GROW NJ CONTINUES TO SUPPORT GROWTH OF TARGETED COMMUNITIES AND INDUSTRIES
In support of the Christie Administration’s efforts to stimulate the growth of key industries and communities in the State, the New Jersey Economic Development Authority (EDA) today approved 14 projects for a total of up to $181.7 in tax credits through the Grow New Jersey Assistance Program.
Of the Grow NJ tax credits approved today, 86 percent are for projects located in a targeted location, which includes distressed and Urban Transit Hub municipalities and Garden State Growth Zones; 40 percent are for projects in the manufacturing sector. These projects represent the creation of more than 1,900 new, permanent, jobs and the retention of nearly 1,700 jobs that are “at risk” of leaving the State.
“Grow NJ is a valuable program for its potential to stimulate economic activity in geographic areas most in need and industry sectors that are strategic to the growth of the State’s economy,” said EDA Chief Executive Officer Michele Brown. “The action taken by our Board today to advance these projects will help to stimulate private investment, protect existing jobs and create many new employment opportunities.”
Companies approved for Grow NJ tax credits today include MGP Manufacturing, which produces microfiltration gutter protection systems. The company is currently headquartered in New Jersey, with manufacturing operations in Pennsylvania. MGP plans to consolidate into one location, and is exploring options in Paterson and New York. Diasol, Inc., a California-based medical device manufacturer, is weighing whether to enter into a long-term lease at its current facility in Pennsylvania or purchase a larger facility in Philipsburg. Princeton Tectonics, which designs and manufactures outdoor lighting equipment, is contemplating expansion and relocation plans in Pennsauken or New York.
Currently based in New York, Patella Construction Corp. is considering Passaic City to relocate and expand its operations, which involves the manufacturing of premium grade architectural custom-made woodwork and specialty crafts. Charles Komar & Sons, Inc., an intimate apparel and sleepwear company based in New York, is contemplating an expansion to either Jersey City or New York. Pollaro Custom Furniture, Inc., a creator of museum-quality custom furniture, is looking to relocate and expand its current operations to either Hillside or North Carolina.
Two companies from the greater technology industry were approved for Grow NJ incentives today. CareKinesis, a technology-based pharmacy solutions provider, is in the process of deciding whether to expand its headquarters in Moorestown or relocate to Pennsylvania. Taiho Oncology, Inc. is considering an expansion to larger space in West Windsor, where it currently is based, or moving its business to Pennsylvania. More than one-third of Grow NJ tax incentives approved to date are for technology companies.
Other projects approved include Northern Leasing, an equipment finance company, which may expand in Jersey City or move to New York, BlackRock, Inc., which would be expanding its employee base and facilities in West Windsor or moving to Delaware.; wholesaler Material Handling Supply, which is weighing the acquisition of a facility in Pennsauken or leasing a property in Delaware; and, retailer LI 20000, Inc. (Century 21 Department Stores), which is planning to either expand into a recently acquired warehouse in Secaucus or move its distribution space into a facility in New York.
Two professional services providers, LTC Consulting Services, LLC and Gaming Laboratories, were also approved today. Both are considering an expansion in Lakewood or a move to Pennsylvania.
Signed into law by Governor Christie in September 2013, the Economic Opportunity Act created Grow NJ as the state’s main job creation and retention incentive program. Grow NJ places extra emphasis on spurring development and private sector job growth in targeted communities and industries.
The NJ Business Action Center worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support. As a performance-based program, approved Grow NJ projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.
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.
The EDA is part of the state’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership 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.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.