The board of the New Jersey Economic Development Authority approved $40 million in tax credits incentives this morning for Philadelphia-based Destination Maternity Corp. as the maternity apparel retailer considers whether to relocate from Philadelphia into Burlington County.
The incentive, under the EDA's Grow New Jersey assistance program, would bring 620 jobs to the Garden State, the agency said: a new warehouse in Florence and a renovated office space in Moorestown. Like other Grow New Jersey incentives, it would be paid out over 10 years.
Tim Lizura, EDA president and chief operating officer, called Destination the world's largest retailer of its kind.
Lizura said Destination is the exclusive maternity retailer for Kohl's department stores, and operates nearly 1,900 retail locations in North America. The company also is considering staying in Philadelphia or moving to another location in Pennsylvania.
According to Destination's website, the company is also expanding internationally with exclusive store franchise and product supply relationships already in India, South Korea and the Middle East.
Though the two-location project raised some questions regarding eligibility for the incentives program, Lizura said Destination would exceed the capital investment requirement of $20 million at its warehouse site alone, and would also easily hit the jobs mark between the two buildings.
To qualify for a tax credit under Grow New Jersey, a company must make a capital investment of at least $20 million in a qualified incentive area, and create or retain at least 100 jobs that provide health benefits.