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Preliminary Subsidy Inventory for Goldman Sachs' New HQ

Disclaimer: Because the City and State have failed to release any project materials relating to the Goldman Sachs deal, the following data could only be compiled from press releases and various news accounts.  Good Jobs New York will post

additional details as they become available.

• $1.65 billion in low-interest, triple-tax-exempt Liberty Bonds, enabling the firm to save as much as $9 million a year in financing costs.  This amounts to about $250 million over the life of the bonds.[1]

• $25 million in Federal World Trade Center Job Creation and Retention Program cash grants.[2]

• $115 million in sales and utility tax breaks, in return for its commitment to maintain its headquarters in Lower Manhattan and more than 9,000 jobs now in New York through 2028.  The value of the tax breaks could rise to $150 million if Goldman adds 4,000 new jobs by 2019.  Earlier this year these tax breaks were slated to be only $30-55 million.[3]  These tax breaks presumably cover energy costs and a sales tax exemption on construction costs and equipment purchases.

• Discounted Payments in Lieu of Taxes (or PILOTs, a property tax discount) to the Battery Park City Authority.  The 65-year lease agreement does not require the PILOT amount to be based on the assessed value of the building and the applicable property tax rate.  Furthermore, officials had originally indicated that over time the yearly payments would never exceed $15.11 per square foot, or $30.2 million. Under the new arrangement, the ceiling was set at $10.71 a square foot, or $21.4 million—a comparative savings of nearly $9 million a year.[4]

Goldman will also pay:

• a one-time lease payment of $161 million to the BPCA in February.[5]

• $900,000 a year to support and maintain Battery Park open spaces.[6]

• $3.5 million to the NY Public Library branch planned for a site at Murray Street and North End Avenue.[7]

• $1 million for a community center in a new residential development in BPC, and an undetermined amount will go toward an atrium walkway to connect the building, a nearby movie theater, and the hotel.[8]