Bergen County officials say a new study projects that the LG Electronics North American headquarters planned for Englewood Cliffs will bring upon a huge boost for the local economy and the entire state.
Both near and long-term benefits are expected said County Executive Kathleen Donovan in a statement Tuesday which reports that the study shows more than $500 million in direct, indirect and induced revenues will come to the state, region and county and borough over the next 20-years.
“The State of New Jersey and Bergen County need jobs, and this project will not only bring jobs, but it will help drive a strong local tax base and spur economic activity for years to come," said Donovan.
According to the study it's estimated that 1,100 direct permanent jobs would be created and retained as well as creating more than 2,200 direct construction jobs.
The study also claims that once the project is fully phased in 2020, it would generate $26 million annually in direct, indirect and induced recurring revenues. Over a 20 year period, assuming 3 percent annual inflation, this could be $538 million for the state, according to the county release.
The study was conducted by Biggins Lacy Shapiro (BLS Strategies) of Princeton and independently confirmed by the New Jersey Economic Development Authority.
The project, which is expected to begin later this year, has been met with much opposition including litigation from challengers, some who are looking to preserve the Palisades claiming the 143-tall building will compromise the hard-work that went into the preservation of the area.
Two local groups - Scenic Hudson and New Jersey State Federation of Women's Clubs - seek to appeal a state Superior Court decision from last month which upheld the height variance for the building which was given the okay by the borough's Zoning Board of Adjustment last year.
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