County Starts Redevelopment Initiative for Municipalities

CREST HAVEN – In response, freeholders established the “Municipal Redevelopment Initiative,” including an inaugural two-year pilot program partnership that will aid redevelopment of someof Wildwood’s long-deteriorated downtown Pacific Avenue corridor. 
Building on a commitment to improve the region’s economic climate, freeholders approved a new initiative to aid municipal redevelopment efforts at their June 11 meeting.
According to a release, a number of municipalities within the county have identified economic development challenges within their jurisdictions, along with frustration that they may lack the technical expertise and access to capital needed to catalyze redevelopment efforts.The Initiative will build on the county’s recent successes with redevelopment at the Cape May County Airport, including construction now underway on a “Tech Village” project.
As with that project, the county envisions partnering with the Atlantic County Improvement Authority (ACIA) to facilitate development and implementation of comprehensive redevelopment plans for targeted areas. These plans will identify and guide the activities necessary to turn dilapidated and/or underutilized properties into vibrant residential and/or business areas, thereby contributing to the overall enhancement of local and regional economies.
“People often overlook the multiplier effect,” stated freeholder Will Morey, who has oversight of the county’s economic development efforts. “Fixing up one small building not only provides jobs, products and services related to that building, but frequently creates additional business for existing firms, like restaurants, hotels, and retail operations. Most critically, it can bolster businesses that offer year-round jobs.”
The new anchor tenants for Tech Village are a great example, as each already has partnered with a local tech-related business to provide necessary parts and services for the new business efforts.
Together, the companies plan to bring more than 75 new tech-related jobs to the area within the next five years.
“It has been my experience that success breeds success,” Freeholder Director Gerald Thornton noted. “Well, we are certainly observing that here.”
Thornton recognized Freeholders Leonard Desiderio and Morey for bringing numerous parties together collaboratively to stimulate this redevelopment activity.
“You’ve heard the phrase ‘it takes a village,’” Thornton stated. “Well, here it takes a county, a municipality, private business, an improvement authority, and even more. Our board is very pleased to be joining these partners to embark on this unique and promising endeavor. It is our hope that the success of this initial pilot project will serve as an example to other municipalities in our county of the power of partnerships and collaboration in lifting our communities.”
Wildwood was selected as an initial project based on factors including physical condition, the absence of adequate private sector interest to catalyze redevelopment, and redevelopment potential.
Similarly, considering future participants, the county will examine a municipality’s economic, social, and fiscal stress indexes. State sources are expected to add insight to the information provided by the municipalities for freeholder consideration.
Participants’ roles will be formalized through a series of agreements. The county will cost share with the affected city for planning and administrative costs and, where applicable, will provide direct funding for acquisition of land and its preparation for resale to redevelopers.
The city will contribute to the effort by using its powers to adjust zoning and create attractive tax scenarios for redevelopment.
All parties will lend the technical expertise of their respective staffs, and an advisory board of select community leaders will provide input and insight throughout the process, which will begin this summer.
Vice Director Desiderio, keenly aware of municipal challenges through his longstanding service to Sea Isle City, stated he’s devoted to the new program and excited to see it implemented throughout the county. He stressed the Initiative’s “teaming” aspects.
“By joining technical and financial resources, we will create the opportunities necessary to draw private sector investment into areas neglected by time,” Desiderio stated. “The end result will be vibrant areas of residential and commercial development, where people want to live, work and play.”