Less than six months after being promoted for a new role in helping promote business for the city, the Bayonne Economic Development Corporation office has been closed, the executive director released from employment, and the duties for small business loans regulated to the offices of the Urban Enterprise Zone and other city departments.
Steve Gallo, chief of staff for the mayor’s office, said the office officially closed as of July 1, although operations had been gradually shifted to other departments prior to that.
“We wanted to bring the operation back into the government,” Gallo said.
The BEDC was a private corporation that operated in conjunction with the city in an effort to help promote economic growth in the city. It operated a site and location assistance program that offered a list of available spaces to prospective businesses that might want to locate to Bayonne, as well as providing a short term, below market rate commercial loan program to businesses unable to obtain finances from conventional sources in order to generate jobs in Bayonne.
“We wanted to bring the operation back into the government.” – Steve Gallo
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Under this new arrangement, City Administrator Terrence Malloy said the BEDC – which previously relied on state and federal grants for paying salaries – will make enrolling businesses into the city’s UEZ its primary focus.
Previously, the goal of the BEDC – founded in 1986 by then Mayor Dennis P. Collins – was to provide support for small businesses and create opportunities for new businesses by securing “brownfield” development grants.
O’Connor had served as executive director of the Bayonne Economic Development Corporation since 1998, working with businesses to locate and expand in Bayonne and encouraging investments that provide employment opportunities and contribute to the local economy. Assistance provided to businesses includes loans, direct access to the appropriate local, state and federal financial incentive programs, and technical assistance.
A member of the New Jersey Bar, O’Connor was an attorney in private practice prior to joining the BEDC.
He also served on the UEZ Board, the Bayonne Town Center Management Corporation and the Bayonne Chamber of Commerce.
Malloy, who serves as the city administrator as well as the director of the UEZ, said his office would manage the small business loans through the community block grant program. For new small business offices, businesses will be redirected to the Hudson County Economic Development office.
Some of the other activities will be handled with various offices in the city.
O’Connor has been credited with bringing along a handful of high profile projects throughout the city, including helping in the expansion of the Shop Rite store on Avenue C and Bayonne Crossing on Route 440.