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DRBA Lands New Tenant for Office and Warehouse Property at Cape May Airport
By host on 09/15/2009:  

Title:
DRBA Lands New Tenant for Office and Warehouse Property at Cape May Airport
    Truth Recycling, LLC Hopes to Create 12-15 New Jobs at the Facility
Contact Info:
James Salmon, DRBA
(302) 571-6409
Peter DeCenzo/Donald O'Neill,
Truth Recycling, LLC
(732) 773-3563
Date of Issue:
09/15/09
.pdf of release; additional files
 Supplementary file (application/pdf, 106 Kb)
Press Release:
(Rio Grande, NJ) Today, Delaware River and Bay Authority (DRBA) Commissioners voted to authorize an agreement with Truth Recycling, LLC to lease a facility, commonly referred to as the Tomwar Building, at the Cape May Airport. The board approved Resolution 09-56 at the bi-state agency’s monthly meeting held in the Gallery of the Cape May Ferry Terminal in North Cape May, New Jersey. The new company plans to create approximately a dozen jobs when its new facility becomes operational.

According to Frank W. Minor, Deputy Executive Director of the DRBA, one of the Authority's goals is to be a growth catalyst, investing resources to create and retain jobs for our region. “The DRBA is pleased that Truth Recycling recognized the terrific business opportunity available with this site location and the dozen or so new jobs that are expected to develop as a result,” Minor stated. “Since the DRBA acquired this Airport property approximately 18 months ago, the agency has invested nearly $35,000 fixing the roof, gutting the office space and performing other site work and the Authority will continue to make the necessary capital investment required to attract new business opportunities at all of its aviation facilities, including Cape May Airport.”

Minor noted that the arrival of Truth Recycling, LLC at the Cape May Airport may be a magnet, drawing additional business interest in the airport complex from companies that may have synergies with the newly established recycler.

“Truth Recycling, LLC is finalizing an agreement to open the region’s first electronics and solar panel recycling center at the Cape May Airport in Lower Township,” stated Peter DeCenzo, managing partner of Truth Recycling, LLC. “The new complex will support the electronic recycling needs of Cape May County and provide a critical role in supporting the Nation’s emerging solar industry.” The principals, Donald O’Neill and Peter DeCenzo, are experienced in the recycling field, operating Brick Recycling in Ocean County, New Jersey for more than ten years. They can be reached by calling 732-773-3563 or don@brickrecycling.com.

Cape May Airport Building 97, which is located at 460 Saratoga Road, in Rio Grande (Block 410.01, Lot 36.18), contains 14,000 square feet of warehouse/manufacturing space and 1,248 square feet of office space and is situated on approximately 2.09 acres. The initial term of the lease is for five (5) years at an annual rent of $91,500, which will be adjusted annually per the Consumer Price Index (CPI). Truth Recycling has the option of renewing this Agreement for two (2) periods of five (5) years each. The previous tenant was a wallpaper catalog company.

The DRBA is a bi-state governmental agency created by Compact in 1962. It owns and operates the Delaware Memorial Bridge, the Cape May- Lewes Ferry, the Three Forts Ferry Crossing and the Salem Business Centre in Carney’s Point Twp., NJ. The DRBA also manages corporate and aviation properties through its economic development powers - two airports in New Jersey (Millville Airport and Cape May Airport) and three in Delaware (New Castle Airport, Civil Air Terminal and Delaware Airpark). All DRBA operating revenues are generated through the bridge, ferry and airport facilities.