Governor Murphy has his sights set on what he calls the next New Jersey.

Today, signing three bills touted to bring future industries and thousands of jobs to the state.

The bill package approves millions of dollars to boost the film industry here, along with incentives to build more residential and commercial developments in low income areas.

But the top of the ticket is getting the most attention.

The controversial bill enabling New Jersey's first offshore wind project called Ocean Wind, won access to federal tax credits, possibly up to $1,000,000,000 worth.

Senior correspondent Brenda Flanagan reports.

This is a monumental day for our state because we are creating the jobs of the future right now.

Governor Murphy stood between massive steel supports and praised in agreement to boost financial support for a Paulsboro plant that builds Monroe Piles.

It's scheduled to supply 98 of these gigantic 400 foot long pylons for developer Orsted's first wind farm off the South Jersey coast.

And a new law Murphy signed today guarantees that Orsted gets federal tax credits and in return puts up $200 million for South Jersey wind manufacturing facilities.

This offshore wind bill is now the law of the land.

They're making this huge investment and we're doing it to capture manufacturing jobs, which we would have lost to other states if this hadn't been done.

Former Senate President Stephen Sweeney, a think tank, published a report warning that fierce competition for wind industry business threatened to blow New Jersey away.

Orsted, which underwrites NJ Spotlight News, claimed rising costs threaten to cripple the project.

The reality is steel doubled in price.

Interest rates went up.

So at the end of the day, we had to do something.

This legislation means a lot, folks.

It means minimum 1500 jobs in New Jersey.

It means hundreds of millions of dollars in economic production and revenue.

Over 200 New Jersey companies, small businesses that will interact with this this location.

Camden County Assemblyman Lou Greenwald voted with New York and Maryland, both racing to build similar plants to construct wind turbine parts.

The new law keeps New Jersey in the lead.

This port becomes the national hub for the East Coast to provide, not just for New Jersey, but for wind energy over multiple states up and down the East Coast.

But if Orsted gets federal tax credits, why not?

New Jersey's other major offshore wind energy developer, Atlantic Shore, says it wants the same deal that Orsted got.

Atlantic Shore stated, We need an industry wide solution, one that stabilizes all current projects, including Atlantic Shores Project one.

That project sits right beside Orsted's two wind farm tracks.

The governor sounded interested.

We're open minded, absolutely open minded.

We want to make sure, first and foremost, taxpayers get a good deal, that jobs are created, that the corporates do what they say they're going to do.

But are we open minded to trying to figure out some common ground with the other offshore sequences?

Absolutely.

There's backlash.

Republicans call this a bailout.

And coastal towns object worried wind farms will harm marine animals and spoil their views.

New Jersey's Division of Freight Council is also concerned because orsted's option in tax credits that would have otherwise gone to ratepayers.

This is a rate payers money is being used by private entities that are profiting.

We should be allowed to see what they're doing with ratepayer money and we don't get to see that.

We love Brian Whitman.

He's Mr. Knell.

And that's his job.

No rate, Chris.

No rate increase.

No rate increase.

But he's only looking at a very narrow spectrum.

We're looking at the entire economy.

Environmental advocate Dave Pringle says offshore wind energy helps address the warming climate crisis.

Orsted just received final federal approval with construction slated to begin this fall in Paulsboro.

I'm Brenda Flanagan, NJ Spotlight News.