Two Paterson-based projects received approvals totaling over $20 million in incentives Tuesday from the state Economic Development Authority.
The larger of the two was an approval for a 10-year, $11.6 million Grow New Jersey award for J & K Ingredients Corp., a Paterson-based bakery ingredient manufacturer that is said to be currently contemplating improving upon its current location or moving to a site in Timmonsville, South Carolina.
According to the EDA, keeping J & K in New Jersey would result in the retention of 82 full-time jobs and yield a net benefit of roughly $35.3 million back to the state over 30 years.
Also in Paterson, city-based aerospace metal finishing and processing company Master Metal Polishing Corp. was approved for a 10-year, $9.2 million incentive to upgrade its current facility. The company is reportedly also eyeing a 25,000-square-foot space in Wind Gap, Pennsylvania, as an alternative to staying in Paterson.
The project calls for 31 new full-time jobs in addition to the retention of another 34 positions. The EDA estimates a net benefit back to the state of approximately $16 million over a 30-year period.
Other awards approved Tuesday include:
Company: Builders FirstSource Inc.
Service: Building material manufacturer and supplier
Location: Winslow Township
Award: 10-year, $6.8 million Grow NJ
Benefit: $9.5 million to the state over 20 years
Notable: Would create 70 full-time jobs, retain 42 full-time jobs
Company: E-Retail Manager Inc.
Service: Affiliated with Bling Jewelry
Location: North Bergen
Award: 10-year, $2.2 million Grow NJ
Benefit: $5.5 million to the state over 20 years
Notable: Would create 55 full-time jobs
Company: Spray-Tek Inc.
Service: Dry ingredient manufacturer
Award: 10-year, $1.1 million Grow NJ
Benefit: $12.2 million to the state over 20 years
Notable: Would retain 56 full-time jobs
Company: WallachBeth Capital LLC
Service: Broker dealer
Location: Jersey City
Award: 10-year, $4.8 million Grow NJ
Benefit: $17.1 million to the state over 20 years
Notable: Would create 55 full-time positions