EDA approves $14.6 million to bring DTCC to Jersey City

The board took the action during a Nov. 10 meeting, at which it also approved its monthly round of grants to create jobs, as well as loans for renewable energy projects.

The $14.6 million Economic Redevelopment and Growth grant will be paid to Newport Office Center VI LLC, which will lease space to DTCC.

“This is a moment that’s going to be very hard to exceed in how proud we should be,” said board member Jerold L. Zaro, chief of the state Office of Economic Growth.

The board also approved rules implementing the new ERG program, which provides grants for development through the use of taxes generated from the developments. The rules allow the state to provide grants to projects that are stalled during construction, but more than 50 percent of the projects’ costs must already have been spent to be considered.

The monthly round of Business Employment Incentive Program recipients also were approved by the board.

Educational services company Catapult Holdings Inc. was awarded $1.16 million to relocate its headquarters, and 80 jobs, from Philadelphia to Camden. Intex Millwork Solutions LLC was awarded $299,000 to

create 50 jobs in Millville. Nebraska Meat Corp. was awarded $34,000 to combine its Newark and Edison facilities into another location and create 50 jobs. The corporation also received $480,000 over five years for a Business Retention and Relocation Assistance Grant.

NicOx Inc., a French biopharmaceutical company, and its affiliates were awarded $612,000 to create 16 jobs in Warren. Oxford Instruments Superconducting Technology LLC was awarded $643,000 for creating 75 jobs in Carteret. Roka Bioscience Inc. was awarded $583,000 for bringing 20 jobs to Warren. Xybion Corp., which makes software products and services, and its affiliates were awarded $498,000 to create 70 jobs at a location that’s to be determined. Atlantic Coast Media Group, which markets health and beauty brands, was awarded a $3.7 million BEIP grant to create 304 jobs in Jersey City.

This month’s meeting also produced the first round of multiple renewable-energy loans under the Clean Energy Solutions Capital Investment program:

• Fisherman’s NJ Offshore Windfarm, of Atlantic City, will receive $3.07 million for a meteorological tower.

• Major Betty, of Elizabeth, will receive $2 million for a solar electric system.

• Merlin Industries Inc., of Hamilton in Mercer County, will receive $1 million for a solar system.

• Nautilus Solar WPU, of Wayne, received $5 million for a solar system — the Nautilus system will be installed at William Paterson University.

In other action, the EDA board approved a new committee that will review all incentives offered by the authority, including tax credits. Board member Thomas Manning, a steamfitters union business manager, will be chairman of the new committee.

E-mail to akitchenman@njbiz.com