Newspaper article The Record (Bergen County, NJ)

New Jersey

Newspaper article The Record (Bergen County, NJ)

New Jersey

Article excerpt


New Jersey has officially awarded tax credits worth $25.4 million to the new owner of the former Marcal paper manufacturing operation, but the Elmwood Park-based company doesn't need to maintain its whole workforce to get the incentive.

Soundview Paper Holdings LLC, which was awarded the 10-year program of tax credits in a July 10 letter, has 594 employees but needs to keep only 509 of them to comply with the requirement of the award.

The New Jersey Economic Development Authority made the award under the Grow NJ Tax Credit program. That grants incentives to companies that invest $20 million on a project that will employ 100 people in retained jobs or new positions when it is finished. The award was made in response to Soundview's commitment not to pursue a plan to move the facility to any other state.

The company plans to invest $47.4 million to renovate and improve an existing 898,500-square-foot-building.

Tim Lizura, EDA's senior vice president for finance and development, said the Grow New Jersey law requires beneficiaries to maintain only 80 percent of the workforce, because in some cases the alternative is to lose the entire workforce. …

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