Businesses Head Back To Camden, With Incentives
TRENTON, N.J. (AP) — The New Jersey Economic Development Authority has approved tax credits as incentives for two major projects in Camden.
That brings to 10 the total number of projects the authority has approved for the city since December 2013 under a law aimed at luring businesses to New Jersey or keeping them here. The law has extra incentives for development in Camden, which has one of the highest poverty rates in the nation.
The actual moves are expected in coming years, starting in 2015, and the tax credits don't kick in until then.
The latest two projects were approved by the authority at a meeting on Tuesday.
Here's a look at the projects, by size of the state incentive:
HOLTEC INTERNATIONAL: The nuclear power plant component manufacturer is planning a facility on Delaware River waterfront land owned by the South Jersey Port Corp. Holtec says it hopes to have 3,000 jobs — the majority in manufacturing — eventually. But the tax credits are contingent upon it having just 395 jobs, including 160 it intends to move from its headquarters in suburban Marlton. Tax credits: $260 million.
SUBARU OF AMERICA: The fast-growing U.S. arm of the Japanese automaker has outgrown its offices in Cherry Hill. The company is planning to move the offices and a mechanics' training facility to Camden, bringing 500 existing jobs and creating 100 new ones. Subaru would become the anchor tenant in a corporate campus being developed by the Campbell Soup Co., which has been in the city for more than a century. Tax credits: $118 million.
LOCKHEED MARTIN: The defense contractor is planning to move 250 jobs from its offices in Moorestown to the complex of buildings owned by L3 Communications. Tax break: $107 million.
PHILADELPHIA 76ERS: Twenty years ago, the NBA team considered moving everything — including its games — across the river to Camden. It didn't happen then. But the team is planning on building a practice facility and offices in Camden. The team says it will bring 250 jobs to Camden. Tax credits: $82 million.
COOPER HEALTH SYSTEMS: The hospital run by the health system stayed in Camden even as other institutions left the city, something George Norcross, the Democratic powerbroker who is chairman of the board, often points out. But over the years, it moved non-clinical business functions, including billing, to offices in Cherry Hill and Mount Laurel. The nonprofit is planning to move those jobs back to the city, also to the L3 complex a half-dozen blocks from Cooper University Hospital. It says it will bring 353 existing jobs and create 19 new ones as part of the move. Tax credits: $40 million.
BROADWAY ASSOCIATES 2010 LLC: Developer is rehabilitating 175 units of affordable housing in a $57 million project. Tax credits: $13.5 million
WEBIMAX: WebiMax last December become the first firm to be promised incentives under the state's retooled system. The online marketing firm based in suburban Mount Laurel is planning to move to the waterfront, bringing 50 retained and 100 new jobs. Tax credits: $12.8 million.
DIOGENIX: The Bethesda, Maryland-based company that is developing a molecular multiple sclerosis test is planning to move to Camden to create a bigger lab, bringing a total of 150 employees — including 50 already in New Jersey. Tax credits: $7.5 million.
BROADWAY HOUSING PARTNERS LLC: The $17 million development of 59 apartments across from Cooper Medical School of Rowan University expects to house students and employees of the school. Tax credits: $6.1 million.
PLASTICS CONSULTING AND MANUFCATURING CO. INC.: The 52-year-old company, already in Camden, had its headquarters badly damaged by a fire earlier this year and considered a move to Philadelphia. It agreed to keep its 20 employees in Camden and add eight more jobs. Tax credits: $3.9 million.
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