According to the bill, an innovation zone is defined as a geographic area surrounding a New Jersey research institution that has the potential to attract a collaborative effort between universities, hospitals, and high-tech businesses.
The New Jersey Economic Development Authority (NJEDA) would be tasked with establishing the program internally, Turner said.
“The NJEDA would be able to provide incentives and bonuses to companies that locate in those zones,” the longtime 15th district legislator said. “They would help them in terms of identifying resources as well as providing companies with grant writing skills and identifying possible federal grants, as well as state grants.
Turner’s bill passed a first hurdle by clearing a State Senate committee unanimously on Monday. The legislator said “nothing ever happened” with McGreevey’s executive order.
“We have a lot of resources available to us in New Jersey and also in the Mercer County area that we’re not fully taking advantage of, such as the colleges and universities, as well as our hospitals,” Turner said. “We need to do more in the way of cooperating and collaborating to maximize the potential that’s there.”
Turner’s bill will now head to the full Senate for a vote.”