EDA approves incentives for JP Morgan Chase, RBC projects in Jersey City

The Economic Development Authority voted Friday to approve incentives for two Jersey City-based projects involving JP Morgan Chase and RBC Capital Markets.

JP Morgan, which currently holds three in-state ?major offices? in Jersey City, Whippany and Iselin, is considering expanding its regional technology and operations hub at its Jersey City location on Washington Boulevard. The project would involve the retention of 2,612 employees and lead to the creation of 1,000 new jobs at the site.

Despite it being mentioned in the EDA's project documents of future consolidation of some of the company's New Jersey operations in Jersey City, spokesperson Melissa Shuffield said there are no immediate plans to do so.

The EDA, which estimates the project will yield a net benefit to the state of $1.1 billion over a 20-year period, voted to approve it for an annual $22.4 million, 10-year Grow NJ award.

EDA President Tim Lizura noted that JP Morgan is weighing its options in Jersey City against potential sites in Delaware and Ohio. It was last year?s Economic Opportunity Act that sparked the company?s interest in the state, Lizura said.

?Before the law, they had not considered New Jersey,? Lizura said.

The board also voted to approve an annual $7.8 million, 10-year Grow NJ award for Canadian financial firm RBC, which is considering between renovating a 206,861-square-foot space in the Goldman Sachs Tower or a 211,500-square-foot facility in Minnesota.

RBC?s move, which would bring 900 new jobs along with it, is being sparked by upcoming lease expirations at One Liberty Plaza and World Financial Center in Manhattan.

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