Article by Karen
The Shutting Down of a Seven Decade Old Juice Making Plant will Tell on the Economy of Bordentown – Real Estate – Foreclosures
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Seventy years previously Ocean Spray Cranberries, a farmer-owned-cooperative made its debut in Bordentown, New Jersey, by setting up a plant manufacturing juice standing on 60 acres.
Since then it has been a significant economic force founded on goodwill coupled with generosity. Commemorating this is a stone plaque on the sidewalk near the City Hall. It always donated trucks full of juice to fundraisers of the locality. On the banks of the Delaware River the city holds each October a Cranberry Festival.
There is strong reaction with the spread of the news this May that that firm will shut down its plant in 2013 September and shift to new grounds in Pennsylvania. There are 4,000 residents in Bordentown.
The town will lose nearly $ 1 million from tax revenues and contributions to utility with the shutting down of the plant. There are 250 employees engaged in the plant who will soon have to decide whether to shift with the firm or to hunt for alternative employment.
The announcement of its plans by the company this May has led to concerns across the state regarding the business climate in New Jersey. The government officials are unhappy about the way they had to run around to no avail to try and keep Ocean Spray in the state. Governor Chris Christie’s prime focus has been on making the business environment of the state to be strong.
Why has Ocean Spray taken this decision to start from scratch in Lehigh Valley area of Pennsylvania? The company explained that renovating the old plant in Bordentown would have entailed greater expenses.
In Pennsylvania the utility and transportation costs are less together with improved infrastructure and the chain of supply. The company further explained that it was not possible to build the new facility on the present site. Ocean Spray stated, “The decision isn’t a reflection on our dedicated and engaged employees. It’s about the physical assets of Bordentown that are beyond anyone’s control”.
The officials of the state and the city said that they had overreached themselves to make it financially viable for Ocean Spray to continue operating on the old site. About $ 10 million was offered by New Jersey State as incentives towards energy and employment. The county clobbered together $ 40 million as stimulus bonds at 2.5% rate. Bordentown was willing to waive taxes if any new construction at the facility came up; but it was to no avail.
About the Author
Karen Anne, has been working on ForeclosureListings.com studying the foreclosures market, helping buyers on the finer points of Pico Rivera Foreclosed Homes. Try to visit ForeclosureListings.com and find all related information about Foreclosure Listings.
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Karen
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