EDA OKs over $37M in Grow N.J. grants

TRENTON – The Economic Development Authority approved more than $37 million worth of Grow New Jersey Assistance grants Tuesday for two companies the agency says will help keep jobs in the state, officials said.

Imperial Bag and Paper Co. LLC, a distributor of food containers and other packaging, was awarded more than $29 million in grants so the company could expand its operation to Jersey City, said Caren Franzini, CEO of the EDA.

The company is contemplating whether to expand in New Jersey or leave the state, Franzini said. Presently, the company operates out of Bayonne.

If Imperial Bag and Paper Co. accepts the terms of the 10-year grant, it intends to build a new facility and make a $57 million capital investment in the state and create 364 jobs.

The EDA also approved a nearly $8 million grant award to Memorial Sloan-Kettering Cancer Center for a new campus in Middletown Township in Monmouth County. The 10-year grant would be used as part of a $64 million capital investment and create 113 jobs.

Both grant awards were approved unanimously by the EDA board members Tuesday during their regular monthly meeting.

The EDA also approved three Business Employment Incentive Program grants.

– Ascena Retail Group of Mahwah in Bergen County was awarded a 60 percent BEI grant for 170 new jobs.

– SRS Software LLC of Montvale in Bergen County was awarded a 55 percent BEI grant for 130 new jobs.

– Pfizer Animal Health, Zoetis, was awarded a 50 percent BEI grant for 225 jobs at a location to be determined.

EDA OKs over $37M in Grow N.J. grants