The company would either renovate its existing facility or relocate to Pennsylvania
TRENTON -- The state is hoping that the lure of $33.6 million in tax credits will persuade a Trenton-based company to stay put rather than relocate to Pennsylvania.
Earlier this month, The Hibbert Group was awarded the 10-year credits under the Economic Development Authority's Grow New Jersey program.
It was faced with two options: renovate its century-old building on Pennington Avenue across from the Trenton YMCA or lease out a larger facility in Langhorne, Pennsylvania.
A move would mean the loss of 259 New Jersey jobs.
Hibbert, which was founded in Trenton in 1881, is an integrated marketing solutions provider with clients in the life sciences, telecommunications and semiconductor industries.
In its application, the company said that the newer, single-story building would offer a better workflow than its four-story, 260,000-square-foot facility that's in need of significant renovations.
The company also said that the tax credits would be a "material factor" in its decision since staying in New Jersey would be the more expensive option.
"We are pleased to be in discussions with the state to upgrade our corporate center facility in Trenton and create a pleasant working environment for our employees and customers," CEO Timothy Moonan said in a statement Tuesday.
If Hibbert chooses to stay, it would receive $3,367,000 over 10 years.
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The amount of the credit depends on location, the size of the work force, wages and other criteria. The company, for example, received increases for being in a deep poverty pocket and for being a manufacturing business.
EDA estimates that the state would see a net benefit of $3.7 million over 30 years.
Hibbert also has distribution centers in Robbinsville, Delaware and Colorado.
Hibbert was one of 12 companies that were approved for incentive programs at the EDA's June 14 meeting.
The others are One Cooper Residential Urban Renewal LLC; Parking Authority of the City of Camden; CompoSecure LLC; Edison Lithographing & Printing Corp.; Greener Cleaner Inc.; H&M Hennes & Mauritz LP; iCIMS, Inc.; Manhattan Telecommunications Corporation; Nobel Biocare Procera, LLC; PuraCap Pharmaceutical LLC; and US Mobile Phones, Inc.
Cristina Rojas may be reached at crojas@njadvancemedia.com. Follow her on Twitter @CristinaRojasTT. Find NJ.com on Facebook.