Local Businesses Net More Than $27.5 Million in Tax Incentives
Three area businesses will receive a combined total of nearly $27.5 million and part of the GROW NJ Program. With support from the Cumberland County Improvement Authority’s Economic Development Office and the City of Vineland’s Economic Development Office, these businesses have been able to qualify for the statewide initiative.
The companies to benefit from this tax incentive program include Vineland’s Richland Glass and Legacy Cold Storage, LLC, and Rosenhayn’s F&S Produce, which plans to expand at the Vineland-based and recently vacated General Mills plant.
The New Jersey Economic Development Authority’s GROW New Jersey assistance program provides corporate business grants and tax credits for job creation and retention. Richland Glass will be retaining its 101 employees and adding eight new people, affording the company a $2.2 million tax credit, while Legacy Cold Storage has earned $3.6 in GROW NJ tax credits for the hiring of 100 new workers.
F&S Produce, which will maintain its Rosenhayn operation, has been awarded $21.8 million and will be creating 60 new jobs at the Elmer Road facility in Vineland formerly occupied by General Mills.
Sam Pipitone, President of F&S Produce said about his experience, “Cumberland County Improvement Authority (CCIA) officials came to us and presented several great options and incentives including the GROW NJ tax program. These financial tax breaks and incentives convinced us to stay in Cumberland County and we were glad to be able to make a decision to remain here.”
Legacy Cold Storage plans to rehab an existing facility and construct 42,000 square feet of new cold storage space which will require recruiting 100 employees over a two-year period. Jim Hammerstedt, CPA, of Fabietti, Hale, Hammerstedt & Powers, PA, the firm that facilitated Legacy’s winning application, noted, “There’s no question that without this grant and the agencies supporting it, this project would have never grown to this scope and size.”
The program, according to CCIA officials, is open to all New Jersey businesses and specifically designed to enhance companies’ abilities to attract and retain workers as well as create jobs to support their growth and expansions. It is supported by the New Jersey Economic Opportunity Act of 2013, which sunsets in 2019. Since it began, a total of nearly $65 million in assistance has been awarded to Cumberland County businesses according to CCIA records.
“Among other incentives, GROW NJ offers our local businesses up to $300 million dollars in financing and up to $90,000 in financing and tax credits for each new hire,” Senior Vice President of Economic Development, Jim Watson, said.