American Water Works latest firm considering move to Camden
CAMDEN (AP) — American Water Works latest firm New Jersey may offer a company $164 million in tax credits to move to Camden.
The state Economic Development Authority is scheduled to vote Tuesday on the tax credits for American Water Works Co. Inc., which is based in suburban Voorhees, about 10 miles from Camden, one of the nation's most impoverished cities.
A stream of companies -- most of them already nearby -- are planning moves to Camden by using incentives that the state put into place two years ago.
A bill adopted by the Democrat-controlled Legislature and signed by Gov. Chris Christie in 2013 sweetens the deal for businesses to move to or remain in New Jersey generally, but the incentives are far more generous for those heading to Camden as part of a broader revitalization effort.
Those making the move include Lockheed Martin, which is moving some employees, the nuclear power generator parts company Holtec, Subaru of America and the Philadelphia 76ers, who are building offices and practice courts.
Full details of the incentives for American Water Works, which provides water and wastewater services in 1,600 communities, have not been made public. A company spokeswoman said in a statement that Camden is one possible location for the company.
"Ultimately, it will have to weigh the benefits of the various locations under consideration," spokeswoman Denise Venuti Free said of the company. She would not identify the other candidates.
She said New Jersey American Water, a subsidiary, would remain in Voorhees.
She said about 600 people work in American Water Works' five offices in southern New Jersey, not counting New Jersey American employees.
For a company to qualify for a grant of that size, it would likely need to relocate at least 250 employees and make an investment equal to at least the amount of the award.
The credits would be doled out over 10 years if the company meets the conditions.
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