Newark to offer $1B in tax breaks to land Amazon’s HQ2

Proposal is part of $7B package

TRD New York /
Aug.August 08, 2018 10:14 AM

From left: Broad Street in Newark, Ras Baraka, and Jeff Bezos (Credit: Wikipedia and Getty Images)

New Jersey is upping the ante in its bid to lure Amazon.com’s second headquarters to the state’s largest city.

Newark is considering offering as much as $1 billion in tax breaks to any company that creates 30,000 jobs and invests $3 billion in the city over the next 20 years, Bloomberg reported. The proposal, which is expected to be voted on at Wednesday’s City Council meeting, is part of the $7 billion package the state is offering in hopes of landing Amazon’s $5 billion headquarters.

If approved, the new payroll tax exemptions in Newark would apply to other companies, even if Amazon doesn’t ultimately choose the city.

Newark’s offer is one of the largest known subsidy packages presented by cities trying to woo Amazon. The company has shortlisted 20 locations, including New York, Los Angeles, Denver, Miami, Boston and Toronto. Montgomery County, Maryland, has offered up a $6.5 billion package.

Amazon also shortlisted three cities in the Washington, D.C. metro area, leading some to speculate that the company is leaning toward setting up shop there. [Bloomberg] — Kathryn Brenzel


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

arrow_forward_ios