Company Gets $164M to Relocate to Camden
New Jersey is set to deploy even more funding to grow the Camden waterfront.
American Water Works is the latest company that could cash in, getting approval for a 10-year $164 million Grow New Jersey award from the New Jersey Economic Development Authority. The company has plans to build a 250,000 square foot headquarters in the troubled city. The project will bring 600 workers to Camden, along with 100 new jobs. The Vorhees, N.J.-based company has not indicated whether it will take the deal.
NJBIZ says American Water had been considering a move to the Philadelphia Navy Yard. New Jersey made such a sweet offer so it could retain the company in the state.
“Today’s approval is about retaining 600 New Jersey jobs that are at risk of being relocated to Pennsylvania,” an NJEDA rep said in a statement.
NJBIZ also reported that the NJEDA is hoping the project will yield $130.6 million in benefits back to the state over a 35-year period.”
In a statement, an American Water representative called it a “very competitive application process” and said the company is “excited about the prospect of consolidating our corporate offices into one headquarters.”
With the help of tax credits and awards, New Jersey is luring big companies to Camden at a staggering pace. The following table shows just some of the companies that have received incentives.
|Company||Incentive to Move to Camden|
|Holtec International||$260 million|
|EMR Eastern||$252.7 million|
|American Water Works||$164 million|
|Subaru of America||$118 million|
|Lockheed Martin||$107 million|
|Philadelphia 76ers||$82 million|
|Cooper Health System||$40 million|
|Volunteers of America Delaware Valley||$6.3 million|
|Plastics Consulting and Manufacturing||$3.9 million|