Crony Capitalism

New Jersey Pledges $13.5 Million Over 10 Years to Keep Bakery From Moving to Pa.

Previously gave taxpayer money to a competitor


The New Jersey Economic Development Authority has agreed to give up to $13.5 million over 10 years to Liscio's Italian Bakery, Glassboro, under the Grow NJ tax credit program to keep the company from pulling out of New Jersey and moving to an alternate site in Boothwyn, Delaware County.

From EDA's statement: "Liscio's Italian Bakery, Inc. was approved for Grow NJ support of up to $13.5 million over 10 years to advance the wholesale bakery's major expansion project in Glassboro that will help improve its production capacity and operations to keep pace with demand. Under the project, Liscio's Italian Bakery would retain 176 existing jobs at risk of leaving New Jersey and create 71 new, full-time jobs at the new manufacturing facility, which would have a net benefit to the State estimated to be $25 million over the 20-year period required under the law."