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EDA to vote on Camden project seeking $260 million in incentives

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The state Economic Development Authority will vote Thursday on whether or not to grant what would be one of the largest tax credits ever issued. The award would go to Holtec International, a manufacturer of equipment and supplies for the energy industry.

The Jupiter, Fla.-based company, which already maintains a corporate technology office in Marlton, is seeking a 10-year, $260 million Grow New Jersey award to build a new facility in Camden, although little details about the project are currently available. Holtec also operates other locations domestically in Florida, Pennsylvania and Ohio, as well as overseas in India and Ukraine.

As a matter of policy, EDA spokesperson Virginia Pellerin declined to offer any additional comment on the project. The meeting is set for 10 a.m. in Trenton.

The size of the proposed tax credit would make it the third-largest in the EDA’s history, just behind the $261 million award approved for Revel in 2011 and the larger $390 million award approved last year for the American Dream project in the Meadowlands.

Company President and CEO K.P. (Kris) Singh has reported ties to South Jersey power broker George Norcross, as he sits on the board of trustees for Cooper University Health Care, which Norcross chairs. Similarly, according to Norcross’ profile on the website of Conner Strong & Buckelew, which he also chairs, he is listed as serving on Holtec’s board of directors.

Singh was also a member of the group of business leaders led by Norcross that purchased the Philadelphia Inquirer and Daily News in 2012.

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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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