(The Center Square) – New Jersey has given an approximately $10 million tax break to a retailer that plans to consolidate jobs at a new headquarters in Woodcliff Lake.
The New Jersey Economic Development Authority (NJEDA) Board approved the more than $9.9 million tax credit — at a discounted present value of $7.4 million — over seven years for Party City Holdings. The state awarded the credit under the Emerge Program, a job creation incentive program created under the New Jersey Economic Recovery Act of 2020 (ERA).
“The Emerge Program is a critical economic development tool that facilitates equitable job creation and growth,” NJEDA Chief Executive Officer Tim Sullivan said in an announcement. “The project approved today shows this program’s potential to bring hundreds of good jobs to New Jersey.”
Party City, the largest party goods retailer in the United States, Canada and Mexico, plans to consolidate its Rockaway and Elmsford, New York, sites into one national headquarters in Woodcliff Lake. The company plans to bring 357 new jobs to New Jersey and retain 338 full-time jobs state officials said were at risk of leaving the state.
“By promoting thousands of new jobs and helping retain many existing jobs in those areas, these awards will spur growth in countless communities that need our support during difficult times,” state Assembly Budget Chair Assemblywoman Eliana Pintor Marin, D-Newark, said in an announcement.
According to a news release, the company will invest more than $32 million to lease a 208,911 square foot office building in Woodcliff Lake.