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Let's not forget, that of the $3B in subsidies, only $505M was a capital grant specific to Amazon, itself tied to Amazon investing $3.6B (see https://www.govern
by throwawaysea 8y ago
Let's not forget, that of the $3B in subsidies, only $505M was a capital grant specific to Amazon, itself tied to Amazon investing $3.6B (see https://www.governor.ny.gov/news/governor-cuomo-and-mayor-de-blasio-announce-amazon-selects-long-island-city-new-corporate https://www.governor.ny.gov/news/governor-cuomo-and-mayor-de...).
The rest of that $3B figure was from _existing_ programs that are also available to other companies, should they meet the eligibility requirements. The Excelsior program at the NY state level made up $1.2B. The other bits are ICAP and REAP, which are NYC programs. The city projected that Amazon would be eligible for $897M from REAP and $386M from ICAP through 2038. I say 'projected' since AFAIK, these are incrementally granted credits based on what is incrementally delivered by the employer.
The city/state projected 107,000 total direct and indirect jobs, over $14 billion in new tax revenue for the State and a net of $13.5 billion in City tax revenue over the next 25 years. And $186 billion in Gross State Product for the New York State economy over the initial 25 years.
This was a tremendously positive deal for NY/NYC and despite multiple polls showing majority support among constituents for the deal, it got tanked by a vocal minority of far-left socialist activists/politicians. Governments and companies need to develop a stronger spine, ignore the social media outrage machine, and learn to sift out/ignore loud voices who have the time to engage in a visible/disruptive manner (which incorrectly skews opinion away from silently-held opinions that are equally valid).