Cablevision is Promised $37M If It Stays in Newark

TRENTON-The state Economic Development Authority has approved Cablevision’s application for a $37.5 million Urban Transit Hub tax credit if the company follows up on plans to keep a call center employing 575 people in Newark after its current lease expires in 2014.

At this week’s meeting, the EDA also approved $87 million in tax credits under the Grow NJ program for three smaller projects.

Cablevision had previously considered consolidating its 60,000-square-foot call center into its Long Island headquarters, or possibly moving it to Connecticut.  With the award of the tax credit, Cablevision spokesperson said it would in turn invest $73 million in building a new call center at 494 Broad St. in downtown Newark, a few blocks from its current home.

Caren Franzini, CEO of the development authority, said Cablevision also promised to upgrade 50 of the call center jobs at the new facility. "They would use existing staff, train them for this new skill set and that will result in higher salaried jobs,” Franzini said.

The Grow NJ projects, selected for tax credit awards under a program begun earlier this year aimed at promoting suburban development, include:

• A $19 million grant for Catellus Teterboro Urban Renewal, which is beginning work on a $101 million redevelopment project near Teterboro Airport and a NJ Transit station. The former Honeywell International property is owned by ProLogis.
• A $2.7 million credit for Conair Corp. if it builds a 450,000-square-foot facility that would bring 446 new jobs in New Jersey.
• $1 million in grants to EisnerAmper if it keeps its New Jersey employees in the state. Leases in Edison, Bridgewater, Hackensack and Wall are set tol expire over the next two years. The company has said it may consolidate offices into an Iselin office or relocate255 employees to Pennsylvania or its New York headquarters.