Goldman’s new HQ to be publicly subsidized

Goldman Sachs Group’s new headquarters, adjacent to the World Trade Center site, will be subsidized by taxpayer money, according to Bloomberg. When construction of the 43-story skyscraper began in November 2005, the government was so determined to keep office tenants in Lower Manhattan that the new headquarters’ proposed location granted the company the ability to sell $1 billion in tax-free Liberty Bonds, Bloomberg reported, and landed them $49 million in job grant funds and tax exemptions. John Cahill, who was chief of staff to former New York Governor George Pataki, and helped negotiate the deal, said that the incentives to keep Goldman in the Financial District were essential to the health of the neighborhood. “It was absolutely imperative that Goldman Sachs keep its world headquarters downtown,” Cahill said, adding that, “they had the financial resources to move anywhere.”

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