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Christie champions plan to build Camden energy facility with help of tax breaks

Thursday, July 17, 2014   (0 Comments)
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Christie champions plan to build Camden energy facility with help of tax breaks

Hailing it as a crucial step in the effort to revitalize New Jersey’s poorest city, Gov. Chris Christie and other officials on Monday championed a plan by a nuclear-energy company to build a manufacturing facility on the waterfront in Camden — a project that was recently granted $260 million in state breaks. Holtec International, a Marlton-based company, said the plant — which may take about four years to build — could eventually bring about 3,000 jobs to the struggling city of 77,000 residents. Kris Singh, the company’s founder and president, said Holtec chose building in Camden over Charleston, S.C., largely because of the tax-credit package the New Jersey Economic Development Authority approved last week — the third-largest economic subsidy in state history. Holtec — whose board includes George Norcross, one of the state’s most powerful Democrats — promises to create about 400 jobs immediately: 235 new full-time positions and 160 positions relocated from other parts of the state. Once those workers are in place, the company will receive subsidies of $26 million a year for 10 years under the deal. Singh said the facility could provide more than a thousand additional jobs after that. In exchange, New Jersey will see $155,520 in net economic benefits over 35 years, the EDA estimated. Under the deal, the company is required to stay in Camden for only 15 years. New Jersey has given out more than $4 billion in tax breaks since Christie took office in 2010 — far more than any oone of the governor. But the state's private-sector job growth has been among the slowest in the nation, according to federal data.

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