TRENTON, NJ—The New Jersey Economic Development Authority authorized $64 million in incentives to keep two manufacturing companies in Paterson and Northvale from relocating across the border to locations respectively in Orange and Rockland counties in New York State.
The EDA awarded a tax break of $40 million to Accurate Box Co., to help expand its 200,000-square-foot factory at 5th Street in Paterson. The company is also considering a possible move to Montgomery, NY in Orange County where it would lease a build-to-suit building, according to The Record.
Paterson Mayor Joey Torres says Accurate Box recently rented space in Totowa to accommodate expansion. "Definitely it would have been a big economic blow to Paterson if Accurate were to leave," he said. "Accurate is one of the premier packaging companies ... I am hoping that with this incentive they will not only meet their short terms needs, but also their future needs."
The EDA also awarded $24.5 million in tax incentives to RAB Lighting to expand and renovate its Northvale factory and headquarters. The company occupies four buildings totaling 200,000 square feet in Northvale. The state tax incentive would help it expand operations to 364,000 square feet. The company's is considering moving into a 341,000-square-foot facility in Orangeburg. See story in The Record.
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