DEVELOPMENT INCENTIVES
Urban Enterprise Zone Designation

..........The New Jersey Urban Enterprise Zone Program (P.L. 1983, C.303) provides several significant tools to enhance the economic development efforts of New Jersey's most economically distressed urban centers. In 1985, the City of Millville was designated as a joint zone with the City of Vineland. If new employment is created annually, qualified businesses are eligible to receive the following benefits:

  • reduced retail sales tax of 3% for retail vendors
  • exemption from State sales tax for property and services at business locations; including construction materials
  • unemployment insurance tax offset for first four years
  • credit against the corporation Business Tax Act liability of $1,500 per employee
  • priority in State financing programs
  • job skill training
  • six year municipal Real Estate tax abatement program
Foreign Trade Zones

..........In late 1987, the City received approval from the US Department of Commerce as a Foreign Trade Zone in conjunction with the Port of Salem, New Jersey. The Millville Airport is the physical site for the FTZ. Users of the zone can avoid or delay the payment of duties and fees on goods produced, processed, and/or stored in the trade zone. Several existing City businesses involved in exporting and importing products and materials have expressed an interest in expanding upon the FTZ designation. The foreign concept may be expanded in conjunction with the Urban Enterprise Zone to include a shared foreign sales corporation.

Financial Assistance

..........The City has several sources of financial assistance available to potential businesses and industries.

  1. Revolving Loan Program: Up to $20,000 loaned at 2 points below prime over a five year term for fixed assets and property acquisition; business start-ups eligible.

  2. County Revolving Loan Program: Up to $100,000 available at 5% interest for a five year term for fixed assets and property acquisition.

  3. Cumberland County Loan Assistance Corporation: Up to $150,000 to new and existing businesses through a consortium of six local lenders, city and county.

  4. UEZ Second Generation Funds: $50,000-$300,000 available at 5% for large industrial projects.

  5. State of NJ EDA Programs: The City has an excellent working relationship with the NJ Economic Development Administration and can help arrange long-term low interest financing.
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