TRENTON-The state Economic Development Authority has approved Cablevision’s application for a $37.5 million Urban Transit Hub tax credit if the company follows up on plans to keep a call center employing 575 people in Newark after its current lease expires in 2014.

At this week’s meeting, the EDA also approved $87 million in tax credits under the Grow NJ program for three smaller projects.

Cablevision had previously considered consolidating its 60,000-square-foot call center into its Long Island headquarters, or possibly moving it to Connecticut. With the award of the tax credit, Cablevision spokesperson said it would in turn invest $73 million in building a new call center at 494 Broad St. in downtown Newark, a few blocks from its current home.