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: 
MEGADEAL
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 http://goodjobsny.org/resources-tools/report-know-when-fold-%E2%80%99em-...

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: 
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