Subsidy Tracker Individual Entry

Company: 
Verizon Communications
Parent Company: 
Verizon Communications
Subsidy Source: 
state
Location: 
New Jersey
City: 
Basking Ridge
Project Description: 

telecommunications operations center

Year: 
2005
Major Industry of Parent: 
telecommunications
Specific Industry of Parent: 
telecommunications
Subsidy Value: 
$81,600,000
Program Name: 
multiple
Awarding Agency: 
Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
2,800
Source of Data: 

The value of the subsidy and its breakdown come from: Telecom Giant Dials "M" for Money and New Jersey Picks Up the Charges (New Jersey Policy Perspective, May 2005); online at http://www.njpp.org/reports/telcom-giant-dials-m-for-money-and-new-jerse.... See also: "Dial 'J' for Jersey," NJBIZ, April 4, 2005.

Notes: 

The package, awarded in connection with a plan by the company to move into the former AT&T headquarters, included a $63.9 million grant from the Business Employment Incentive Program (BEIP), $2.7 million from the Business Retention and Relocation Assistance Grant (BRRAG) program, and sales tax exemptions on building materials and equipment estimated to be worth up to $15 million. The jobs projection included 1,000 positions that the company would relocate from elsewhere in New Jersey. The BEIP award is also listed in the main Subsidy Tracker data with an amount of $87.8 million along with a BRRAG entry for $1.16 million.

Source Notes: 
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