Subsidy Tracker Individual Entry

Company: 
Lord Abbett
Parent Company: 
Lord Abbett
Subsidy Source: 
state
Location: 
New Jersey
City: 
Jersey City
County: 
Hudson
Project Description: 

Relocation

Year: 
1998
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment management
Subsidy Value: 
$70,679,638
Program Name: 
Business Employment Incentive Program (BEIP)
Awarding Agency: 
Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
693
Capital Investment: 
$87,663,000
Source of Data: 

All Information was taken from: "Executed BEIP Grants Activity," New Jersey Economic Development Authority, April 30, 2014. Online at: http://www.njeda.com/web/pdf/BEIP_Activity_Alphabetical.pdf

Notes: 

In 1998 the New Jersey Economic Development Authority (NJEDA) approved a Business Employment Incentive Program award to investment management firm Lord Abbett estimated at $15.5 million, based on a projection that the company would create about 250 jobs. By 2014 the company actually created 693 jobs, so the amount of the subsidy jumped to more than $70 million. Overlap with main Subsidy Tracker data: there is a separate entry for the BEIP program containing the original $15.5 million estimate.

Source Notes: 
If an online information source is not working, check the Tracker inventory page for an updated link.