Including Lockheed project, EDA approves 130 million in incentives

Of the $130.8 million in incentive awards approved Monday by the Economic Development Authority, $107 million belong to defense contractor Lockheed Martin. But five other projects also received awards.Lockheed plans to create two new integrated laboratories in the L-3 Communications building in Camden. The project, which will include a $146.3 million capital investment by Lockheed, will include the relocation of 250 jobs from elsewhere in New Jersey and yield an estimated net benefit of $248,797 over 35 years, according to the EDA.

RELATED: EDA approves $107M in incentives for Lockheed Martin project in Camden

On Monday, Camden also saw the approval of a 10-year, $7.45 million Grow New Jersey incentive award for Bethesda, Maryland-based molecular diagnostics company DioGenix Inc. to move to the city and lease 15,700 square feet of space there to house its new facility. According to the EDA, the project would bring 71 new jobs to New Jersey and yield a net benefit of $20 million back to the state over 35 years.

“As these projects illustrate, the Economic Opportunity Act continues to support growth in targeted industries and targeted communities,” EDA CEO Michele Brown said in a statement.

Other approved awards include:

• Manhattan-based Principis Capital, a small-business financing firm, was approved for a 10-year, $3.87 million Grow New Jersey award to move to Jersey City and bring 50 jobs along with it, as opposed to relocating to a similar site in Queens. The project would yield an estimated net benefit back to the state of $9.7 million over 20 years, according to the EDA.
• Surfside Seafood Products, a Norfolk, Virginia-based seafood processor that maintains an operation in Port Norris, was approved for a 10-year, $1.6 million Grow New Jersey award to purchase an 18,000-square-foot facility in Millville as opposed to expanding in Virginia. The project would create 16 new jobs and yield an estimated net benefit back to the state of $1.4 million over 20 years, according to the EDA.
• ACTH Partners, which operates a 14-story, 175-unit senior apartment building in Atlantic City, was approved for a $6.9 million Economic Redevelopment and Growth incentive award for building improvements.
• Chambers Crescent, a Lakewood-based housing development, was approved for a $4 million ERG award to rehabilitate the building.

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