In a move the state hopes will lead to the creation of more than 1,100 new jobs, the Economic Development Authority approved incentives Tuesday for six projects under the recently revised Grow NJ and Economic Redevelopment and Growth programs.
Combined, roughly $81.9 million in incentives was approved for projects stretching from Glassboro to Hoboken. Of the approximately 1,165 new jobs the EDA anticipates the approved projects will create, 590 are retained positions and 435 are construction jobs.
"The projects approved today by the board reflect the scope of New Jersey's efforts to maintain and advance its business-friendly environment," EDA CEO Michele Brown said in a release. "EDA assistance is often a crucial first step for these projects to advance and materialize, and when they do, they spur significant economic development and job growth in our State."
The largest of Tuesday's approved incentives went to TR US Inc., a Thomson Reuters subsidiary, in the form of a seven-year, $25.9 million Grow NJ grant and is tied to the company relocating 450 out-of-state employees to its Hoboken facility as opposed to another in Carrollton, Texas. The project's estimated net benefit to the state is $123 million, according to the EDA.
Other projects approved for Grow NJ awards include:
- $13.5 million over 10 years to Liscio's Italian Bakery to advance the expansion of its Glassboro site and retain 176 at-risk New Jersey jobs and add an additional 71 new full-time positions. The state's net benefit from the project is estimated at $25 million over 20 years.
- $9.9 million over 10 years to Stoncor Group Incorporated, which trades as Stonhard, in an effort to entice the company to acquire a vacant, 132,223-square-foot facility in Pennsauken rather than exercise a lease-purchase option on its existing 11.5-acre campus in Fort Wayne, Ind. The Pennsauken facility would retain 85 employees and create 75 new full-time workers, offering the state an estimated net benefit of $25.2 million over 20 years.
- $9.1 million over 10 years to Princeton-based Sandoz Inc. for its proposed relocation to Plainsboro over another location in Pennsylvania. The project has an estimated net benefit to the state of $147.1 million and the award is tied to the retention of 292 existing in-state jobs in addition to the creation of 70 new full-time positions.
Projects approved for ERG awards include:
- $15.7 million to PRC Campus Centers LLC to aid in the advancement of an $84.9 million project on The College of New Jersey's campus in Ewing that calls for nine low-rise buildings consisting of undergraduate housing, retail space and parking. Construction on the project is expected to be completed next year.
- $7.8 million to Paterson Commons II Urban Renewal Associates LLC to advance the final phase of its 66 Gray Street project in Paterson that calls for additional residential, retail and parking space. In 2004, the development saw the completion of a high school and residential rental apartment building.
The EDA is next scheduled to meet on March 13.
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