New Jersey Pays $102 Million to Move Electronics Firm Down the Road - FoxNews.com
Panasonic signed a 15-year lease to move to Two Riverfront Center in downtown Newark from Secaucus, N.J., after being in the market and fielding offers for a new corporate home from states including Georgia, California and New York.
CEO Joseph Taylor said at a press conference following the lease signing that the incentives are what enabled business giant Panasonic to remain in the Garden State.
"Like some other major electronic companies, Panasonic faces the same demanding economics that led those companies to leave the state of New Jersey and move across the country," Taylor said. "We're keeping 1,000 jobs in New Jersey; we're keeping our employees here."The funding falls under a tax credit program called the "Urban Transit Hub Tax Credit," which is intended to develop blighted areas accessible to public transit by giving corporations that employ at least 250 full-time workers incentive to build or rent office space in or near nine designated urban transit communities, one of which is Newark.Christie defended the decision at a press conference at the Meadowlands Sports Complex in East Rutherford last month, saying tax breaks like the one offered Panasonic are necessary to keep high paying, white-collar jobs in New Jersey and "stay competitive with other states."Excellent move by Christie. He keeps an important corporation within the state, ensuring future tax revenue... he keeps a thousand jobs in the state (more when you count the construction and support jobs the new facilities for Panasonic will create... he shows other corporations he is business friendly and willing to work with them so they don't relocate outside the state...Panasonic officials said that commercial real estate developers SJP Properties and Matrix Development Group will begin construction on a new 280,000 square foot sustainable high-rise facility this summer. The company also expects to move from Secaucus to what will be known as Two Riverfront Center before April 2013.