Gov. Phil Murphy announced Wednesday that the first award under the Emerge Program, the state’s new job creation initiative, has gone to Party City Holdings Inc. It’s expected that the project will bring 357 new jobs to New Jersey.
Party City Holdings, No. 900 in the Fortune 1,000, is the largest retailer of party goods in the United States, Canada and Mexico. The company is planning to consolidate its Rockaway, New Jersey, and Elmsford, New York, sites into one national headquarters.
In addition to the expected 357 new full-time jobs, the project will retain 338 full-time jobs currently at risk of leaving New Jersey. These are high paying corporate positions with a median salary above the current Bergen County median. In addition, the project will invest more than $32 million to lease a 208,911-square-foot office building in Woodcliff Lake.
The New Jersey Economic Development approved Party City for a tax credit of $9,996,000 over seven years, with a discounted present value of $7,434,696. Party City is not receiving any incentives for the 338 at-risk jobs.
Companies do not receive any Emerge Program tax credits until the project is completed; all project costs are certified by the NJEDA; and all incented jobs are verified by the NJEDA as being created or maintained. After tax credits are approved, they are certified for use annually and proportionally based on actual job creation and retention during that year.