, a key location on Interstate 80 and I-355, low Will County taxes, and an unbeatable quality of life. New Lenox is poised for industrial and business growth thanks to its convenient location. Access to U.S.Route 30 and I-80 provides connections with I-57 to the east and I-55 to the west. Rail commuters use the Metra/Rock Island line and travel time to the Loop in Chicago is less an hour from either New Lenox Metra Station.
In November 2007, the Illinois State Toll Highway Authority completed construction and opened the extension of Interstate 355 into New Lenox at a cost of $730 million. The I-355 extension provides access to the north and western suburbs and has attracted high quality development to the area. Zaremba Group proposes to build a 1.1 million square foot power town at the I-355 and U.S. 6 interchange, to open in the summer of 2009. Forest City Enterprises expects to develop a 1.5 million square foot lifestyle center at the I-355 interchange with a 2011 opening date. Silver Cross Hospital is awaiting state approval to build a new 300-bed hospital on a 70-acre parcel at I-355 and Clinton Road at a cost of $450 million.
Growth is happening all over New Lenox. In the Cherry Hill Business Park, OOCL is leasing Cherry Hill #4, a 282,000-square-foot industrial spec building for its Midwest distribution center. Smurfit Stone Container Co. has begun operations in a 363,000-square-foot manufacturing facility in the Cherry Hill Rail Park. Smurfit will manufacture 2 billion square feet of corrugated cardboard annually at their New Lenox facility.
Along U.S. 30, the New Lenox Retail Center will contain more than 500,000 square feet of retail with Wal-Mart and Menards as anchors and more than 10 outlets. Lincolnway Creekside Crossings broke ground on a 70,000-square-foot, two-story, mixed-use building with one retail outlet. Perry Commercial is building the Briarwood Professional Center on U.S. 30 that will contain four professional office buildings.
Village Station is a transit-oriented development (TOD) which is slated for development on the south end of New Lenox at the intersection of Laraway and South Cedar roads. Village Station is approved for 62 commercial acres and 836 PUD residential units on a grand total of 236 acres. This property is serviced by the Metra Southwest Service Corridor line located on the former Wabash Railroad line. In September 2006, the second Metra station in New Lenox opened at Village Station for daily passenger service.
New Lenox’s population is growing as well. A special census recently was conducted and estimates the New Lenox population at 25,000 residents; it is expected to reach 100,000 by 2030.
Residents have a median household income of $96,745. For the past decade, about 300 new homes have been built each year in New Lenox.
Lincoln-Way West High School is under construction in New Lenox at a cost of about $100 million and will open to students in August 2009. New Lenox Elementary School District #122 and Lincoln-Way Community High School District #210 are gold medal and blue ribbon award winners.
One thing that is not growing is the tax rate: New Lenox has one of the lowest tax rates in Will County (6.4216 per $100 assessed valuation) creating an opportune climate forbusiness expansion and development.
New Lenox strives to balance residential, commercial, and retail growth, maintaining a healthy economy and a great quality of life. It’s easy to see why New Lenox is a logical place to operate your growing business.