TRENTON, N.J. (AP) - New Jersey officials have approved $260 million in incentives to bring a manufacturing facility and 395 jobs to Camden, a city that ranks among the most impoverished in the country.
The state projects the total benefit to the state and local governments over 35 years is $156,000.
The deal for Holtec International approved Thursday by the New Jersey Economic Authority is the third-largest business incentive ever granted by the state government.
The company, which has offices in nearby Marlton, makes components for power generating plants, including storage containers for nuclear fuel. The firm says no nuclear materials would be in Camden.
The tax credits are to go to the company over 10 years. The company must have at least 250 jobs each year to get the full amount.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.