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$29M Grow N.J. incentive tops list of projects on EDA board's agenda

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Two companies are slated to receive tax incentives from the state Economic Development Authority’s Grow New Jersey Program if they agree to stay in New Jersey.

Imperial Bag & Paper Co. would be awarded $29.1 million in Grow New Jersey tax credits under an incentive pending approval by the EDA board, which meets this morning. Though the company is located in Bayonne, the EDA agenda indicated it would locate to Jersey City following approval for the incentive.

Memorial Sloan-Kettering Cancer Center, which has an outpatient center in the Basking Ridge section of Bernards, would receive a $7.9 million incentive from Grow New Jersey if it locates in Middletown, according to the agenda.

Other incentives awaiting EDA approval include a Business Employment Incentive program grant and a $1.35 million Business Retention & Relocation Assistance Grant program incentive for Fairfield Gourmet Food Corp. to relocate to an unspecified part in the state; a $1.3 million BRAAG for food processing firm Clement Pappas & Co. Inc. to move to Seabrook; and a $411,750 BRAGG for Garden State Consumer Credit Counseling Inc. to relocate within the state.

The EDA also will consider removing 225 animal health jobs and adding a new project location to a previous BEIP agreement, worth $9.2 million, with drugmaker Pfizer Inc., as a result of the company’s decision to form a separate business entity, which will be named Zoetis. A BEIP for that spinoff segment to add those jobs also is pending approval today.

Other companies awaiting approval for a BEIP include DressBarn parent company Ascena Retail Group Inc., which would locate to Mahwah, and digital imaging services provider SRS1 Software LLC, which would locate to Montvale.