JERSEY CITY, NJ—A payment processing firm that is currently housed in short term space at 101 Hudson St. here will receive approximately $6 million in state tax credits over the next two decades to expand operations at the building rather than relocate to Atlanta.
The New Jersey Economic Development Authority approved the tax credits for First Data at its meeting earlier this month, noting that the company's expansion will produce 74 new jobs. The firm, currently operating on a portion of the 39th floor, will relocate and occupy the entire 40th floor of the Mack-Cali Realty-owned building. First Data also has an office in New York City.
Gordon MacInnes, president of New Jersey Policy Perspective, criticized the incentive deal, expressing doubt that First Data intended to move its New York-area workers to Atlanta, according to the Jersey Journal. "This company has already decided that Jersey City is a good place to do business," he says.
On the other hand Jersey City Mayor Steve Fulop praised the EDA's decision. "We are very thankful and excited that First Data's leadership sees the benefits of growing a business in Jersey City," he says. "Jersey City is becoming a preferred location for business and is leading the state economy with job creation." See story in the Jersey Journal.
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