The state Economic Development Authority on Thursday awarded several South Jersey businesses $26 million in tax incentives under the Grow NJ program.
Grow NJ, which falls under the NJ Economic Opportunity Act of 2013, is intended to encourage job creation and economic growth by establishing tax credits to encourage businesses to stay in New Jersey. To qualify, businesses must prove that "the capital investment and the resultant creation of eligible positions will yield a net positive benefit of at least 110 percent of the requested tax credit amount (100 percent in Camden); supported by CEO certification that existing full-time jobs are at risk of leaving the State or being eliminated, and that the job creation or retention would not occur but for the Grow NJ award."
The incentives announced Thursday — a total of about $98 million around the state — will fund endeavors ranging from simple hiring to the purchase and building of new facilities. Credits are spread out over the course of 10 years.
The Mantua-based Coperion K-Tron Pitman, a bulk materials handling provider, was awarded $5.2 million.
In Cumberland County, the Vineland-based Allied Specialty Foods, a meat processing and packaging facility, received $13.7 million.
At the shore, Tropicana Atlantic City was awarded $4.8 million.
Plastics Consulting and Manufacturing Company, Inc. in Camden received $3.9 million, which will be used to rebuild a fire-damaged facility.
"I am thrilled to announce that PCM will continue to call Camden home," Camden Mayor Dana Redd said in a press release. "While PCM could have easily gone across the river and rebuilt their business after the unfortunate fire, the EOA once again allowed us to be competitive and ensure that a 52-year-old Camden company that employs Camden residents, will remain with us for another 50-plus years. I know that PCM will thrive and become even more successful."
This is the same program that helped bring the Philadelphia 76ers to build a new practice facility and office headquarters in Camden earlier this year. In that deal, the franchise was awarded $82 million in tax breaks.
Andy Polhamus may be reached at apolhamus@southjerseymedia.com. Follow him on Twitter @ajpolhamus. Find the South Jersey Times on Facebook.