Greenbaum, Rowe, Smith & Davis LLP

  • Established in 1914
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Financial Incentives & Economic Development

Economic development initiatives and financial incentives often go hand in hand, as these tools are a critical mechanism for bridging funding gaps and managing both short and long-term project costs. In order to maximize opportunities and minimize risk by avoiding pitfalls and complying with applicable laws, regulations and timelines, it is crucial to seek guidance from experienced professional advisors when considering the numerous incentives and financial assistance programs available at the municipal, state and federal levels.

The attorneys in our Financial Incentives & Economic Development Practice Group have a recognized track record of keeping projects moving forward by using our broad knowledge and toolkit of resources to solve problems and tackle complex challenges related to project finance. Our efforts have successfully facilitated business growth and real estate development throughout New Jersey, providing the firm’s clients with a competitive edge in this unique market environment while doing our part to fortify New Jersey’s capacity to retain and expand its vibrant business community.

The firm’s experience encompasses a wide range of real estate and community development initiatives, including those focused on urban revitalization, downtown redevelopment, transit-oriented communities, renewable energy initiatives, brownfields and environmental remediation, historic preservation, special improvement districts, and affordable housing developments.

The scope of our team’s involvement is comprehensive. We deliver strategic support from initial incentive eligibility counseling through navigating the intricacies of the application process, on compliance matters and reporting requirements, through zealous advocacy in negotiations, to the creative structuring of transactions. We provide guidance on an expansive range of legal issues, from green building standards to prevailing wage issues to tax-related support.

Clients in this area of our practice have included for-profit and non-profit businesses, real estate developers and redevelopers, property owners, entrepreneurs, investors, lenders, community development entities, and the end-users of industrial, commercial and residential developments. We have represented the interests of New Jersey-based colleges and universities, healthcare entities, manufacturers, and clients operating in the hospitality, transportation and sports industries, among many others. We have also been retained as local counsel by out-of-state national and international clients engaged in New Jersey transactions who are seeking to grow their footprint in the state.

The Financial Incentives & Economic Development Practice Group assists clients in achieving their business objectives by targeting and leveraging all available avenues of financial assistance. This includes governmental partnerships, subsidized loans and grants, bond financing, income tax credits, property tax abatements and tax exemption programs. We take a multi-disciplinary approach to anticipating and addressing our clients’ needs and goals, drawing upon the experience of colleagues with relevant skills within numerous areas of the firm’s practice, including our Real Estate, Redevelopment & Land Use, Environmental, Corporate and Tax, Trusts & Estates Departments. Our work is further bolstered by our practical expertise in dealing with New Jersey governmental agencies such as the Economic Development Authority (EDA), the Department of Environmental Protection (NJDEP), the Department of Community Affairs (DCA), and the Department of Taxation, and through our working relationships with numerous elected officials throughout the state.

We provide counseling and representation related to a broad array of governmental programs, a number of which were created or modified by the transformative $14 billion New Jersey Economic Recovery Act of 2020, signed into law in January 2021:

New Jersey

  • New Jersey Aspire Program Act – provides tax credits to redevelopers to cover certain project financing gap costs.
  • Emerge Program Act – provides tax credits to encourage economic development, job creation and the retention of significant numbers of jobs in imminent danger of leaving New Jersey.
  • Historic Property Reinvestment Act – provides tax credits for a portion of the cost of rehabilitating historic properties.
  • Brownfields Redevelopment Incentive Program Act – provides tax credits to reimburse redevelopers for remediation costs related to projects located on brownfield sites.
  • New Jersey Community-Anchored Development Act – provides tax credits to “anchor institutions” to incentivize the expansion of targeted industries in certain areas of New Jersey. Anchor institutions include those in education, healthcare, culture, community development and economic development.
  • Food Desert Relief Act – provides tax credits, grants, and/or loans to businesses that establish and retain new supermarkets/grocery stores in areas determined to be a “food desert community.”
  • Film & Digital Media Tax Credit Program – provides a credit against the corporation business tax and the gross income tax for certain expenses incurred for the production of certain films and digital media content in New Jersey.
  • New Jersey Innovation Evergreen Act – allows qualified venture firms to purchase tax credits for cash at an auction, which may then be used to invest in innovation programs designed to advance the competitiveness of the state.
  • Main Street Recovery Finance Program Act – provides grants, loans, and loan guarantees to small businesses.
  • New Jersey Ignite Act – provides grants for start-up rents to collaborative workspaces to support the early months of an early-stage innovation business.
  • Angel Investor Tax Credit Act – provides credits against corporation business or gross income taxes for qualified investments in a NJ emerging technology business, with a new classification for minority and women-owned businesses.
  • Personal Protective Equipment Program – provides tax credits to qualified facilities manufacturing personal protective equipment (PPE).
  • Economic Recovery and Growth Grant Program – This existing program was expanded with an additional $220 million in tax credits.
  • Offshore Wind Economic Development Act – incentivizes developers of offshore wind facilities through Offshore Wind Renewable Energy Certificates (ORECs).
  • Emergency Technology & Biotechnology Financial Assistance Program – in certain circumstances, allows for emerging technology and biotechnology companies to transfer unused net operating losses and research and development credits to another corporate entity.
  • The Long-Term Tax Exemption Law – incentivizes property owners and redevelopers by providing a tax exemption of up to thirty years in exchange for annual service charges or Payment in Lieu of Taxes (PILOT) agreements.
  • The 5-Year Tax Abatement & Exemption Law – incentivizes property owners and redevelopers making improvements to a property by providing a tax abatement and/or exemption for a period of five years.
  • Redevelopment Area Bond (RAB) Financing – provides financing for public improvement components of a redevelopment project, often with the added benefit of reducing minimum annual service charge percentage in a PILOT agreement.

Federal

  • Opportunity Zone Program – provides capital gain tax incentives to qualified private investments in an Opportunity Zone, an economically-distressed community.
  • Historic Tax Credits – provides federal tax credits for the rehabilitation of historic, income-producing buildings.
  • New Markets Tax Credits (NMTC) – provides federal tax credits for investment in certain low-income communities.
  • Low Income Housing Tax Credit Program (LIHTC) – provides federal and state tax credits to encourage the development of low-income housing.

Public Private Partnerships

The Financial Incentives & Economic Development Practice Group provides counsel to private developers, investors and governmental entities including municipalities, counties, school districts and educational institutions in the formation of public-private partnerships (PPP or P3). These partnerships foster the economic feasibility of many projects through both the availability of bond financing and the eligibility to structure projects in alternative ways under New Jersey’s Public Private Partnership (PPP) laws and regulations. Our work here includes the preparation and negotiation of PPP agreements, applications to the state, project labor agreements, and public-private lease and leaseback agreements, as well as overall counseling related to the negotiation of such partnerships.

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Peer Reviews

4.9/5.0 (218 reviews)
  • Legal Knowledge

    4.9/5.0
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    4.9/5.0
  • Judgment

    4.9/5.0
  • Communication

    4.9/5.0
  • Legal Experience

    4.9/5.0
  • 5.0/5.0 Review for Lisa Parker by a Partner on 08/21/15 in Matrimonial Law

    Lisa is an exceptional lawyer. I have had a number of cases with her over the years, and have always found her to be reasonable, fair-minded and practical

  • 5.0/5.0 Review for Steven Nudelman by a Member on 09/28/12 in Construction Law

    Steven Nudelman is an outstanding attorney, who possesses superior intellect and an ability to resolve matters in a most efficient and expeditious manner.

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Diversity

Diversity, Equity & Inclusion Are Core Values

Greenbaum, Rowe, Smith & Davis LLP is committed to providing exceptional legal services, delivered by an organization that reflects and celebrates the unique viewpoints and goals of the clients and communities we serve. This core value is defined by our dedication to enhancing and advancing diversity, equity and inclusion throughout the firm.

We are committed to leading by example to ensure that the profession of law reflects the society in which we operate. To achieve this objective, we must embrace and cultivate diversity, equity, and inclusion as intrinsic priorities empowered by action. From our perspective, it is incumbent upon the profession of law, including our firm, to dynamically shift in strategy, mindset and practice.

Our enduring mission is to identify, develop and champion talent from a diversity of backgrounds and experiences, regardless of race, ethnicity, nationality, age, gender, religion, disability, marital status, or sexual orientation. We are inspired to nurture a professional environment enriched by a culture of equity and inclusion, to the benefit of each individual touched by the firm.

Our Diversity, Equity & Inclusion Team

The Diversity, Equity & Inclusion Team (DE&I Team) focuses on multiple issues as it strives to facilitate the firm’s ongoing efforts to advance an atmosphere in which our attorneys and business professionals can thrive as individuals with a variety of perspectives, abilities, and experiences. The DE&I Team pursues both transitional and long-term targets to help achieve this critical objective through employee training, attorney development, cultural competency, and engagement with the New Jersey community at large.

The DE&I Team meets regularly, and in collaboration with firm management and administration, to ensure that adequate resources are allocated to the strategic advancement and implementation of a broad range of diversity initiatives. The DE&I Team’s work is bolstered by the efforts of several dedicated focus groups, which concentrate on the recruitment and retention of talent, on community engagement and outreach, and on the promotion of women’s initiatives.

The DE&I Team and its focus groups have prioritized the development and implementation of the following initiatives:

  • Exposing the firm’s members to the thought leadership of external diversity experts who provide training and share insights on issues related to diversity, equity and inclusion. All attorneys at the firm are required to participate in mandatory online DE&I education as a component of this initiative.
  • Adopting professional development strategies that sustain a fully transparent and equitable attorney performance assessment and advancement process to ensure the firm’s appreciation of the unique talents and skills imbued in each attorney. This includes the implementation of a structured individual mentoring program that encourages more experienced attorneys to assist less experienced lawyers by providing substantive work product assessments and supporting career advancement through increasingly challenging assignments.
  • Recognizing the value in mentorship and sponsorship and how both, in practice, may relate to ascending the legal industry leadership ladder. This includes preparing women and other underrepresented lawyers to assume greater responsibility in both law firms and corporate legal departments.
  • Building ties with minority and women-owned businesses and encouraging cross-cultural community connections and support, including providing pro bono legal services through outreach to organizational partnerships and collaborative community-facing affiliations that cultivate measurable engagement with minority and underserved communities.
  • Maintaining a dynamic recruitment process driven by increased activity within affinity bar associations, guided by impartial assessments of attorney potential and the principle that talent resides equally across law schools, law firms, and socio-economic and cultural backgrounds, and dedicated to the creation of a pipeline of diverse attorneys who can be elevated to leadership roles.
  • Developing enlightened workplace policies, including greater flexibility in terms of working hours, providing options for remote work, and fine-tuning partnership track advancement, to help balance work and family commitments.

Raising Awareness

The firm is steadfast in its belief that proactively shining a spotlight on the issues that impact members of underrepresented groups is critical to meeting our diversity and inclusion mission. A number of our attorneys devote themselves to membership and leadership in professional associations focused on diversity, equity and inclusion, both within and beyond the legal industry.

This activity includes involvement in the following organizations:

Facilitating the Conversation

Members of the firm further demonstrate their commitment to our mission by regularly engaging in programming, authorship and other initiatives that seek to address inequities and advance inclusivity in professional opportunity and advancement. This thought leadership includes presentations to a broad range of audiences and organizations including the New Jersey State Bar Association, the New Jersey Judicial College, the New Jersey Institute for Continuing Legal Education, the New Jersey Women Lawyers Association, Trial Attorneys of New Jersey, the Association of Corporate Counsel New Jersey Chapter, the Association of Criminal Defense Lawyers of New Jersey, the Middlesex and Morris County Bar Associations, the New Jersey Supreme Court Committee on Women in the Courts, the New Jersey Realtors Diversity Forum, the New Jersey Association for Justice, the Rutgers University School of Law – Newark, and numerous providers of continuing professional education.

Some recent and upcoming speaking engagements in which our attorneys are program coordinators, panelists and/or moderators follow:

Women's Advancement Initiative

The firm’s Women’s Advancement Initiative (WAI) serves as a strategic resource to assist women attorneys in realizing their professional goals by providing them with tools to help them to develop, flourish and reach their full potential. To this end, the WAI facilitates the implementation of fruitful business generation initiatives, leadership training, and effective professional development practices through encouragement, advocacy, educational programming, and networking opportunities.

The WAI strives to advance and expand women’s leadership within the firm, the legal industry, and at the highest levels of business as a whole. Through curated programming centered on the unique needs and perspectives of women professionals, the WAI focuses on best practices in business development and professional relationship building. These efforts are directed towards laying the framework – and building an essential toolbox – for capitalizing on career advancement and leadership opportunities.

Investing in Our Future Leaders

We are proud to provide opportunities through the Rutgers Law School Minority Student Program (MSP) and to participate as a Summer Internship Program (SIP) Employer Partner, playing our part in helping develop members of the legal industry's next generation of lawyers. Rutgers Law School’s MSP is a nationally-acclaimed post-admissions program that serves students of any minority race or ethnicity who have faced discrimination or overcome social and economic hardships. The program offers guidance on developing legal skills, academic support, alumni mentoring and networking, internships and other opportunities.

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