By Joshua Burd
Three businesses could be moving to Camden next year in connection with more than $10 million in tax credits approved Tuesday by the state Economic Development Authority.
One of the companies, Boomerang USA Inc., remanufactures and customizes preowned office furniture and has proposed establishing a 100,000-square-foot operation at 1501 Admiral Wilson Blvd. in the city. It is currently based in Pennsauken, but the EDA has offered the company more than $4 million in Grow New Jersey tax credits over 10 years to move to Camden rather than a competing location in Ambler, Pennsylvania.
The project would represent a capital investment of nearly $5.7 million and result in the retention of 39 employees and the creation of nine new positions.
The EDA on Tuesday also approved a $3.4 million incentive package to encourage Valley Power Inc., a provider of electrical equipment for utilities and other businesses, to establish a 60,000-square-foot supply house at 1420 Crestmont Ave. in Camden. According to the authority, the Philadelphia-based company has proposed acquiring the facility and moving 35 jobs to the state instead of continuing the existing operation in Willow Grove, Pennsylvania.
Another incentive approved by the EDA on Tuesday is meant to lure a third company, GoEMerchant LLC, to lease 8,234 square feet at 800-840-Cooper St. in Camden. The business, which provides software solutions, merchants services and payment card industry expertise for clients, was approved for a $2.9 million tax credit over 10 years to move to the city from Cherry Hill, rather than a space owned by an affiliated company in Carrollton, Texas.
The EDA said 32 New Jersey jobs are at risk.