A rendering of Ironside Newark — File photo/Courtesy: Edison Properties
By Joshua Burd
Mars Wrigley and Ralph Lauren Corp. have applied for nearly $65 million in combined tax credits in connection with potential moves to Newark and Nutley, respectively, as the state Economic Development Authority prepares to consider the applications on Tuesday.
The iconic brands are among 11 companies seeking incentives to create or retain jobs in the state, according to a preliminary agenda for the EDA’s monthly board meeting. They are joined by other well-known companies such as Konica Minolta, LabCorp and Quest Diagnostics, which collectively have applied for more than $124 million in Grow New Jersey tax credits.
Mars Wrigley Confectionary US LLC, which operates a sprawling plant in Hackettstown, is seeking a $31.5 million award over 10 years. The preliminary agenda does not name the proposed project location, but a report Friday by ROI-NJ said the candy maker has identified a space within Ironside Newark, a historic warehouse that is being redeveloped by Edison Properties as more than 450,000 square feet of modern, loft-style office space.
The $80 million downtown redevelopment is slated to be complete by fall 2018.
RELATED: At Ironside Newark, Edison Properties seeks to attract modern tenants by tapping into history
Mars Wrigley has also applied for a separate tax credit of $1.15 million over 10 years that is tied to a project in Hackettstown. Mars Inc. has called New Jersey home since 1940, when the company opened its U.S. headquarters and the first M&M’s factory in Newark.
Ralph Lauren Corp., which is headquartered in Manhattan, has applied for an estimated 10-year, $33 million tax credit package in connection with a project site in Nutley, according to the EDA. The agenda notes that the project meets several criteria that increase the award, including the use of a vacant commercial building in excess of 1 million square feet.
Meantime, Quest Diagnostics Inc. appears on the agenda in connection with a 10-year, $55.2 million tax credit award. The EDA identified the project location as Clifton.
It would be Quest’s second time before the EDA board since May 2016. At the time, the company was awarded a 10-year, $18.5 million incentive that propelled its move to a 130,000-square-foot office space in Secaucus. Quest, which has since moved its headquarters from Madison, said at the time that it was considering an alternative site in Tampa, Florida.
Laboratory Corp. of America Holdings, better known as LabCorp., has applied for a 10-year, $40 million tax credit in connection with a project in Raritan Borough in Somerset County, according to the EDA. The proposal qualifies as a “mega project” under EDA guidelines, which can point to several potential criteria, such as pledging to create or retain more than 1,000 full-time jobs or a capital investment of more than $20 million with more than 250 jobs created or retained.
The preliminary EDA agenda did not specify which criteria triggered the mega project designation. LabCorp operates its second-largest facility in the country in Raritan Borough and reportedly has told local officials that it plans to expand the campus.
The EDA agenda also includes a proposed $29 million tax credit over 10 years for Konica Minolta Business Solutions U.S.A., which is headquartered in Ramsey. The authority identified the Bergen County borough as the project location for the company, which is known historically for its camera business but has long since shifted to business technologies.
