EDA Board Action Continues Trend of Support to Critical Sectors and Distressed Communities
TRENTON, N.J. (September 10, 2015) – Several projects expected to drive job creation and private investment in key industries and targeted areas in New Jersey were approved for Grow New Jersey (Grow NJ) Tax Credits today by the Board of the New Jersey Economic Development Authority (EDA). A majority of these projects support the attraction of businesses in industries and areas specifically targeted for growth under the Economic Opportunity Act (EOA). Advanced under the EOA, Grow NJ is the state’s main job creation incentive program.
“In keeping with the objectives of the EOA, the projects approved today represent a range of industries, in a variety of locations where the jobs and private investment they bring will be most impactful,” said EDA Chief Executive Officer Melissa Orsen.
The six projects approved today for Grow NJ tax credits are associated with the creation of over 645 new jobs, the retention of more than 550 jobs at risk of leaving the State, and private investment of more than $313 million in New Jersey’s economy.
To date, 66 percent of projects approved for Grow NJ tax credits received a bonus for being in one of the defined targeted industries, which include manufacturing, finance, technology and life sciences. Furthering that trend, five out of six projects approved today are in a targeted industry.
More than 64 percent of Grow NJ tax credits approved thus far support projects in a targeted community, including Distressed Municipalities, Urban Transit Hubs, or Garden State Growth Zones. Consistent with that statistic, four out of six Grow NJ projects approved today are in targeted communities.
Among the projects approved are two manufacturing companies, including specialty food and condiment purveyor Chelten House, which was approved for up to $23.4 million in tax credits over ten years if the company chooses to expand in its current Logan Township location rather than an existing company location in Las Vegas. The expansion in Logan Township would involve the creation of 125 new jobs and the retention of 176.
Scrap metal recycler EMR Eastern LLC, was approved for up to $252.7 million in Grow NJ tax credits over ten years, which the company has certified will be a material factor in its decision to either expand in Camden, a Garden State Growth Zone, or at an existing company location in New Orleans. The project is associated with more than 285 new jobs and 156 positions at risk of leaving the state. Just 62 of the 156 possibly retained positions are counting towards the project’s award eligibility, as they would be new to Camden and coming from other EMR facilities across the state.
In the life sciences industry, another sector targeted for growth by the EOA, B Positive National Blood Services was approved for $3.5 million in Grow NJ tax credits over ten years to locate a project in Glassboro, which is designated as a Distressed Community under the EOA. The project would bring with it 65 new jobs. The alternative location is Trevose, Pennsylvania.
Financial services company Yellowstone Capital, currently located in New York City, is considering a move to Jersey City, an Urban Transit Hub, where it would create 45 new jobs. The company was approved for up to $3.3 million in Grow NJ tax credits over ten years.
Technology company Axtria Inc. was also approved today, for up to $3.6 million in Grow NJ tax credits over ten years, to expand in Berkeley Heights where it is expected to create 75 new jobs and retain 100. The company is also considering a location in King of Prussia, Pennsylvania.
Finally, Hudson Group Retail was approved today for up to $5.4 million in Grow NJ tax credits over ten years. The company is considering expanding in East Rutherford or relocating to Pearl River, New York. The project is expected to create 50 new jobs and retain 214.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.