Subsidy Tracker Individual Entry

Company: 
Pearson
Parent Company: 
Pearson
Subsidy Source: 
multiple
Location: 
New Jersey
City: 
Hoboken
Project Description: 

publishing company offices

Year: 
2011
Major Industry of Parent: 
information technology
Specific Industry of Parent: 
information services; media
Subsidy Value: 
$82,500,000
Program Name: 
Urban Transit Hub Tax Credit Program
Awarding Agency: 
Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
650
Source of Data: 

The value of the subsidy and the job projection came from: Andrew Kitchenman, "EDA awards Pearson $82.5M in Hoboken move," NJBIZ, September 19, 2011.

Notes: 

The tax credit was offered in connection with the relocation of Pearson's operations in Upper Saddle River, NJ. Shortly after the award of the subsidy, Pearson announced that about half of the jobs from Upper Saddle River would actually go to New York City, which offered the company at least $13.5 million in subsidies; see http://goodjobsny.org/newsroom/pearson-secures-subsidies-move-jobs-new-j... The Urban Transit Hub Tax Credit is also listed in the main Subsidy Tracker data for that program.

Source Notes: 
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