The board of the state Economic Development Authority today approved a new $37 million Urban Transit Hub tax credit to entice Cablevision Systems Corp. to keep more than 500 jobs in Newark, and approved an additional $87 million worth of Grow New Jersey awards for three projects to retain and add jobs in the state.
"We're incentivizing $300 million in new capital investment in New Jersey," said Caren S. Franzini, agency CEO. "We're keeping major employers in Newark and in New Jersey."
Cablevision, whose lease of 60,000 square feet in Newark expires in 2014, is considering consolidating its operations at sites in New York and Connecticut, which could cost the state 574 full-time jobs. The company applied for the grant as part of its consideration of a 73,000-square-foot space in a new facility adjacent to Broad Street Station, in Newark.
The authority approved the tax credit, to be paid over 10 years if the company keeps 500 of those at-risk jobs in Newark, as well as 80 percent of the total 3,000 jobs it has across the state.
The agency also approved a Grow New Jersey grant of up to $40 million over 10 years for Burlington Coat Factory Warehouse Corp. to keep more than 700 jobs in New Jersey, rather than move them to Pennsylvania. It also approved a $1.2 million sales tax exemption, also over 10 years, for the company.
In addition, a $26.7 million Grow New Jersey grant was approved for Conair Corp.'s plans to potentially build a 450,000-square-foot warehouse and distribution center, bringing 446 jobs to the state. Conair is also considering Arizona as a location for the center.
A Grow New Jersey award of up to $20.7 million was approved for 151 Foods LLC — formed in a merger of Amoroso's Baking Co., Ginsburg Bakery and Baker Boys Co. Management is in the process of selecting a site in either Bellmawr or Morrisville, Pa., for the new company's operations, putting 205 jobs at risk of leaving the state.
Franzini noted the incentives only are paid once the projects have been completed and bear fruit for the state.