TRENTON – Panasonic Corp. and the Christie administration today celebrated the company’s decision to build its North American headquarters in Newark.
In prepared remarks, Christie cited Panasonic’s decision to retain 800 jobs and create 200 new ones as an example of his administration’s tax-cutting, incentive-driven economic agenda.
“This is another success story about one of our largest businesses choosing to stay in New Jersey, continue to grow and invest in our state and people,” the governor said in a release.
Panasonic’s high-rise office building is being constructed by Matrix Development Group and SJP Properties adjacent to Newark’s One Riverfront Center. The structure will ultimately house 1,000 of the corporation’s employees and contractors, beginning in 2013, the governor’s office reported. The new facility will total 410,000 square feet, with 250,000 square feet leased to Panasonic.
To support the company’s move to Newark, the state Economic Development Authority (EDA) approved an award of up to $102.4 million through the Urban Transit Hub Tax Credit Program.
Christie took the opportunity today to discuss a new initiative of the Economic Development Authority known as GROW NJ that would provide tax credits for the growth of companies moving to or growing in New Jersey based on capital investment and job creation.
The Senate passed the bill, S3033, last month, 38-0.
In July, Christie signed Senate Bill 2972 to expand job-creating tax incentives, and jump-start economic development projects around the state.
Among other things, Panasonic received a $102 million tax credit from the state. Panasonic signed a 15-year lease with Matrix for the site.
Earlier this year, former Panasonic landlord Hartz Mountain in Secaucus had sued to block the move, but in September decided to cease its legal challenge.
“We thank Governor Christie and the City of Newark for their support and efforts to make it possible for Panasonic to remain and grow in New Jersey,” Panasonic Corporation of North America Chairman and CEO Joseph M. Taylor said in a release.
“This project was a great collaboration between government at all levels and demonstrates a commitment to creating jobs.”