The agenda for the next meeting of the New Jersey Economic Development Authority includes an application for tax incentives for First Data Corp.
The $8.25 million in Grow NJ incentives, if awarded, are meant to encourage the global payment solutions company to make a capital investment and locate the project in Jersey City, NJ.
The Grow NJ award would be in the form of an annual award of $825,000 for a 10-year period. The project’s location in Jersey City, Hudson County means it qualifies for bonus increases to the allowed tax credit award.
The Grow NJ program allows this for transit-oriented economic development projects located in an urban transit HUB municipality.
First Data Corp announced back in August last year that it had selected Jersey City as the location for an expansion of its security applications team. The company expected that the project would bring 74 new jobs to Jersey City, along with a capital investment of $1.4 million.
One of the deciding factors that led to First Data Crop choosing Jersey City was the approval of Grow NJ incentives, which at that time was supposed to be around $6 million. Without these incentives, the company could have decided to locate the expansion at their headquarters in Atlanta, GA instead.
At that time, Jersey City Mayor Steven M. Fulop said in a release announcing the project that they are very thankful and excited that First Data’s leadership sees the benefits of growing a business in Jersey City.
Mayor Fulop noted that Jersey City is becoming a preferred location for business and is leading the state economy with job creation, and added that through partnerships with the State, they will continue to bring new business to Jersey City.
Apart from the First Data Corp application, the agenda for the New Jersey Economic Development Authority meeting also includes two other Grow NJ incentive applications.
One is for photography equipment and accessories manufacturer and distributor C&A Marketing, Inc., to encourage the company to locate a project and make a capital investment in Edison Township, Middlesex County. This is an application for an estimated annual award of $541,746 in tax credits for a 10-year term.
The third Grow NJ award on the agenda is for Stay Fresh Foods, LLC for a project in Pennsauken Township, NJ. This would be an estimated annual award of $340,000 in tax credits for a 10-year term.