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® Around The STATe Last year, the red Tape review Commission, led by Lt. Gov. Kim Guadagno, cut the number of pages in the state registry by more than half. Guadagno calls red tape eff orts a ‘fi rst step’ Lt. Gov. Kim Guadagno convened the fi rst public meeting of the permanent Red Tape Review Commission, which aims to reduce regulations that slow down job creation and investment. The nine-member commission met March 2 in Jersey City, and heard testimony from people involved in a range of industries, including health care, real estate, construction and higher education. Guadagno held several meetings of a red tape review group before she signed an executive order as acting governor in September that made it a permanent commission. The Trio east site is adjacent to Trio west, a 140-unit, two-building condominium property Tarragon built in 2008. Trio East, a 6.5-acre development site in Palisades Park previously owned by real estate developer Tarragon, has been sold as part of a court order for $1.8 million, commercial real estate brokerage Cushman & Wakefi eld announced last week. Tarragon, which fi led for Chapter 11 bankruptcy protection in January 2009, was required by the bankruptcy court to sell the property to satisfy the lien holder, according to Cushman & Wakefi eld, which was appointed by the court to sell the asset and represented The work of the group last year contributed to a steep drop in the number of pages of the state register, which lists adopted and proposed regulations. It fell from 7,020 pages at the end of 2008 to 3,012 pages two years later. “It’s a great fi rst step — but only that, a fi rst step,” Guadagno said in a statement. “The ongoing Red Tape Review Commission will not only continue this progress, but further spread the news far and wide that it’s a new day in New Jersey, one defi ned by an environment welcoming to business and amenable to investment.” – Andrew Kitchenman Court orders sale of Palisades Park project site the seller in the deal. Berkeley Palisades Park LLC, of Austin, Texas, purchased the site, which has been approved for the development of 64 residential units. Trio East is adjacent to the 140-unit Trio West, a two-building condominium property Tarragon built in 2008; the unsold portion of Trio West — 71 units — was sold to Phoenix Realty Group for $18 million in 2009 as part of Tarragon’s Chapter 11 reorganization, according to Cushman & Wakefi eld. Tarragon emerged from Chapter 11 last year. – Evelyn Lee Governor defends transit plan, decries ‘the chicken games’ Gov. Chris Christie told a summit meeting in Trenton last week that anyone interested in infrastructure should tell Senate President Stephen M. Sweeney (D-West Deptford) and Assembly Speaker Sheila Y. Oliver (D-East Orange) to “stop the chicken games, knock it off” about repealing the toll hikes the governor wants to use for his transportation plan. The New Jersey Transportation Summit was sponsored by the New Jersey Alliance for Action, a nonprofi t that includes business and labor groups, as well as advocates for investment infrastructure. Christie’s fi ve-year plan to fund the state’s exhausted Transportation Trust Fund would involve $1.6 billion in annual spending through 2016. Notable projects include repairs to the Pulaski Skyway; the Route 7 Wittpenn Bridge, in Kearny; and Route 139, in Jersey City and Hoboken. Transportation Commissioner James Simpson, a panelist, said the state is addressing infrastructure maintenance, including $600 million in bridge repair. He called Democratic demands to roll back turnpike tolls “a stupid idea” when the funds — originally for the ARC tunnel to Manhattan — are needed for infrastructure, despite Christie killing the Access to the Region’s Core project in the fall. Jim Weinstein, executive director of NJ Transit, said information gathered for ARC is being used in studies by New York and Amtrak for potential future tunnels, so “the value of the money that was spent on ARC is not lost value,” he said. The event, which was expected to draw about 500, attracted executives from across the country, including Robert Furniss, a Floridabased vice president with Canadian rail car builder Bombardier Inc. “We have a great customer in New Jersey,” said Furniss, whose company has built rail cars for NJ Transit. – Andrew Kitchenman Honeywell inks deal to test tech in China Morris Township-based Honeywell International said last week it was chosen to develop and implement a pilot project to test smart-grid technology in China. The deal is part of a grant agreement between the U.S. Trade and Development Agency and the State Grid Electric Power Research Institute, a subsidiary of State Grid Corp. of China. The project will evaluate how smart-grid technology could help State Grid manage energy supply and demand in China, with a particular focus on the country’s commercial and industrial facilities. The pilot includes “automated demand response,” a technology aimed at automatically adjusting electricity consumption in response to high demand. Shane Tedjarati, president and CEO of Honeywell China and India, said Honeywell is one of the only companies with the technology to alert customers when energy use outpaces generation capability. – Jared Kaltwasser Democrats again take up millionaire’s tax Democratic members of both houses of the Legislature are introducing an income tax increase for those reporting more than $1 million in income. Sen. Shirley K. Turner (D-Trenton) introduced a bill Feb. 22 that would raise the tax rate for income above $1 million from 8.97 percent to 10.75 percent, the same level as in 2009. The funds from the tax increase would be used for property tax relief. Assemblyman John F. McKeon (D-South Orange) said he would introduce the tax in the Assembly, citing an opinion poll in which the public supported the tax. Gov. Chris Christie NJBIZ (ISSN 1540-4161) is published weekly except year-end and one extra issue in December by Journal Publications Inc., 1500 Paxton Street, Harrisburg, PA 17104. Subscriptions: $64.95 per year. Periodicals postage paid at Harrisburg, PA and at additional mailing offi ces. POSTMASTER: Please send address changes to: Journal Publications Inc., 220 Davidson Avenue Suite 302, Somerset, NJ 08873. Call (866) 288–7699 to subscribe and save $10. — Vol. 24 | No. 10 2 March 7, 2011 ◆ njbiz www.njbiz.com Tim Larsen/Offi ce of the Governor Courtesy of Cushman & Wakefi eld
12% 10% 8% 6% 8.3 7.1 2008 Q1 9.1 2008 Q2 vetoed a similar measure last year. – Andrew Kitchenman Breaking ground on state-of-the-art plant Lt. Gov. Kim Guadagno was on hand last week to break ground on a new water treatment plant in the Short Hills section of Millburn. The $75 million facility is being built by New Jersey American Water to replace its 1920s-era Canoe Brook Water Treatment Plant. The new facility is scheduled to go online by June 2012. New Jersey Warehouse Vacancy 9.8 2008 Q3 9.8 7.8 7.7 8.2 7.8 7.7 2008 Q4 10.7 8.8 2009 Q1 10.4 9.3 2009 Q2 10.4 9.9 2009 Q3 11.5 10.2 2009 Q4 11.6 11.6 11.2 2010 Q1 Vacancy NJ-South VacancyNJ-North 2010 Q2 11.9 10.8 10.8 10.6 2010 Q3 11.0 2010 Q4 The facility was designed to meet 2012 standards for disinfection byproducts under the federal Safe Drinking Water Act. New Jersey American Water also plans to apply to have the building LEED certified by the U.S. Green Building Council as a Leadership in Energy & Environmental Design project. The facility will have high-efficiency pump motors, lighting and plumbing fixtures. The project is expected to create 200 jobs. It will serve customers in portions of Essex, Morris, Passaic, Somerset and Union counties. – Jared Kaltwasser Kelly Frank, CPA, Director, Not-for-Profi t Practice, J.H. Cohn, and Joe Torre, Manager warehouse vacancies fall Demand for warehouse space in New Jersey has been increasing, as evidenced by falling vacancy rates statewide. The sharpest declines have occurred in the southern part of the state, and are attributable to the improved retail climate. Still, vacancy remains above 10 percent, indicating demand for construction of additional warehouse space will remain limited for the foreseeable future. Source: Otteau Valuation Group Inc., www.otteau.com Lautenberg revisits Superfund legislation U.S. Sen. Frank R. Lautenberg (D-Cliffside Park) announced last week the reintroduction of legislation to generate up to $2 billion in annual revenue by requiring polluters to fund the cleanup of Superfund sites. Lautenberg’s Polluter Pays Restoration Act, co-sponsored by Sen. Robert Menendez (D- Hoboken) and five other legislators, would reinstate the small fees on crude oil and chemical companies that had historically funded the remediation of “orphan sites,” or polluted properties where responsible parties cannot be found. The authority for the fees expired in 1995, and with the trust fund financing orphan site cleanups now bankrupt, taxpayers have had to foot the bill for such efforts, Lautenberg said. – Evelyn Lee CorreCtions n Delta Development Group and HR&A Advisors prepared the report recommending the elimination of the state’s urban enterprise zones. The New Jersey Institute of Technology was involved with other reports requested by the Chris Christie administration. NJIT’s role with the UEZ report was incorrect in a Feb. 28 story. n Faith Baum, co-owner of Illumination Arts, said LED lighting can be a great solution for some specific applications, like colorchanging lighting; other exterior lighting applications; and some interior lighting applications, such as staircase lights, undercabinet and countertop lighting. She was misquoted in a Jan. 17 story about Dialight Corp. Let’s talk not-for-profi t, expert to expert. Let’s talk about what J.H. Cohn provides. Specialty teams who understand the unique needs of not-for-profit organizations. Personal, partner-level attention and guidance to enhance fi nancial stewardship, improve operational performance and protect your tax-exempt status—so you can stay focused on fulfilling your mission. If that’s what you’re looking for in an accounting firm, talk to J.H. Cohn. We turn expertise into results. Call 877.704.3500 or visit jhcohn.com New Jersey New York Connecticut California ® Around The STATe DeaLS arounD new JerSey n New York-based Pfizer Inc., which has a division in Madison, announced it completed the acquisition of Bristol, Tenn.-based King Pharmaceuticals Inc. through its wholly owned subsidiary, Parker Tennessee Corp. n Merck & Co. Inc., in the Whitehouse Station section of Readington, announced Tokyo-based Fujifilm will acquire the Merck BioManufacturing Network. Financial details of the transaction were not disclosed. n Roseland-based Automated Data Processing has acquired Advanced- MD, of Salt Lake City, in a deal that will expand ADP’s reach to small and midsized medical practices. n Future Skies Inc., of Wall Township, is now the prime contractor for the U.S. Army’s product director common software task order. The contract includes two base years and two option years with a total value of $33.7 million. – Laura Mortkowitz www.njbiz.com njbiz ◆ March 7, 2011 3
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