NJEDA Takes Action Regarding Six Grow NJ Recipients
TRENTON, N.J. (June 26, 2019) – Today, the New Jersey Economic Development Authority (NJEDA) announced that it has issued a formal request for additional information to six companies across the state regarding their Grow New Jersey (Grow NJ) tax credits.
The letters are being sent to Conner Strong & Buckelew Companies, LLC; Cooper Health System; Holtec International; NFl, L.P.; Teva Pharmaceuticals USA, Inc.; and The Michaels Organization, LLC; to afford the companies the opportunity to respond in writing to a range of recent developments, including last week’s report from the Task Force on NJEDA Incentives and a recent legal settlement. Letters may be sent to additional companies as needed.
Any significant change to a company's Grow NJ award, including a reduction in the amount of the award, a suspension, or termination may require an action of the NJEDA Board. Today's letters will initiate a process to allow NJEDA staff to make informed decisions, which may include recommendations to the Board for any potential actions, if warranted.
"We have no higher obligation than to serve as stewards of taxpayer dollars, and the process we are initiating today will enable our team to make a determination of appropriate next steps with regard to these specific companies," NJEDA CEO Tim Sullivan said. “Transparency and accountability should be the hallmark of any public investment program, and we take any allegations of wrongdoing very seriously."
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.