EDA Board Action Encourages Growth in State’s Technology Sector
TRENTON, N.J. (May 13, 2016) – The Board of the New Jersey Economic Development Authority (EDA) today approved Grow New Jersey (Grow NJ) tax credits to support the attraction and growth of companies in the technology and life sciences sector. Advanced under the New Jersey Economic Opportunity (EOA), Grow NJ is the state’s main job creation and retention incentive program.
“Technology and life sciences companies are drawn to New Jersey for its educated, skilled workforce and culture of innovation,” said EDA Chief Executive Officer Melissa Orsen. “The Grow NJ program was expressly designed to encourage investment and growth in targeted industries, including these important sectors of the State’s economy.”
Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are in a defined targeted industry; of those, nearly one-third are in the technology and life sciences sector. Other targeted sectors under the EOA include manufacturing, finance, and logistics.
The technology and life sciences projects approved today represent the expected creation of more than 340, new, high-paying jobs, retention of more than 150 jobs at risk of leaving the State, and private investment of over $9.1 million.
In Monmouth County, WorkWave LLC, formerly Marathon Data Operating Co., is considering a move into more than 71,000 square feet at Bell Works, the former Bell Laboratories site in Holmdel. Marathon Data was approved for Grow NJ tax credits in 2013, and has since outgrown its space. WorkWave will either relocate to an existing company facility in Missouri or invest $7.2 million in the Bell Works space, where it would create 247 new jobs and retain 154 at risk of leaving the State.
In Mercer County, Grow NJ tax credits were approved to encourage P&R Dental Strategies, an analytics provider for the dental industry, to consider locating 20 employees from out of state locations to a 10,000-square-foot former manufacturing site in Hamilton, allowing for expansion and employment growth. The company would undertake a $1 million renovation of the site and expects to create an additional 30 new positions by late 2018.
In Union County, DBV Technologies, a clinical-stage biopharmaceutical company headquartered in France, is considering relocating operations from New York to a 9,100-square-foot facility in Summit. The company would create 45 high-paying jobs and invest more than $900,000 in computer systems and other machinery and equipment needed to establish its United States headquarters. The alternative location is in Philadelphia.
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.