The New York State manufacturer of more than 3,000 different liquid and dry chemical products has been approved for $4.78 million in state tax breaks to relocate its operation from Glendale to an industrial building in Paterson, according to the New Jersey Economic Development Authority (EDA).
Independent Chemical Corporation will make a $5.53 million investment in its expansion to a 75,000 square feet facility at 76 East 24th Street. 33 new jobs will be created in Paterson that will have a $44,000 median wage, according to state documents.
Its renovated facility will generate half of its electricity through solar panels.
The firm will receive $478,500 in tax breaks per year through the Grow New Jersey Assistance (GROW NJ) Program for a total of $4.78 million over a 10-year period. The tax breaks were approved last week.
The firm looked at two facilities in Paterson and Haverstraw, New York to move its expanding business. The New Jersey option was the more expensive of the two which made the tax breaks an important factor in the firm selecting Paterson, according to a certification submitted to the state by Jonathan Spielman, president of Independent Chemical Corporation, according to state documents.
Founded in 1948, the firm manufactures, packages, and distributes chemical products used in food, pharmaceutical, cosmetics, industrial cleaning, fur, leather, environmental remediation, and other industries.
The company will finish renovating the Paterson facility by Feb. 1, 2018.
Independent Chemical Corporation is the latest company to receive tax breaks to relocate its operation to Paterson. Late last year, the state approved $29.4 million in tax breaks for nutritional supplements maker Vitaquest of West Caldwell to move to Paterson. It also approved $8.4 million for Passaic City-based bag maker LBU Inc. to move operations to the city.
Earlier in the year, it approved $9.36 million for Hackensack-based Biogenesis to move to the city. There have been various other firms that have received similar tax credits to retain jobs or move new ones into the city.
Correction (Aug. 22, 2017): A previous version of this report erroneously stated the firm would finish renovating the Paterson facility by Feb. 1, 2017 when in fact it will finish on Feb. 1, 2018.