Newspaper article The Record (Bergen County, NJ)

Sandy Leaving a $470M Dent

Newspaper article The Record (Bergen County, NJ)

Sandy Leaving a $470M Dent

Article excerpt

EAST RUTHERFORD -- Because of devastation from superstorm Sandy, New Jersey is anticipating a $470 million drop in state revenue, a Christie administration official said Tuesday.

Louis Goetting, deputy chief of staff for Governor Christie, was asked about the impact of the deadly storm on the state during a panel discussion on the economic outlook for commercial real estate in post-Sandy New Jersey. The discussion was held at the annual meeting of the state's chapter of NAIOP, a commercial real estate group.

State officials have given the White House an estimate of $470 million, Goetting said in response to the question. On Wednesday, a Christie spokesman, Mike Drewniak, elaborated on Goetting's answer, saying the figure represented Sandy's financial impact on overall state revenue.

"The $470 million estimate would cover roughly a two-year period and would include municipal revenues including taxes, parking, beach fees, along with state revenues including sales tax, income tax and corporate taxes," Drewniak said in an email.

Goetting and other officials, including Matt Erskine, deputy assistant secretary for economic development for the U.S. Economic Development Administration, addressed about 260 attendees at the Sheraton Meadowlands. In part, the panelists saw an upside in the aftermath of Sandy: an outpouring of federal aid and insurance money that will eventually flow to New Jersey as a result of the storm, jump-starting the state's economy.

"One of the things we have to recognize about Sandy is that there's going to be a tremendous amount of money coming in, whether it's relief from the federal government, whether it's insurance people brought from FEMA or private insurance, or investments people like me are making because I'm installing a generator in my house," said one panelist, Gil Medina, executive managing director for Cushman & Wakefield of New Jersey. "So when you look at all this combined, you're looking at about $45 billion that is going to be coming to New Jersey to help with the rebuilding. …

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