Redevelopment, Not Rehab for Opportunity Zone

VILLAS – Louis Joyce, executive director, South Jersey Economic Development District (SJEDD), gave a presentation at the March 18 Lower Township Council meeting on the Economic Opportunity Zone at the Cape May County Airport.
He cited the benefit of changing portions of the area from rehabilitation to redevelopment, as it offers greater opportunity for growth.
“The buildings that used to be on the site of the Tech Village have been removed and new construction is ready to go, pending permits. Redevelopment will bring more commercial and industrial businesses to the Opportunity Zone,” Joyce said.
The airport is owned by Cape May County and managed by the Delaware River and Bay Authority (DRBA). Joyce told council that the county, DRBA and SJEDD “are preparing a report for your planning board. If they adopt a resolution accepting it, then they can send it to you for your approval,” Joyce explained.
Lower Township Manager James Ridgway said he and council would discuss the potential benefits of the change and review the report if the planning board approves.
Late last year, Gov. Phil Murphy designated the airport and surrounding areas as an Opportunity Zone. The designation was also approved by the U.S. Department of Treasury. Opportunity Zones provide a unique incentive for economic development and rehabilitation but only when properly planned and executed. 
According to a release from the township, the Opportunity Zone is home to nearly 6,000 year-round residents, the Bayshore Road corridor, vacant developable land, and the airport.
Significant public investment is planned for the airport, including a $12.5-million DRBA airport capital plan, a $15-million aquatic center, the $6-million Tech Village, and a $3-million U.S. Economic Development Administration grant for the Tech Village.