VILLAS – A resolution authorizing a memorandum of agreement between Lower Township and Cape May County to split the cost of a matching grant to pay for a study of industries that would economically benefit from the proposed “Tech Village” at the Cape May County Airport was tabled. The county needs more time to review the agreement.
The Department of Treasury has designated the airport and surrounding area as an Opportunity Zone that would provide federal tax benefits for entrepreneurs who invest in the zone.
Legislation that would boost economic development of the area was conditionally vetoed by Gov. Phil Murphy, who asked for a detailed report of specific industries that would benefit from the legislation before signing.
The township has secured a matching grant of $25,000 from the state Department of Agriculture to develop the required plan for the site.
The resolution would split the $25,000 grant match with each entity paying $12,500.
Lower Township Deputy Mayor Frank Sippel said the plan would be developed with input from the township, county and several other entities including the New Jersey Economic Development Authority, Delaware River and Bay Authority, South Jersey Economic Development District, Cape May County Chamber of Commerce, county Vocational-Technical High School, Atlantic Cape Community College and local business leaders.