Ocean Front Asbury

June 4 , 2004

"TEAM RUTGERS" COMES TO ASBURY PARK: BUSINESS SCHOOL PROGRAM TO HELP RESIDENTS AND BUSINESSES BENEFIT FROM WATERFRONT REDEVELOPMENT

Asbury Partners, LLC and the City of Asbury Park, New Jersey, are pleased to announce a partnership with Team Rutgers, a collaboration of the State University's Business and Law Schools, faculty, staff and students. The relationship enables the University to provide resources that will assist Asbury Park residents and businesses to maximize the benefits of the 56-acre, mixed-use Oceanfront Asbury waterfront redevelopment.

The multi-component Team Rutgers program involves the establishment of a Small Business Development Center and a Community Law Clinic within the Asbury Partners complex on Ocean Avenue. As the coordinator of Team Rutgers, the New Jersey Small Business Development Center (NJSBDC) network provides management consulting services and affordable training opportunities to help entrepreneurs and established small business owners manage, market and find financing for their businesses. The Community Law Clinic provides transactional legal services to the same constituency.

Asbury Partners, Mayor Kevin Sanders and Councilwoman Kate Mellina first approached Rutgers in December 2002 to establish dialogue about the university becoming involved with Asbury Park. "Empowering Asbury Park is a critical part of its successful renaissance citywide," noted Larry Fishman, chief operating officer of Asbury Partners, the city-appointed master developer for Oceanfront Asbury. "Rutgers has established a renowned commitment to public service, and we are thrilled that the University has agreed to share its resources with this Asbury Park community."

"Rutgers' participation will open new doors for City entrepreneurs, and we are really pleased to have them here," added Kate Mellina, Asbury Park Councilwoman.
"The redevelopment will afford a great deal of opportunity to build the capacity of Asbury Park," noted Mayor Kevin Sanders. "We believe that Team Rutgers will enable many people here to make the most of this exciting project."

CITYWIDE BUSINESS DEVELOPMENT ASSISTANCE

NJSBDC and the Community Law Clinic will work in Asbury Park to stimulate the potential of business development citywide. Clients will be assisted in exploring their business ideas, developing and assessing their business plans, making cash flow projections and accurate financial statements, and formulating marketing strategies. Legal services include corporate organizational work (drafting corporate documents, certificates of incorporation or formation, by-laws, operating agreements and organizational minutes), non-profit status filings, real estate transactions and other assistance for these business entities.
Already, the Asbury Park office participated as one of many community partners with the STARS Community Development Corporation in the ongoing creation of a database of potential candidates for employment during the redevelopment. They include contractors, sub-contractors, vendors, trades people and service providers, as well as local residents interested in learning carpentry, painting, brick masonry, electrical, plumbing, pipe-fitting and other construction skills. Team Rutgers and STARS are currently planning for further collaborative efforts. Other specific areas of the Team Rutgers focus include the City's Urban Enterprise Zone and West Side businesses. "A key to the ability of small businesses and entrepreneurs to grow in our city is finding their way to and through the proper channels available for assistance," noted Hazel Samuels, visionary of the STARS project. "The presence of Team Rutgers eliminates the maze and provides a new comfort level."

PROACTIVE ROLE BENEFITS STUDENTS AND URBAN COMMUNITIES

NJSBDC was established in 1977 as one of the first national SBDC pilot projects. At present the NJSBDC network is comprised of the headquarters located at Rutgers Business School and 11, full-service, regional centers. The NJSBDC network also includes 18 affiliate offices located throughout the State. The Rutgers Community Law Clinic, founded in 1997, provides corporate, transactional, and intellectual property attorney services to New Jersey non-profit corporations, start-up for-profit businesses and charter schools. The Clinic's primary focus is on businesses and organizations that provide services to, and opportunities for, poor and low-income people in the City of Newark and other urban communities in New Jersey. "We see the Team Rutgers concept as a 'one-two' process," noted Robert Holmes, director of the Rutgers Community Law Clinic. "The Small Business Development Center works with businesses to create or enhance a sound business plan. The Community Law Clinic then helps these entities structure their business from a legal standpoint. This interdisciplinary approach provides a truly comprehensive service for our clients."

"The goal of this collaboration is to assume a greater pro-active role and presence outside the confines of the University campus," noted Charles Jackson, director of Emerging Markets/Special Projects of the Rutgers Business School. "This is accomplished by sharing resources, services and educational experiences with emerging and underserved urban markets.

"Team Rutgers creates economic development opportunities for urban communities and 'real time' educational experiences for students," he added. "It also establishes the University's commitment as a contributing member of the urban community through hands-on involvement in its initiatives."

In addition to the University's resources, Team Rutgers can draw additional support from the relationships formed by NJSBDC with Federal, State and private sector partners.

OCEANFRONT ASBURY CONTINUES TO SET STANDARDS FOR OUTREACH

According to Guy McCombs, who is spearheading Asbury Partners' community outreach initiative, Team Rutgers is one of the most exciting efforts to stem from the Oceanfront Asbury project to date. "Our outreach has been focused on fueling a long- range effort to insure that the residents of Asbury Park have a direct benefit from the waterfront redevelopment," he said. "What better way could there be to accomplish this than through strengthening current businesses and/or helping to create new businesses to address the needs of a revitalized city?"

Upon completion, Oceanfront Asbury will encompass an estimated $1.25 billion in total economic development. The project includes residential, retail, entertainment and recreational elements. As master developer, Asbury Partners recognizes that urban redevelopment means nothing without urban revitalization. To this end, the firm has made an unprecedented effort - via its unique public/private partnership and within the community's social infrastructure - to assist the larger Asbury Park community.

"We have invested a great deal of time and financial resources beyond the Oceanfront Asbury project borders to help create a stronger city," Fishman noted. "We take pride in having set a new standard for community outreach in urban redevelopment."