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(Trenton, NJ) – October 12, 2022 New Jersey Economic Development Authority (NJEDA) Board Approval Grant Historic Property Reinvestment Program (HPRP) tax credits to support rebuilding Love Theater in Jersey CityThe project is the first award under the HPRP and is expected to completely restore this historic theatre for use as a venue for live performances, movies and entertainment. The Board authorized the grant of $42.27 million in tax credits, representing 45 percent of the eligible costs of the project, for an estimated total cost of $110 million.

Create under New Jersey Economic Recovery Act of 2020HPRP’s primary focus is historic preservation as part of community development designed to attract long-term private investment into New Jersey while preserving historic property statewide.

“By supporting projects such as revitalizing the Love Theater into a vibrant community asset, we are ensuring long-term growth for the local economy while preserving the history of iconic buildings within New Jersey communities,” Governor Phil Murphy said. “New Jersey’s rich entertainment history is one of our greatest assets, and we must continue to invest in our communities so they can maintain their historic buildings.”

The HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to encourage and support long-term private investment focused on restoring existing identified historic buildings throughout New Jersey. The program encourages work that can significantly contribute to the revitalization of the city and downtown, making it a more dynamic magnet for attraction and investment, while protecting and restoring often underutilized historic properties to productive use.

Tim Sullivan, CEO of NJEDA, said, “The long-awaited revitalization of the Love Theatre will be a huge economic driver that will lead to maintaining the historic integrity of the property while providing a new generation of New Jerseyans. Provide opportunities for the performing arts.” “Governor Murphy prioritizes equitable and inclusive economic development, and the HPRP is an important tool in achieving this goal as we work to improve the quality of life for residents across the state.”

As planned, the proposed restoration of the Love Theatre will be state-of-the-art, 21^stone– Century Event Space, which will enhance the cultural, artistic and community vitality of the Journal Square area and promote economic prosperity in the vicinity. When completed, the theater is expected to host approximately 150 events per year, in addition to several community programming events.

“Today’s announcement by NJEDA demonstrates not only the growing value of historic reconstruction, but the importance of preserving the arts and culture of our community,” said Jersey City Mayor Steven Fulop. The primary focus of Durson County for nearly 100 years, its transformation into a recreation center is a key point in Jersey City’s continued revival and our efforts to revitalize Journal Square. We are grateful to Governor Murphy and NJEDA for their commitment to transforming this historic legacy into a thriving cultural center and recognize our efforts to restore this important community asset.”

Mayor Flop noted that restoration work at the Love Theatre includes the exterior of the building, all public spaces, stage and support spaces, as well as modifications and upgrades to the mechanical, electrical and plumbing systems. In addition, a new three-bay loading dock will be added to the rear of the theatre, and a café will be added in the southern side alley. Important finishes inside and out will be repaired or reproduced where damage is beyond repair. The Jersey City Historic Preservation Commission, the New Jersey Office of Historic Preservation, and the National Park Service are reviewing all work and will follow the Secretary of the Interior’s Historic Restoration Standards.

“HPRP marks the first time New Jersey has provided support dedicated to restoring historic buildings21^stone Aidita Milsted, NJEDA’s director of historic preservation, said, “We have seen tremendous response to the plan and look forward to bringing more community development projects to the NJEDA Board of Directors in the coming months.”

Millstead noted that the 2023 Historic Property Reinvestment Program application round is expected to begin accepting applications for both regular and transformation programs at 10:00 a.m. on Wednesday, February 1, 2023. The application round will close on Monday, April 3, 2023 at 2:00 pm.

New Jersey Economic Development Authority (NJEDA) As the country’s main agency to promote economic growth. NJEDA is committed to making New Jersey an inclusive and sustainable economy by focusing on key strategies to help build strong and vibrant communities, create good jobs for New Jersey residents, and provide pathways to a stronger and more equitable economy A national model of development. In partnership with a variety of stakeholders, NJEDA develops and implements initiatives to enhance the state’s economic vitality and quality of life, and strengthen New Jersey’s long-term economic competitiveness.