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NJ Legislature Vote Could Mean New Pru Tower

NEWARK-A vote on urban tax credits could allow the state to transfer land to NJPAC, which could sell the land to its sponsor Prudential for new development, according to reports.

By Debra Hazel | Updated on December 14, 2011

NEWARK-Today’s likely New Jersey Legislature vote on urban tax credits could help boost downtown Newark as it also would allow the state to transfer the land around the New Jersey Performing Arts Center to the organization, says a report in the Newark Star Ledger.

Once the New Jersey Economic Development Authority, which owns the site, transfers it to the state for an unknown sum, the state could then give it to NJPAC. In turn, major NJPAC sponsor Prudential could then acquire part of the site for a planned office tower. Observers note that any activity that could boost one project could help downtown overall.

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