City Incentives for Companies

[krulltime]

Pataki signs renewal of city incentives
Bill revises REAP to offer benefits to move downtown


July 12, 2004

Gov. George Pataki signed the Relocation and Employment Assistance Program bill last week, renewing a program of business tax credits that expired almost exactly one year ago. The incentives are the city's key weapon to prevent companies from leaving New York.

As rewritten, REAP provides incentives for the first time to companies moving from outside the city into Manhattan, below Houston Street. The program also provides $3,000 per employee for 12 years to companies that relocate from outside New York, or from south of 96th Street, to other areas of the city. According to the new law, companies can receive additional benefits for jobs created or added within five years of the initial relocation, capped at 100 jobs or twice the original number of jobs, whichever is greater.


Moving twice

The legislation allows companies to retain benefits if they move within the city twice in 12 years.

REAP had been held up for more than a year by Assembly Speaker Sheldon Silver over concerns that the program hurt lower Manhattan, which he represents.


Copyright 2004, Crain Communications, Inc

[krulltime]

Good for Pataki and the city. I always though that this bill will had been good if it will had been allowed to give it more time. Companies need time to think about how downtown is turning out to be.

Of course we know it is doing better and better. So this is realtive good news for downtown and the rest of NYC. :P

I dont think is going to hurt lower Manhattan like Sheldon Silver kept saying. It will actually benefit downtown as it becomes more attractive with new towers and businness tax breaks.

Sheldon Silver just like to pick on fights against otheres for his amusement. He is against anything the city or state wants to do...(Do a search on his name on other forums.)

[NYCResident]

I recently moved to BPC from the UWS and I can definitely say that lack of retail is the #1 issue I have. I knew coming in that I would not have access to the same level of conveinence I had previously, but there is such a huge gap between what is available here and what is available in other residential areas. I guess I will have to wait for retail to come back to the newly built WTC, but even before then, I wonder why at least 50% of the retail space in WFC is empty. Given that all the main business tenants are back and with 98%+ occupancy in BPC and other areas of Lower Manhattan, surely there is enough demand for some retailers to come back sooner?