Subsidy Tracker Individual Entry

Company: 
ICAP North America
Parent Company: 
ICAP
Subsidy Source: 
state
Location: 
New Jersey
City: 
Jersey City
County: 
Hudson
Project Description: 

headquarters relocation

Year: 
2002
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Subsidy Value: 
$127,107,428
Program Name: 
Business Employment Incentive Program (BEIP)
Awarding Agency: 
Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
250
Source of Data: 

The value of the subsidy package and the job data is taken from: "Executed BEIP Grants, from 06/01/1996 to 01/31/2013"; available on-line the New Jersey Economic Development Authority website: http://www.njeda.com/web/pdf/BEIP_Activity_Alphabetical.pdf. The data was confirmed by the New Jersey Economic Development Authority on March 27, 2013.

Notes: 

In 2002, ICAP North America relocated from New York City to Jersey City. Originally, New Jersey granted the company $8.3 million through BEIP program, but because prior to 2004 there was no cap on the amount disbursed through the program, ICAP has been receiving subsidies based on the number of actually created jobs. Since the company created 980 jobs, the payout has gone far beyond the original award: $127,107,428 as of January 2013. The main Subsidy Tracker data lists the original award of $8.3 million in a 2001 entry for the BEIP program.

Source Notes: 
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