Subsidy Tracker Individual Entry

Company: 
Sayreville Seaport Associates LP (majority-owned by Prudential)
Parent Company: 
Prudential Financial
Subsidy Source: 
state
Location: 
New Jersey
City: 
Sayreville
County: 
Middlesex
Project Description: 

retail and residential development

Year: 
2014
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Subsidy Value: 
$223,277,590
Program Name: 
Economic Redevelopment and Growth (ERG) Program
Awarding Agency: 
New Jersey Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
3,900
Capital Investment: 
$1,168,623,000
Source of Data: 

The subsidy value and jobs and investment numbers were taken from New Jersey Economic Development Authority Approved ERG Projects document, updated on 5/20/2014 and available at: http://www.njeda.com/web/pdf/Approved_ERG_EOA.pdf. Sayreville Seaport Associates' application for the Economic Redevelopment and Growth (ERG) program is included in the New Jersey Economic Development Authority's Agenda for Board Meeting of the Authority May 16, 2014, p. 201-213; available at: http://www.njeda.com/web/pdf/eda/5162014agenda.pdf. For an investigative story on the connection between this subsidy award and political donations see: Jon Swaine, "Chris Christie backers awarded $223m tax break to build New Jersey mall," The Guardian, June 6, 2014; available online at: http://www.theguardian.com/world/2014/jun/06/chris-christie-backers-223m...

Notes: 

New Jersey Economic Development Authority awarded the developer $223.3 million, or about 20 percent of eligible costs, in reimbursement of various taxes. NJ EDA memorandum on the subsidy project indicates that Sayreville Seaport Associates is "undertaking a PILOT approval from the Borough of Sayreville"; however, no specific information on the PILOT has been reported. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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