Tax Incentive Approved For Cinnaminson Sea Box Expansion

CINNAMINSON, NJ — The owners of the Sea Box facility in Cinnaminson have been granted a long-term tax exemption to build a 225,000 square-foot addition to its existing property.

Township Committee granted the exemption Monday night, the same night Committee re-introduced a proposal to enter into an agreement with Sea Box for the addition.

The proposal was initially introduced last month so that Sea Box could meet a deadline, according to Township Solicitor Stuart Platt. The plan was re-introduced in full during Monday night's meeting.

The tax exemption only applies to the addition, not the existing facility. Read more here: Cinnaminson Sea Box Factory Seeks 225K Square Foot Addition

Township officials estimate that the proposed project would yield approximately $1.3 million in the Township portion of property taxes over a 30-year period without the financial agreement. Under the financial agreement, the project would yield approximately $3.8 million in the Township portion of property taxes over the same period.

Seabox specializes in the design, custom modification and manufacturing of ISO shipping and storage containers, refrigerated containers, containerized shelters, modular building systems, and related parts and accessories for purchase or lease, according to the company's website.

Township Committee approved the re-introduced proposal with a 5-0 vote. The public hearing and final vote on the proposal is set for Nov. 16.