EDA approves 72.3M in incentives for eight new projects

The Economic Development Authority voted last week to approve roughly $72.3 million in incentives for eight new projects across the state.Leading the pack was a 10-year, $29.8 million Grow New Jersey award approved to vinyl, wood and aluminum manufacturer and distributor Barrette Outdoor Living for the rehabilitation of a 415,000-square-foot facility in Galloway Township to house operations currently based at sites in Little Egg Harbor, Tennessee and Florida. The company is also considering constructing a new facility near its current Tennessee location.

According to the EDA, the project would result in the creation of 271 new full-time jobs and yield an estimated net benefit of $26.7 million back to the state over 20 years.

RELATED: EDA votes to approve nearly $1 million in incentives for co-working spaces

Other projects approved last week include:

• Philadelphia-based sign manufacturer Berry & Homer was approved for a 10-year, $3.1 million Grow New Jersey award to relocate its headquarters and manufacturing operations to Pennsauken as opposed to Eagleville, Pennsylvania. The project would result in 37 new full-time jobs and would produce an estimated net benefit of $4.7 million back to the state over 20 years, according to the EDA.
• Mt. Vernon, New York-based Hugo Neu Recycling was approved for a 10-year, $4.5 million Grow New Jersey award to relocate to Kearny instead of Orangeburg, New York. The project would yield an estimated net benefit of $9.6 million to the state over 20 years and create 63 new full-time jobs, according to the EDA.
• Jersey City-based Insurance Services Office was approved for a 10-year, $17.7 million Grow New Jersey award to remain in the city as opposed to leaving for Salt Lake City. The project would retain 430 jobs deemed to be at risk by the EDA and carry an estimated net benefit of $90.5 million to the state over 20 years.
• Queens-based Rajbhog Foods was approved for a 10-year, $6.8 million Grow New Jersey award to relocate to Jersey City and maintain a current facility already there housing 60 employees. The project would create an additional 75 new jobs and yield an estimated net benefit of $29.3 million back to the state over 20 years, according to the EDA.
• Pillow and cushion manufacturer RedHawk Distribution was approved for a 5-year, $1.2 million Grow New Jersey award to establish itself at a facility in Pennsauken as opposed to Bristol, Pennsylvania. The EDA notes the project would yield an estimated net benefit of $4.2 million back to the state over 20 years and create 30 new full-time jobs.
• Transportation and logistics company Schenker Inc., which maintains a regional office in Newark, was approved for a 10-year, $4.1 million Grow New Jersey to expand its operations there, retaining 90 employees and creating 25 additional new jobs. The project, according to the EDA, would produce an estimated net benefit of $24.7 million back to state over a 20-year period.
• East Grand Associates Urban Renewal Entity LLC was approved for an Economic Redevelopment and Growth grant of $4.7 million for a multiuse project in Elizabeth.

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