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EDA dished out almost $1.2B in total assistance last year

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EDA chief Michele Brown speaks during an event in this file photo.
EDA chief Michele Brown speaks during an event in this file photo. - (Aaron Houston / NJBIZ)

The Economic Development Authority announced this week that in 2013, it provided just under $1.2 billion in financing to 213 projects across the state.

According to the EDA, the funding was used to create approximately 5,300 new jobs and more than 9,400 construction jobs, springing over $2.6 billion in public-private investment. The financing also led to the retention of over 35,000 jobs, 5,200 of which were "at risk" of leaving the state, the EDA said.

"The past year was busy, exciting and productive as we worked towards enhancing New Jersey's business friendly environment," EDA chief Michele Brown said in a statement. "The EDA supported many significant projects that will result in new jobs, increased private investment and an enhanced quality of life for residents."

The 2013 numbers represent an uptick in total assistance of nearly $500 million from the 2012 mark of $698 million, which according to that year's annual report, led to $49.2 million public-private investments.

In its first meeting of the year Tuesday, the EDA also approved financing for the following seven projects:

  • A $19.4 million ERG grant and $33 million UTHTC grant for the "Four Corners" project in Newark.
  • A $27.1 million Grow NJ grant for Forbes Media to move its headquarters from New York to Jersey City.
  • A $30.3 million Grow NJ grant for Long Island-based Wenner Bread Products to expand into New Brunswick.
  • A $20.1 million Grow NJ grant for Salem County-based Ardagh Glass to expand its facilities.
  • A $6.2 million Grow NJ grant for LiDestri Food & Beverage and Pennsauken Packing Company to create 60 jobs and retain 27 at its Pennsauken facility.
  • A $2.9 million Grow NJ grant for Woodbridge-based Stericycle to expand its headquarters there.
  • A $972,790 Grow NJ award for Cranbury-based Vintage Pharmaceuticals to create a research and development presence there.

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Andrew George

Andrew George

Andrew George covers the Statehouse from NJBIZ's Trenton bureau. Born and raised in N.J., Andrew has also spent time as a reporter in D.C., Texas and Pa. His email is andrewg@njbiz.com and he is @AndrGeorge on Twitter.

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