CAMDEN, NJ—The New Jersey Economic Development Authority is poised to approve an incentive package valued at $260 million to Marlton, NJ-based energy firm Holtec to relocate operations to Camden, NJ.
The deal would provide the firm, which also has operations in Jupiter, FL, with annual incentives of $26 million over a 10-year term, according to The Inquirer. The incentives would be funded from the state's Grow New Jersey grant program.
The award would be the third largest incentive award in New Jersey and the largest Grow New Jersey grant. In 2013, the state awarded American Dream Meadowlands $390 million, for the entertainment, shopping mall complex in East Rutherford. In 2011, the state awarded the Revel Casino $261.4 million in incentives.
The incentive plan being offered to Holtec, a power plant supplier, is on the agency's agenda for its scheduled meeting on Thursday. At press time the location of the Holtec project in Camden is not known.
The incentive offering to Holtec comes about a month after it awarded $86 million in tax credits over a 10-year period for the Philadelphia 76ers to build a practice facility and offices on the Camden, NJ waterfront. See story in The Inquirer.
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