Suburban office projects in New Jersey don’t have to feel slighted in favor of their city brethren/competition any longer, at least in terms of state incentives: Governor Chris Christie has signed a bill creating the GrowNJ Assistance program. It will provide at least $200 million in incentives to companies looking to move or stay in the state, but which aren’t geographically eligible for the state’s existing Urban Transit Tax Credit program.

Eligible businesses will receive an annual tax credit of $5,000 to $8,000 for the next ten years for each job created or retained. Sponsors of the bill included Senators Joseph Kyrillos (R-Middlesex, Monmouth) and Raymond Lesniak (D-Union); and Assemblymembers Anthony Bucco (R-Morris), Gary Chiusano (R-Sussex, Hunterdon, Morris), Herb Conaway (D-Burlington, Camden), Albert Coutinho (D-Essex, Union), and Ruben Ramos (D-Hudson).

“Through the creation of GrowNJ, we are ensuring that critical economic development projects are moving forward and that businesses are staying, growing and creating jobs for New Jerseyans,” Christie said in the announcement. “This bipartisan bill puts into action an initiative of my Administration that recognizes and builds on the success of the Urban Transit Hub Tax Credit, while increasing the competitiveness of New Jersey as a business-friendly environment for job growth.”

The same bill also expanded the UTHTC program to include medical facilities, vacant hospital sites, and federally designated CHOICE neighborhoods (distressed areas) within one mile of a rail station in a UTHTC city.

So, suburbs, get cracking!