Assemblyman Herb Conaway, Jr., M.D. (D-Burlington) on Wednesday praised the recent package of economic incentives approved by the NJ Economic Development Authority (EDA) to help Burlington Coat Factory invest in New Jersey.
The EDA approved a Grow New Jersey grant of up to $40 million over 10 years for Burlington Coat Factory Warehouse Corp. to keep more than 700 jobs in New Jersey, rather than move them to Pennsylvania. It also approved a $1.2 million sales tax exemption, also over 10 years, for the company.
Conaway, who supported Burlington Coat Factory’s grant application, was one of the prime sponsors of the Grow New Jersey Assistance Act, which established the grant program.
“I am happy to learn the New Jersey Economic Development Authority has approved Burlington Coat Factory’s application to the Grow New Jersey grant program.
“I proudly supported this application, which will keep more than 700 jobs in Burlington County and create substantial capital investments. Keeping jobs in New Jersey and creating investment in the community is exactly what the Grow New Jersey program is designed to accomplish.
“Burlington Coat Factory is a hometown success story and approval of this application is a vital step toward keeping the ‘Burlington’ in Burlington Coat Factory,” said Conaway.