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Cumberland County Economic Development

Cumberland County Economic Development. Bankers and Brokers Roundtable May 9, 2014. LEADERSHIP- “IT’S A NEW DAY!”. INTENTIONAL STRATEGIC IMPLENTATION PARTNERSHIPS. Marrying Economic Development , Education and Public Investment together to generate PROSPERITY in Cumberland County.

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Cumberland County Economic Development

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  1. Cumberland County Economic Development Bankers and Brokers Roundtable May 9, 2014

  2. LEADERSHIP- “IT’S A NEW DAY!” • INTENTIONAL • STRATEGIC • IMPLENTATION • PARTNERSHIPS

  3. Marrying Economic Development, Education and Public Investment together to generate PROSPERITY in Cumberland County.

  4. Public Investment • CWED Building • Full-Time Technical High School • Bridgeton Downtown Project • Delsea Drive Acquistion • College Arts and Business Innovation Center • Alternative Energy/Power Plant

  5. VIEW LOOKING SOUTH FROM INTERSECTION OF HIGH AND VINE STREETS Millville Urban Redevelopment Corporation

  6. Alternative Energy Strategies • Energy Efficiency / Lighting • LED Light Replacement can save ~$31k annually • Total Cost at ~$137k after $30k of incentives • 4 Year Simple Payback • Next Steps – Secure new lights via bid and install • Renewable Energy • Enough space on site and rear property for 26.3 MW • Entire site could be on solar power and would have excess for other uses • Grid is overloaded and improvements are needed. • Exploring next steps with moving LG power supply to 69kv line • Goal is to make room for future solar and allow for more development in the region including landfill expansion • Compressed Natural Gas • There is regional interest in a new station for all potential users • Could be on site or adjacent • Construction Cost range is $2M to $5M (dependent on size) (most likely in the $3-$3.5M) • Would prefer a public / private partnership approach • Need gas run to site which would help LG station and conversion to gas boilers / generators • Next step is finalize report and decide on next steps, i.e. RFP for a developer / P3

  7. ECONOMIC COMPONENTVALUE OF IMPACT DIRECT CONSTRUCTION $96,591,529 Technical High School $69,830,529 Center for Workforce & Economic Development $8,485,000 Arts & Business Innovation Center $7,695,000 Bridgeton Downtown (Library) Facility $10,581,000 NEW, DIRECT INCOMES $36,628,730 Construction Incomes from 963 new jobs $36,180,0101 New incomes for teachers at Technical HS $448,7202 INDIRECT AND INDUCED IMPACTS $99,915,1943 TOTAL ECONOMIC IMPACT $233,135,453

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