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New Jersey Corporate Moves

A new form of entertainment is coming to Jersey City later this year when Pole Position Raceway opens its doors just a mile away from the Statue of Liberty. The state-of-the-art indoor karting center will feature two giant race tracks inside a 75,000-square-foot-facility, and the location couldn’t be much better.

“I think people are going to really be amazed at what we are creating,” said owner Eyal Farage. “Since I was introduced to this sport, I wanted to bring it to the East Coast, and there isn’t a better market or location. It’s appealing to people ages six to 60, and older.”

 

Pole Position Races into Jersey City

Pole Position Raceway was founded in Los Angeles, California in 2005 and has become the nation’s premiere chain of indoor kart tracks in the United States with six locations. Those involved with the Pole Position Raceway brand includes 2004 NASCAR Champion Kurt Busch, 7-time AMA Supercross Champion Jeremy McGrath, X-games freestyle gold medalist Mike Metzger, and several dozen professional car and motorcycle racers. The company’s motto is “built for racers, by racers,” and they feel that everyone has a desire to go fast. Think karting is just kid’s play? Well, think again. The average customer age at the other facilities is 31 years old, and indoor kart racing is fun for the entire family and both casual and serious racers alike.

The Jersey City facility will allow up to 10 drivers at a time to compete in side-by-side action. Best of all, the karts use electric technology so there are no fumes!

“The idea of building a green facility was very important to me,” Farage added. “Electric technology has made significant advances during the past few years, and that really influenced our decision to bring it to this area. We have adult karts for racers who are at least 56 inches tall and separate junior karts for kids who are at least 48 inches tall.”

With a plan to open additional Raceway’s in the Tri-State area, Eyal choose Jersey City for his first venue. First, Jersey City has become the “6th borough”. The transit system to and from enables millions of people from NYC boroughs to visit easily. Secondly, Jersey City dwellers are the people Pole Position Raceway targets to enjoy the karting experience. Thirdly, because a track requires a large space, most Pole Position Raceway’s are in industrial areas.

“Jersey City has done a tremendous job incentivizing commercial business’s to add value in former industrial areas,” Farage said.

The Liberty State Park area has easy access to highways and can be enjoyed along with other recreational and tourist attractions nearby. Lastly, The Jersey City Housing, Economic Development and Commerce Department along with the Jersey City Economic Development Corporation have been a guiding force providing direction and accommodating Pole Position Raceway’s needs.

“They held our hands as we worked through the requirements including variances and applications. They welcomed us with tremendous enthusiasm and appreciation for our interest to be part of the Jersey City community. Being a member of the community and giving back is an important core value of Pole Position Raceway,” says Farage. Eyal was also able to depend on the professional community within Jersey City to coach and support him through the building process. “I was introduced to Ron Russell from LWDMR Architecture, Engineering & Urban Design Firm who was born and raised in Jersey City and they don’t come more committed than that.”

“What’s unique about Pole Position Raceway is the sensation that people get driving on a real race track,” said Ken Faught, president of P2R Karting, which franchises the tracks. “In most cases, this is the closest thing to real racing that people will ever experience in their lifetime. The karts are made in Europe and accelerate quicker than their traditional gas-powered counterparts. This makes it extremely fun and challenging to navigate a twisty track with other drivers.”

The track, which is located at 99 Caven Point Road in Jersey City, will offer a variety of racing options. While many customers are the general public visiting on a walk-in basis, Pole Position Raceway also caters to birthday and bachelor parties, family/group celebrations and corporate events.

“We expect there to be a lot of corporate team building events at this facility just like at our Las Vegas location,” added Faught, himself a three-time motorcycle land speed record holder. “Pole Position Raceway has hosted hundreds of parties for companies like Bank of America, Verizon, Infosys, Trump Resorts, Price Waterhouse, BMW, Target, Monster Energy, Coca-Cola, Budweiser, along with the Miss America pageant twice and Reality TV shows.”

Pole Position Raceway is expected to open in late 2010 and includes a Tailgate Café along with video games, meeting and party rooms, and more. For additional information visit www.PolePositionRaceway.com.

 

Camden UEZ Reaches Milestone

Since its inception, the Camden Urban Enterprise Zone (UEZ) has registered more than 150 businesses, creating 339 jobs in the process and enabling businesses to invest more than $584,504 in their businesses.

The Urban Enterprise Zone Program (UEZ) was enacted by the New Jersey State Legislature in 1983 to revitalize the State’s most distressed urban communities through the creation of private sector jobs and public and private investment in targeted areas within these communities. The Camden UEZ was first designated in 1984.

The Camden UEZ incentives that are available for business developments include:

• 100 percent sales tax exemptions for materials and tangible personal property (rugs, building materials,
computers, etc

• Qualified retail businesses may charge 50 percent of the mandated 6 percent NJ sales tax on certain in
person purchases. (50 percent off regular sales tax rate to your customers on taxable items)

• A one-time corporation tax credit of $1500 for each full-time permanent employee who is a resident of a
municipality in which a zone is located and has been unemployed for at least 90 days or dependent upon
public assistance

• Subsidized unemployment insurance costs for certain new employees with gross salaries less than
$4,500.00 per quarter as per Department Labor schedule

• Tax credit against the Corporation Business Tax of 8 percent of Investment in the zone by an approved “In
Lieu” agreement with the Urban Enterprise Zone Authority and Municipality

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

Revenue generated from the 3 percent sales tax is maintained in a Zone Assistance Fund (ZAF) and is dedicated to use within the Camden Zone for certain economic development and/or public service improvement projects.

The city Division of Economic Development provides prospective and certified zone businesses with a full range of services, including processing of applications for designations and annual re-certifications. Anyone interested in becoming a member of Camden City’s Urban Enterprise Zone, should contact the Division of Economic Development at: Vincent Basara, Camden Urban Enterprise Zone, 520 Market Street, Suite 13th floor, Camden, NJ 08102 or visit online at: camdenuez.org.

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