Governor Phil Murphy signed a bill into law that gives the city a one-year extension to use the $130 million tax credit that was once earmarked for the abortive hotel and conference center project close to the St. Joseph’s Regional Medical Center.
Murphy signed the bill on Thursday morning. State senator Nellie Pou, assemblyman Benjie Wimberly, and assemblywoman Shavonda Sumter steered the measure through the legislature.
“These funds will help spur economic development in the city,” said Pou, who is the city’s outgoing business administrator. She thanked the governor for signing the bill.
Murphy had previously issued a conditional veto on a similar bill.
Six projects — a 10,000-seat indoor arena at the Center City Mall; a visitor center at the Great Falls; a parking deck on lower Main Street; a residential and retail complex close to the Paterson Train Station on Ward Street; and a parking garage in South Paterson — have been identified for state tax credit funding.
Mayor-elect Andre Sayegh, who is being sworn in on Sunday, sees the tax credits as the key ingredient to revitalize the once mighty industrial town.