The Economic Development Association of New Jersey (EDANJ) today gave LG Electronics the Development Project of the Year Award for the new LG North American headquarters under construction in Englewood Cliffs. NJ.
The award was presented at the EDANJ's annual economic development awards luncheon. Maggie Peters, Director of the Bergen Country Economic Development Corporation (BCEDC) and Board Director of the EDANJ, commended LG on its $300 million investment in Englewood Cliffs, saying: "This project is a prime example of the kind of robust economic development our state needs. This world-class green building will deliver enormous economic benefits to Englewood Cliffs, Bergen County and the State of New Jersey."
LG is receiving no government incentives for the building of its new North American headquarters. The new facility will allow LG to expand its workforce from 500 currently to 1,200 by 2017 and to 1,600 by 2020. The site will also generate thousands of construction jobs.
An economic impact study released by Bergen County officials in September, 2013, said the project is expected to bring more than $500 million to the State of New Jersey over a 20-year period. In addition, LG's new headquarters will bring a total of $2.5 million in annual tax revenue to Englewood Cliffs, where the municipal budget is about $13.5 million.
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