EDA Action Encourages Redevelopment and Technology Sector Growth

On Jun 14, 2016

Reinforcing its commitment to cultivate New Jersey’s technology sector and create jobs within the Garden State, the Board of the New Jersey Economic Development Authority (EDA) today approved Grow New Jersey (Grow NJ) tax credits to encourage two companies to establish locations at Bell Works, the former Bell Laboratories site in Holmdel. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the state’s primary job creation and retention incentive program and offers enhanced benefits to help strengthen the technology industry.

Today’s approvals come one month after the EDA Board approved Grow NJ tax credits to encourage a third technology company to consider the Bell Works site.

Combined, these three projects are expected to create more than 730 new jobs and retain over 700 jobs at-risk of leaving the State. These projects, which are associated with private investment of over $51 million, would occupy more than 425,000 square feet at Bell Works, which is currently undergoing a transformation to a vibrant live-work-play environment.

“For decades, the former Bell Laboratories site was at the global forefront of innovation,” EDA Chief Executive Officer Melissa Orsen said. “We are hopeful that these companies will choose to locate their operations at the Holmdel site and bring hundreds of high-paying jobs back to the region.”

Matawan-based iCIMS, Inc., a software services company specializing in applicant-tracking software for human resources professionals, is considering consolidating two existing locations into one at the Bell Works facility to accommodate its expansion. Choosing the Holmdel site over consolidating in Arizona would result in the creation of 390 new jobs and the retention of 552 jobs at-risk of leaving the State.

Grow NJ tax credits were also approved for Manhattan Telecommunication Corporation, which offers communication and related support services to corporate clients. The company, whose growth has created a need for additional space, would create 100 new jobs at Bell Works or a competing location in Utah.

The EDA previously approved Grow NJ tax credits for WorkWave LLC, which has since announced that it will move into more than 71,000 square feet at Bell Works to accommodate its expansion. WorkWave is expected to create 247 new jobs and retain 154 jobs that were at-risk of leaving the State.

The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

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