EDA approves 138M in incentives for ResinTech move to Camden

West Berlin-based ion exchange resin manufacturer ResinTech received approval Friday from the state Economic Development Authority for a 10-year, $138 million Grow New Jersey award to relocate to Camden.The company is contemplating building a 385,000-square-foot facility on Federal Street that would also house its corporate headquarters. ResinTech is also considering moving to 175,000 square feet of space in Roanoke, Virginia, as an alternative.

In addition to retaining 92 full-time positions that are currently housed in-state, the project would also call for the creation of 173 new full-time jobs.

The EDA estimates that the project will yield a net benefit of just $2,500 back to the state over a 35-year period.

The net benefit estimate drew sharp criticism Friday from New Jersey Policy Perspective Vice President Jon Whiten, who called it “the slimmest and most laughable of slim, laughable margins we’ve seen in these projects.”

“This slim benefit also puts taxpayers at risk, because it is measured over a time span that is 20 years longer than the corporation is required to uphold its end of the deal,” Whiten said.

Since the Economic Opportunity Act was signed into law in 2013, just three Camden-based projects have received larger award approvals. The largest, a 10-year, $260 million award, went to Marlton-based energy industry manufacturer Holtec in 2014. Other approved 10-year awards of $252 million and $164 million went to EMR Eastern LLC and American Water Works, respectively.

Also receiving approval Friday for a project in Camden was Chester, Pennsylvania-based Advanced Hydraulic Systems, a waste reduction and recycling equipment provider, which is seeking to expand to a 17,000-square-foot facility along Haddon Avenue.

The company is said to also be considering a smaller space in Folcroft, Pennsylvania. The EDA estimates the project would bring 27 new full-time jobs to New Jersey and yield an estimated net benefit of $1.7 million over 35 years.

Other awards approved Friday include:

Name: Appeagle Inc.
Service: Price intelligence tech startup
Location: Jersey City
Award: 10-year, $3.1 million Grow NJ
Benefit: $23.3 million to the state over 20 years
Notable: Would create 29 new full-time jobs, retain 31 full-time jobs

Name: Central Jersey CML LLC
Service: Donut and bakery product provider
Location: Trenton
Award: 10-year, $18.9 million Grow NJ
Benefit: $1.8 million over 30 years
Notable: Would create 171 new full-time jobs

Name: Enroute Computer Solutions Inc.
Service: Air traffic controller system service provider
Location: Atlantic City
Award: 10-year, $9.3 million Grow NJ
Benefit: $7.3 million to the state over 30 years
Notable: Would create 38 new full-time jobs, retain 43 full-time jobs

Name: The Interpublic Group of Companies Inc.
Service: Global advertising and marketing services provider
Location: Jersey City
Award: 10-year, $9 million Grow NJ
Benefit: $22.5 million to the state over 20 years
Notable: Would create 110 new full-time jobs

Name: JF Hillebrand USA Inc.
Service: Beverage logistics
Location: Edison
Award: 10-year, $2.1 million Grow NJ
Benefit: $27.3 million to the state over 20 years
Notable: Would create 25 new full-time jobs, retain 107 full-time jobs

Name: Virtua-West Jersey Health System Inc.
Service: Health care services
Location: Pennsuaken
Award: 10-year, $7.2 million Grow NJ
Benefit: $8.7 million to the state over 20 years
Notable: Would create 77 new full-time jobs, retain 136 full-time jobs