Subsidy Tracker Individual Entry
hotel and office building
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 http://www.njeda.com/web/pdf/eda/12102013agenda.pdf and from the agency's Approved UTHTC Projects document, updated on December 10, 2013 and available at: http://www.njeda.com/web/pdf/eda/12102013minutes.pdf. 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: http://www.theguardian.com/world/2014/jun/02/christie-donor-property-ven...
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.