$253 Million to Relocate HQ to Camden
Can New Jersey revitalize Camden with tax credits? That remains to be seen, but the state sure is trying.
New Jersey awarded one of its largest Camden tax credits Thursday to scrap metal recycler EMR Eastern LLC, which was approved for up to $252.7 million in Grow NJ tax credits over 10 years. The company had narrowed its search to Camden or its existing location in New Orleans.
The New Jersey Economic Development Authority (EDA) says the move will bring 285 new jobs to Camden and save 156 that were at risk of leaving the state.
It was part of a larger announcement of six projects approved for Grow NJ tax credits that will create more than 645 new jobs and save 550. One of those was a $3.5 million tax credit for B Positive National Blood Services to locate a project in Glassboro, N.J. That’ll bring 65 new jobs.
Back in June, American Water Works got approval for $164 million in tax credits for its plan 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 EMR Eastern tax breaks are the second-highest ever approved for Camden. The highest is Holtec International which was approved for $260 million. Here’s a handy chart to keep it all straight.
|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|