NEW JERSEYâ€”Brick City Development Corporation (BCDC) has received the Gold Excellence Award for Public/Private Partnerships by the International Economic Development Council (IEDC) in Washington D.C.
The designation is the highest level of achievement awarded by IEDC to an economic development organization for public/private partnerships and was presented to BCDC for structuring financing that resulted in the development of the Food Depot grocery store in Newark.
â€śUrgent but patient deal-making with committed partners, combined with common-sense financial structuring results in the first full service new grocery store in this part of the city in 22 years,â€ť said Lyneir Richardson, CEO of BCDC. â€śPublic/private partnerships allow us to deploy our resources, leverage city, state and federal economic incentive programs and get deals done. Often, both public and private sector investment are essential to growing the local economy.â€ť
To combat the lack of access to fresh food in Newark, BCDC brought together an entrepreneur with local grocery store experience; a local community bank; grant funding from a local foundation; loan funding from a state program; and a local real estate tax abatement.
The result is Food Depot, a 31,000-sq.-ft. supermarket that is now open to provide Newark residents with healthy prepared food options, fresh fruits, vegetables, eggs and a full-service meat counter.