Manufacturing Sector Benefits from EDA Board Action
TRENTON, N.J. (December 13, 2016) – Three manufacturing sector projects expected to create a total of 390 new jobs were approved today by the Board of the New Jersey Economic Development Authority (EDA) for tax credits under the Grow New Jersey (Grow NJ) Program. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the State’s main job creation and retention incentive program.
“Manufacturing is one of several key industries targeted for growth under the EOA,” said EDA Chief Executive Officer Melissa Orsen. “Manufacturers are particularly important to the State’s economy for the career opportunities they offer, but also for the trade activity they spur and the important goods they provide that fuel other industries.”
Under the Grow NJ program, projects in targeted industries are eligible for “per job” bonuses. Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.
In Passaic County, Vitaquest International LLC, a custom contract manufacturer of nutritional supplements, is expanding its assembly and packing capabilities by moving to a 79,650-square-foot facility in Paterson where it will invest more than $4.1 million. The expansion in Paterson would result in the creation of 100 new jobs and retention of 110 jobs at risk of leaving the State for Rochester, NY.
Cascades Containerboard Packaging, a manufacturer of containerboard and corrugated paper products, is considering constructing a state-of-the-art facility in Union County, in the city of Elizabeth, Union County, or Newtown, CT. The project is expected to create 182 new jobs, and is associated with private investment of more than $116 million.
In Somerset County, Cyalume Specialty Products Inc., may expand in Franklin Township, where it would invest $4.5 million to renovate a 44,392-square-foot facility, or relocate to a company-owned facility in West Springfield, MA. If it chooses Franklin Township, the manufacturer of specialty chemical products for the pharmaceutical, medical products and cosmetics markets expects to create 10 new jobs and retain 27 at risk of leaving the State.
Projects in two other sectors targeted for growth under the EOA, finance and life sciences, were highlighted at today’s meeting. Advisor Group, Inc., a financial services company consisting of a network of broker-dealers, is considering relocating to Jersey City, bringing with it 60 new jobs and $1.78 million in private investment. If Advisor Group chooses Jersey City over Brooklyn, it would lease and renovate a 17,840-square-foot facility.
Also in Jersey City, life sciences company Noven Pharmaceuticals, a specialty pharmaceutical company engaged in the research and development, manufacturing, marketing and sale of prescription pharmaceutical products, has identified a 16,000-square-foot facility where it may locate 30 employees and invest $1.9 million in the new site. The alternative would be to relocate these positions to the company’s headquarters in Miami.
The Business Action Center (BAC) 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.
The EDA and BAC are 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: BAC, Choose New Jersey, the Office of the Secretary of Higher Education and the EDA.
In other Board action, the EDA approved changes to its Economic Impact Model. Details can be found via www.njeda.com/EIModelComments.
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.