TRENTON, NJ-The New Jersey Economic Development Authority Thursday approved an offer of a $40 million tax credit to Philadelphia-based Destination Maternity Corp. if it relocates to Burlington County.
The incentive, under the state's Grow NJ program – which is set to be beefed up as part of an overhaul of business incentive programs – is contingent on the company moving 620 jobs to the Garden State. Destination Maternity is considering building a new warehouse in Florence and taking renovated office space in Moorestown.
The company, which is the largest maternity retailer in the country, is also considering remaining in Philadelphia or relocating elsewhere in Pennsylania.
Destination is the exclusive maternity retailer for Kohl's department stores also operates nearly 2,000 stores in North America and ships products to India, South Korea and the Middle East.
The NJ EDA's president and CEO Tim Lizura said Destination's prospective move to two locations in the state did raise issues about its eligibility for Grow NJ funding. However, he said the project meets job-creation requirements if both sites are considered and also investment requirements, since the warehouse site alone would cost $20 million. A company must make a minimum $20 million investment under the Grow NJ program.
The revamped business-incentive program approved by the state Senate Thursday contains special incentives for projects being developed in southern New Jersey.
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