CIT Bank announced it will move its corporate facility from Livingston to a new site 12 miles away in Morristown, after the state offered a $22 million tax break to keep the bank from relocating the offices out of state to White Plans, N.Y.
CIT’s decision to stay in New Jersey means the state will keep 711 existing jobs, according to the Economic Development Authority, which awarded the incentives.
The move will create another 137 new positions at the bank, all of which are expected to be fully created and filled over time.
Their tax break – awarded under the Grow New Jersey corporate tax break program – will be paid out by the EDA over a 10-year period provided CIT meets the agreed-upon economic activity and job-creation goals.
The bank formally inked a 15-year lease for the new office at 340 Mount Kemble Avenue for roughly half the building, according to CIT Director of Communications Susan Fitzpatrick.
“CIT is pleased to work with the state of New Jersey on this opportunity and is looking forward to continuing to be part of a strong local community,” Fitzpatrick said in a statement to NJBIZ. “The new facility will support the company’s continuing operations and provide a modern workspace that best meets the needs of its employees.”
Bank officials had been considering the 215,418 square-foot facility in Morristown, or the cheaper 198,984 square-foot White Plains office, according to the agenda from the EDA’s June meeting where they approved the tax break.
Their move to Morristown will entail a $43.7 million capital investment, which will create 190 temporary construction jobs, according to EDA documents, while the state would see a $310 million net benefit over a two-decade period.