The Hanover Township Economic Development Advisory Committee (“EDAC”) was founded in 2010, after the Township’s ratable base had been significantly eroded during the turbulent period beginning in 2009. The “Great Recession” caused job losses and in some cases foreclosure for members of the community, and the Township faced a sharply declining revenue base and was forced to lay off valued employees, reduce work hours and abandon important road and infrastructure repairs.
Over the subsequent 8 years, EDAC – comprised of roughly a dozen resident volunteers with relevant experience and/or expertise – has assisted the governing body, in an advisory capacity, in proactively promoting and facilitating responsible commercial growth, and the development or redevelopment of key commercially zoned properties within the Township. EDAC’s partnership with the Township Committee and key municipal departments has contributed to a remarkable economic turnaround in the Township.
Since 2013, Hanover has welcomed an array of significant projects to the Township, including Bayer’s U.S. headquarters; MetLife’s global investment headquarters; the New York Red Bulls training facility; Novartis’ R&D Center; a Unifirst service facility; Withum Smith + Brown’s primary New Jersey office; and key retailers such as Wegmans; Shop Rite; Quick Chek; and more. The Township’s roster of success stories was augmented in 2017 by Barclays’ announcement that it would establish a new operations center at The Crossings at Jefferson Park, and an ongoing “boom” in retail development along Hanover Avenue. These projects have resulted in the responsible redevelopment of underutilize sites, the creation of thousands of high-quality jobs, enhanced amenities and infrastructure, and significant enhancement of the Township’s ratable base.
“It’s truly a privilege to work with our Economic Development Advisory Committee,” said Hanover Township Mayor Ron Francioli. “They’re a premiere group of dedicated volunteers who willingly share their expertise in support of the business sector of our community and the high quality of life that characterizes Hanover Township. I couldn’t be more thrilled that the Morris County Economic Development Corporation is recognizing them for their outstanding work.”
EDAC recognizes that successful economic development requires continuous improvement and recalibration, and to that end presented its “Hanover 2026” report to the Township Committee in 2017 – a “visioning document” about the future of economic development in the Township, aspiring to evaluate and provide a strategic understanding of the issues that may impact economic development in our community over the next decade. “Hanover 2026” assesses the Township’s economic development achievements and status, identifies key drivers that will shape future redevelopment, and provides recommendations for the Township’s consideration as Hanover moves towards its upcoming 350th anniversary in 2026.
Thank you Morris County, NJ https://bit.ly/2JkgCxk