TRENTON, NJ- The New Jersey Economic Development Authority has approved a 10-year, $3,869,000 grant that will allow the Yoland Corporation, a Brooklyn-based manufacturer, to move its headquarters to Paterson.
Yoland, which has a contract with the US Defense Department to manufacture illumination parachutes and other textiles for the military, will receive the award thanks to the Grow New Jersey Program, which was created by the N.J Economic Opportunity Act of 2013 to provide businesses incentive to stay in or move to the state.
A planned 50 full-time jobs will be brought to Paterson in the move to a warehouse on Kentucky Ave. Yoland will lease 18,395 sq. ft. of the space, which recently purchased the 66,994 sq. ft. building by a “related entity."
The state hopes to recoup $387 thousand over 30 years in net benefit from the project, which also includes a proposed capital investment by the Yoland Corporation of over $2.2 million.
Under conditions of approval, the company will now have 12 months to submit a progress report indicating site approval, committed financing, and “site control of the qualified business facility.”
“Our priority is to keep businesses in Paterson, and attract new ones,” stated Mayor Jane Williams-Warren. “This decision by the EDA is good for Paterson residents and taxpayers.”