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.