Subsidy Tracker Individual Entry

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: 
MEGADEAL
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 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...

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: 
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