Subsidy Tracker Individual Entry

Company: 
RBC Capital Markets
Parent Company: 
Royal Bank of Canada
Subsidy Source: 
state
Location: 
New Jersey
City: 
Jersey City
County: 
Hudson
Project Description: 

relocation of investment bank

Year: 
2014
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Subsidy Value: 
$78,750,000
Program Name: 
Grow New Jersey Assistance Program
Awarding Agency: 
New Jersey Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
900 new jobs
Source of Data: 

The value of the subsidy package is taken from New Jersey Economic Development Authority Agenda, May 16, 2014; available online at: http://www.njeda.com/web/pdf/eda/agenda_051614.pdf. The job number is taken from Terrence McDonald, "Welcome: Here's your tax break," Jersey Journal, May 19, 2014.

Notes: 

To encourage RBC Capital Markets, a Canadian investment bank, to relocate from New York City to Jersey City, the state approved $7,875,000 in tax credits per year for 10 years. Overlaps with main Subsidy Tracker data: a 2014 Grow New Jersey Assistance Program entry for RBC Capital Markets, LLC for $78,750,000.

Source Notes: 
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