NUTLEY, NJ - The New Jersey Economic Development Authority is expected to hand down a decision on Tuesday for Ralph Lauren and Qwest Diagnostics to be given the green light to set up shop on the former Roche campus in Nutley and Clifton. The meeting will take place in Trenton.
The related agenda items posted on the NJEDA website are:
ITEM: Ralph Lauren Corporation APPL. #44618
REQUEST: To approve the application of Ralph Lauren Corporation for a Grow New Jersey Assistance Program Grant to encourage the applicant to make a capital investment and locate in Nutley Township, NJ. Project location of Nutley Township, Essex County qualifies as a Distressed Municipality under N.J.S.A. 34:1B -242 et seq and the program’s rules, N.J.A.C. 19:31-18.
The project is eligible, pursuant to the statute, for bonus increases to the tax credit award for Jobs with Salary in Excess of County Average, Large Number of New/Retained F/T Jobs, Vacant Commercial Building in excess of 1,000,000 sq. ft.
The estimated annual award is $3,308,500 for a 10-year term.
It has not been disclosed by Prism Capital Partners which building on the Nutley side of the former Roche campus will be occupied by Ralph Lauren if the EDA award is approved. Ralph Lauren currently houses some of its business operations in the 9 Polito Avenue building in Lyndhurst, N J.
ITEM: Quest Diagnostics Incorporated APPL. #44573
REQUEST: To approve the application of Quest Diagnostics Incorporated for a Grow New Jersey Assistance Program Grant to encourage the applicant to make a capital investment and locate in Clifton City, NJ. Project location of Clifton City, Passaic County qualifies as a Mega Project under N.J.S.A. 34:1B-242 et seq and the program’s rules, N.J.A.C. 19:31-18. The project is eligible, pursuant to the statute, for bonus increases to the tax credit award for Large Number of New/Retained F/T Jobs, Targeted Industry of Health, Exceeds LEEDs Silver or Substantial Env. Remed.
The estimated annual award is $5,517,250 for a 10-year term. Sales and Use Tax Exemption
If approved, Quest Diagnostics new 250,000 sq ft. construction will most likely be in the vacant land behind Mathew’s restaurant on Darling Ave. in Clifton, NJ. Quest’s NJ corporate office is located at 1290 Wall St W # 4, Lyndhurst
According to its Hoovers Business profile: Ralph Lauren Corporation designs and markets apparel and accessories, home furnishings, and fragrances. Its collections are available at more than 13,500 retail locations worldwide; including many upscale and mid-tier department stores (Macy's contributes 25% to RL's wholesale revenue). It operates 490-plus Ralph Lauren and Club Monaco retail stores worldwide as well as 580-plus concession-based shops-within-shops and 10 e-commerce sites.
According to their website: Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our 43,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives.
The EDA is an independent State agency responsible for providing financing to small and mid-sized businesses, administering tax incentives to retain and grow jobs, revitalizing communities through redevelopment initiatives, and supporting entrepreneurial development by providing access to training and mentoring programs.
Prism Capital Partners - 200 Broadacres Drive Bloomfield, NJ 07003 www.prismpartners.net
Nutley Redevelopment Counsel - Inglesino, Webster, Wyciskala & Taylor, LLC - 600 Parsippany Road, Suite 204 Parsippany, NJ 07054 http://iwt-law.com/
Nutley Redevelopment Planner – Topology Inc - 60 Union Street / 1N Newark, NJ 07105 http://topology.is/#