At its latest board meeting in Trenton, the New Jersey Economic Development Authority approved investments for two initiatives to support the growth of technology companies in the state.
The first is approval of a limited partnership investment of $2.5 million in venture fund Edison Partners VIII, LP through the Edison Innovation Fund.
The EDA has to date approved investments totalling $40 million in 12 venture funds, which have in turn been leveraged by more than 62 times through investments in New Jersey businesses.
The second initiative approved by the EDA was the selection of entities for hosting co-working space for tech startups and entrepreneurs. The EDA is putting up $1 million to help these three entities in Asbury Park, Hoboken and Jersey City expand their existing space.
New Jersey Economic Development Authority CEO Michele Brown said in a release announcing these investments that, from real estate to financing, the State is “working to ensure we are able to nurture companies throughout their life cycle.”
Brown added that as a result of their expanding portfolio of assistance, innovative companies at all stages of growth are finding a welcoming home in New Jersey.
The EDA also approved tax credit grant applications from several companies under the Grow NJ program to facilitate business expansions and relocations.
One of these projects is a project by Ohio-based fence and hand railing company Barrette Outdoor Living, Inc. The company is making a $22 million investment to establish a facility on the site of the former Lenox China plant in Galloway Township, NJ.
Lenox provided more than 1,000 jobs for the area until the plant was shut down in 2005. The site has been vacant since then. In order to facilitate the redevelopment, it was divided into three parts. Barrette Outdoor Living is leasing a 40-acre site, which makes up the largest of the three parts of the original Lenox facility.
The Barrette project will create 277 new jobs and help retain the company’s existing 39 jobs. The EDA approved $29.81 million in tax credits for this project that will be in the form of ten annual grant awards.
Another company that received approval for Grow NJ incentives for their relocation project is Berry & Homer, Inc. The Philadelphia-based digital printing services company has been offered $3.145 million in ten annual grants if they relocate their headquarters and production facility with 27 jobs as planned to Pennsauken Township, NJ.
NYC-based RedHawk Distribution, Inc. has likewise been offered $1.275 million divided into five annual grants if they relocate to Pennsauken Township.