Bergen County Freeholders Unanimously Support LG Electronics' Building Project

Bergen County Freeholders Unanimously Support LG Electronics' Building Project

Board Recognizes the Significant Economic and Environmental Benefits of LG's
Expanded Presence in the County

PR Newswire

HACKENSACK, N.J., Sept. 4, 2013

HACKENSACK, N.J., Sept. 4, 2013 /PRNewswire/ --The Bergen County Board of
Chosen Freeholders has unanimously adopted a resolution supporting LG
Electronics' $300 million North American headquarters project in Englewood
Cliffs.

(Logo: http://photos.prnewswire.com/prnh/20110203/CG42292LOGO-d)

At its Sept. 3 public meeting, the Board recognized the significant economic
and environmental benefits of LG Electronics' expanded presence in Bergen
County. Following remarks by dozens of local residents and union workers in
support of the project, each of the seven Bergen County Freeholders voiced
their strong endorsements for the LG project before casting their votes for
the resolution.

"The support of the Bergen County Freeholders underscores the significant
impact of the LG project on our county and our state," said I.D. Kim, the LG
Electronics USA vice president overseeing the project. "This project will
create and retain thousands of jobs in Bergen County, and it's expected to be
the largest LEED Platinum project in the state."

The Freeholders' resolution followed on the heels of an economic impact study
released Tuesday by Bergen County Executive Kathleen Donovan.

The study evaluated the impact of the LG project on a range of factors
including state and local tax revenues, long-term and one-time job creation
and the revenues derived from the additional spending both at the corporate
level and by employees working at the new facility. The cumulative benefit of
these ongoing revenues to New Jersey over 20 years is projected to be $538
million. The study also showed that the building's construction will generate
an estimated $25 million in one-time direct, indirect and induced revenues to
New Jersey.

The endorsement by the Freeholders comes less than a month after Superior
Court Judge Alexander H. Carver III upheld the Englewood Cliffs Zoning Board's
approval of LG's new North American headquarters building.

The Bergen County Freeholders are the latest in a long line of local officials
and key constituency groups that support the LG project. Among those who have
already backed the LG project include Englewood Cliffs Mayor Joseph Parisi
Jr., NJ State Senator and Deputy Majority Leader Paul Sarlo (D-36), NJ State
Senator Bob Gordon (D-38) and Bergen County Executive Kathleen Donovan. The
project has also received the backing of the Bergen County Building and
Construction Trades Council.

The resolution – unanimously adopted on Sept. 3 by Freeholder Chairman David
L. Ganz, Fair Lawn; Freeholder Vice Chairwoman Joan M. Voss, Fort Lee;
Freeholder Chairman Pro-Tempore John A. Felice, River Edge; Freeholder Maura
DeNicola, Franklin Lakes; Freeholder John Mitchell, Cliffside Park; Freeholder
Steve Tanelli, North Arlington; and Freeholder Tracy Silna Zur, Franklin Lakes
– stated:

WHEREAS, LG Electronics received all necessary approvals and variances from
the Board of Adjustment of Englewood Cliffs to complete this project; and

WHEREAS, the Honorable Alexander H. Carver, III, J.S.C., affirmed the Board of
Adjustment of Englewood Cliffs' approval of the site plan application and
variance requests made by LG Electronics; and

WHEREAS, the Board of Chosen Freeholders is in favor of this project being
completed because it will keep LG Electronics in Bergen County, create 2,000
construction jobs over a two-year period, and enable LG to expand its
workforce in Englewood Cliffs from 500 employees today to 1,600 by 2020; and

WHEREAS, based on the statutory power and authority of the Board of Chosen
Freeholders, and for reasons of good governance;

NOW THEREFORE BE IT RESOLVED the Board of Chosen Freeholders supports the LG
Electronics headquarters project in Englewood Cliffs; and

BE IT FURTHER RESOLVED that this Resolution shall take effect immediately.

Construction on the project is expected to begin shortly, with preparations
already underway for the demolition of the existing buildings at 111 Sylvan
Ave.

About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North
American subsidiary of LG Electronics, Inc., a $45 billion global force and
technology leader in consumer electronics, home appliances and mobile
communications. LG Electronics, a proud 2013 ENERGY STAR Partner of the Year,
sells a range of stylish and innovative home entertainment products, mobile
phones, home appliances, commercial displays, air conditioning systems and
solar energy solutions in the United States, all under LG's "Life's Good"
marketing theme. For more information about LG Electronics, please visit
www.lg.com. For more information about the North American headquarters
building, please visit LGenglewoodcliffs.com.

SOURCE LG Electronics USA, Inc.

Website: http://www.lg.com
Contact: LG Electronics USA, John Taylor, +1-201-816-2166, john.taylor@lge.com