One of the biggest accounting firms in the country has snagged $1.826 million in grant money and $1.147 million in tax credits to move five miles from Edison to and create 100 new jobs.
The money was awarded to EisnerAmper by the New Jersey Economic Development Authority (NJEDA) as an incentive for the company keep its 255 Edison-based employees in the state, rather than moving to out-of-state locations.
The application of EisnerAmper, as well as other companies deemed to be 'at risk' of departing New Jersey, is carefully scrutinized before awards are made.
"The staff decides what's at risk and what's not. A great deal of staff work goes into it, looking at the request and determining a whole host of things," said Hollie Gilroy, spokeswoman for NJEDA.
In the Middlesex County area since 1965, EisnerAmper became the 14th largest accounting firm in a 2010 merger. Headquartered in New York, the company has 416 employees in four New Jersey locations, as well as offices in Pennsylvania, California, and the Cayman Islands.
The criteria for the two programs under which EisnerAmper received the tax credits and grant money include the evaluation of Woodbridge, and the Iselin area in which Metropark is based, as a distressed urban site.
Under the Business Employment Incentive Program (BEIP), EisnerAmper will received a $1.826 million grant to create 100 new jobs over a two-year period.
The Business Retention and Relocation Assistance Grant (BRRAG) grant to keep its 255 employees in New Jersey involves $1.147 million in tax credits divided over two years.
BEIP grants are based on the number of new employees, and the projected revenue in state income taxes that those jobs would generate, Gilroy said.
With the BRRAG program, "The company can either use the tax credit for their own tax obligations or sell it to another company that has a tax obligation," Gilroy added.
According to their application, the leases on EisnerAmper's NJ locations will be up within two years. That meant that they would be considering whether to consolidate their New Jersey offices into a larger, renovated facility in Metropark, or move out of state, depending upon what the state could do for them financially.
In their application, it is estimated that keeping EisnerAmper in the state would result in a net benefit of $48.7 million to New Jersey.
They estimated that the expansion and relocation cost to move from their current Lincoln Highway offices to their new digs at 111 South Wood Avenue in Metropark to be $8.685 million.