EDA approves more than $78M in incentives

By Eric Strauss
Trenton | Jan 9, 2018 at 4:40 pm

The state Economic Development Authority on Tuesday approved a half-dozen Grow New Jersey tax incentive awards, including one potentially worth a total of $52.5 million over 10 years.

The biggest incentive offering approved Tuesday was for Benjamin Foods LLC, a Hatboro, Pennsylvania-based distributor of food products to restaurants and other food service clients. The company was offered a total of nearly $52.5 million over a 10-year period if it consolidates its three Pennsylvania facilities in Camden, rather than remaining in the Keystone State.

If Benjamin Foods moves to New Jersey, it would bring more than 250 jobs to the Garden State, building a 236,000-square-foot facility on S. 17th Street in Camden at a total cost of more than $61 million.

The net economic benefit to the state would essentially be break-even over a 35-year period, according to the EDA.

Other awards approved Tuesday include:

  • Comodo CA Inc., a new technology company, was approved for a total of $3.4 million over 10 years to open its first facility in Roseland rather than Utah, keeping 49 jobs in the state and creating 71 more. The net benefit to the state would be $48.4 million over 20 years.
  • NB Ventures Inc., doing business as GEP, a procurement software and services firm, was approved for a total of $7.4 million over 10 years to expand in Clark rather than moving to Delaware. That would keep 178 jobs in the state and add 147 more, as well as giving the state a net benefit of $64.1 million over 20 years.
  • Pearl Capital Business Funding LLC, a short-term capital funding solutions firm, was approved for a total of $5.6 million over 10 years to move its headquarters to Jersey City, rather than remaining in New York. The move would bring 75 jobs to the state, and result in a net benefit of $112 million over 20 years.
  • SS White Burs Inc., a maker of dental products, was approved for a total of $3.8 million over 10 years to remain in its Lakewood facility rather than moving to Costa Rica, keeping 154 jobs in the state. The net benefit to the state would be $6.8 million over 20 years.
  • Samuel Coraluzzo Co. Inc., a Vineland-based bulk petroleum transporter, was approved for a total of $5.4 million over 10 years to consolidate two facilities in Glassboro rather than Delaware, retaining 137 jobs in New Jersey and adding 30 new ones. The net benefit to the state would be $11.5 million over 20 years.
Eric Strauss | estrauss@roi-nj.com | acerimrat