As two companies examine a move out of New Jersey, development officials have taken action they hope will tip the scales in favor of the Garden State.
This week the New Jersey Economic Development Authority took steps to try and prevent two companies from relocating operations to New York by approving incentive grants for Hackensack-based EarthCam Inc. and McGraw-Hill Global Education Holdings Inc.
"The projects approved today by the Board reflect the breadth and depth of economic activity happening in our state," authority CEO Michele Brown said in a statement this week. "EDA support is very important for these projects to come to fruition, and they, in turn, are important to spur economic development and job growth."
On Tuesday, the EDA approved EarthCam, a provider of webcam content and technology, for both a 10-year Business Employment Incentive Program grant of approximately $364,540 and an additional Business Retention and Relocation Assistance Grant of about $180,000.
The incentives are intended to keep EarthCam in Bergen County as it is currently deciding between leaving the state for Orangeburg, N.Y. or moving to a 41,544-square-foot facility in Upper Saddle River, a project the authority estimates will cost $6.2 million. If EarthCam says in New Jersey, the EDA says it would create 80 new full-time positions as well as retain an existing 80.
McGraw-Hill was also approved for a 19-year BEIP of approximately $1.26 million and a BRRAG grant estimated at $236,250 to help it develop a stand-alone location in East Windsor for its education division, a project that is currently estimated to cost $2.15 million. The space is needed due to the end of a space-sharing agreement at the end of the year between the education division and McGraw-Hill Financial at a current East Windsor location.
McGraw-Hill has indicated to the EDA that it is also considering moving the operations to New York. If the company chooses to keep its education division in New Jersey, 105 jobs will be retained and another 40 will be created.
The board also took action in approving several other incentive grants this week under the Urban Transit Hub Tax Credit program and the Grow New Jersey award program.
The EDA next meets Nov. 15.
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