Basic Search  |  Geographic Searches  |  Advanced Search | Megadeals

Subsidy Tracker Individual Entry

Company: Chase Manhattan (now JPMorgan Chase)
Parent Company: JPMorgan Chase
Subsidy Source: multiple
Location: New York
City: Brooklyn
County: Kings
Project Description: banking back offices
Year: 1988
Major Industry of Parent: financial services
Specific Industry of Parent: banking & securities
Subsidy Value: $235,000,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 5,000
Source of Data: The subsidy value and projected number of retained jobs came from: Thomas J. Lueck, "Chase, With $235 million Incentive Package, Picks Brooklyn," New York Times, November 10, 1988. Details on the components of the package came from: Know When to Fold 'Em: Time to Walk Away from NYC's Corporate Retention Game (Good Jobs New York, February 2004); online at (click here)
Notes: To get the company to remain in New York City rather than relocating to New Jersey, NYC gave the company property tax abatements worth an estimated $108 million; sales tax exemptions on construction materials worth an estimated $51 million; electricity discounts worth $35 million; $16 million in relocation tax credits; and the rest in infrastructure improvements. Overlaps with main Subsidy Tracker data: a $79.2 million NYC Commercial Growth Project entry for 1989.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.