Publicly traded company could get $164M to relocate to Camden

American Water Works Co. might be offered $164 million in tax credits by New Jersey officials to become the latest company to relocate to Camden.

The Associated Press reports that the New Jersey Economic Development Authority (NJEDA) is scheduled to vote Tuesday on the tax credits for the Voorhees-based water utility. The AP said full details of the incentives have not been made public, but a company spokeswoman said in a statement that Camden is one possible location for American Water Works.

 “Ultimately, it will have to weigh the benefits of the various locations under consideration,” spokeswoman Denise Venuti Free said of the company. She would not identify the other candidates.

She said New Jersey American Water, a subsidiary, would remain in Voorhees.

She said about 600 people work in American Water Works’ five offices in southern New Jersey, not counting New Jersey American employees.

For a company to qualify for a grant of that size, it would likely need to relocate at least 250 employees and make an investment equal to at least the amount of the award.

The credits would be doled out over 10 years if the company meets the conditions.

American Water Works (NYSE: AWK) would join a string of entities relocating jobs and operations to the distressed city that started as part of a 2013 state law that increased incentives for employers who moved to Camden, with the NJEDA approving more than $600 million in tax breaks for nine applicants.

Here are a few:

• Volunteers of America Delaware Valley(VOADV) was approved for $6.3 million to consolidate administrative offices into one facility in Camden rather than a location in Bensalem, Pa.

• Subaru of America netted $118 million in tax breaks to move its U.S. headquarters from Cherry Hill to Camden.

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• Cooper Health System received $40 million to move about 350 administrative jobs now located in Cherry Hill and Mount Laurel back to its main campus in Camden.

• The Philadelphia 76ers obtained $82 million in tax breaks to build a practice facility and corporate headquarters.

• Holtec International received $260 million in tax breaks to build a manufacturing facility.

• Lockheed Martin was provided with $107 million in assistance to relocate employees from Moorestown to Camden.

Source: Philadelphia Business Journal