Company: MMC-DB Group, LLC Parent Company: Hampshire Companies Subsidy Source: state Location: New Jersey City: Paterson County: Passaic Address: Tower A: 703 Main Street; Tower B: 770-780 Main Street Project Description: hotel and office building Year: 2013 Major Industry of Parent: real estate Specific Industry of Parent: real estate Subsidy Value: $105,559,214 Program Name: Urban Transit Hub Tax Credit Program Awarding Agency: Economic Development Authority Type of Subsidy:
Number of Jobs or Training Slots: 250 Capital Investment: $138,593,446 Source of Data: The subsidy value and jobs and investment numbers were taken from the New Jersey Economic Development Authority's agenda for its December 10, 2013 board meeting, pp. 92-99; available at (click here) and from the agency's Approved UTHTC Projects document, updated on December 10, 2013 and available at: (click here). For an investigative story on the connection between this subsidy award and political donations see: Jon Swaine, "Chris Christie donor's property venture given $106m by state after law changed," The Guardian June 2, 2014; available at: (click here) Notes: MMC-DB Group, LLC -- a joint venture between Hampshire Companies, a real estate company, and the non-profit Medical Missions for Children -- was approved for $105.6 million in Urban Transit Hub Tax Credit over 10 years (if fewer than 200 jobs are created by a certification date, the tax credit will be reduced to $84 million; if the total investment is less than $100 million, the credit will be reduced to $83 million). The development includes two towers, a hotel and an office on the St. Joseph's Regional Medical Center campus in Paterson. The board meeting agenda indicated that the development was eligible for a PILOT from the city, but no other information about a PILOT was found. The investment figure is the total project cost. Jobs are full-time employees at the new facility. Overlap with main Subsidy Tracker data: none. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.