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Economic Development - Essay Example

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ECONOMIC DEVELOPMENT PLAN OF NEW JERSEY STATE Name: Instructor: Course: Date: An economic development plan is a mechanism that establishes a clear purpose and intent that guides a government towards the realization of set goals and objectives. A government utilizes it to uplift the economic state of its jurisdiction…
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Download file to see previous pages It is only by setting up and effectively executing proper economic development plans that these are achieved. New Jersey State employs a complex economic development plan. This encompasses both government initiatives and private sector initiatives. They all work in tandem towards the realization of a common goal which is uplifting the economy of the state. It is an intricate development plan that has so far worked out perfectly well. One of the arms of the intricate development plan of New Jersey State is the Department of Environmental Protection (DEP). This is machinery for protecting and enhancing the environment of the state. The environment is a very key aspect of the economy. Economic development would come to a halt if the environment is not protected. Industries would pollute the air with toxic gases; the water bodies with lethal effluents; there would be unbearable noise; there would be uncontrolled deforestation among others. All these have dire consequences for the development of the state. The state would lose its work force due to the death or ailment of its citizens. All sectors of the economy would thus be poorly managed. There would be poor schools, poor hospitals, and poor transport systems just among others. In short, there would be no development. In order to guard against this the state employs the use of a principal development plan, the Department of Environmental Protection. The BEDI program is seen as possible way to spur the return of brownfields to productive economic use through financial assistance to public entities in the redevelopment of brownfields. It as well enhances the security and improvement of the viability of a project which has the financing of section 108 guaranteed loan authorities. Hence, due to this, the BEDI grants must be used in conjunction with a new section 108 guaranteed loan commitment. Section 108 is the loan guarantee provision of the Community Development Block Grant (CDBG) program. Another key economic development plan that the state of New Jersey uses is the Voluntary Cleanup Program (VCP). The private sector contributes to the environmental development of the state through this program. It is an initiative that allows any interested parties to take part in a cleanup program of the state. This helps to alleviate filthy spots in the state. Any interested party that feels they are in a position to foot the challenges that come with cleaning up an identified site are welcome. They should have the will and the ability to conduct the exercise. There is a cleanup Memorandum of Agreement (MOA) for the state. The interested party enters into a cleanup Memorandum of Agreement with the state. This works out the modalities of the exercise. Through these cleanup programs, the state is capable of enhancing the hygiene of its ambience. By so doing, a stimulus to economic development is inevitable. It is a proper economic development plan. The Brownfields Economic Development Initiative is another major economic development plan from which the state of New Jersey benefits. This could very well be the most outstanding of them all. It is used for the sake of promoting and stimulating economic developm ...Download file to see next pagesRead More
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