| Company | CBS (first package) |
| Date Announced | 3/15/1993 |
| Site | West 57th Street |
| Total Subsidy | $49.3 million |
|
??? |
| Promised Job Creation | ??? |
| Promised Job Retention | 4,600 |
| Length of Contract | 15 years |
| Competing Sites | none |
| Conditions | In 1993, CBS pledged to remain in Manhattan until 2008 and spend $300 million to upgrade its studios on W. 57th St. with digital equipment. CBS didn't start renovations until summer of 1997, over four years later. |
| Notes | This package includes $21 million in sales tax exemptions, $6.5 million in city property tax abatements and $12.2 million in electricity savings. Then-Gov. Mario Cuomo, then-Mayor David Dinkins and CBS' then-Chairman Lawrence Tisch denied at the time that the package was a signal to other big firms to seek incentives, but immediately after CBS closed its deal, Capital Cities/ABC demanded its own subsidy package and eventually received $26 million in tax breaks and other incentives. Subsequently, numerous other media firms got in the dole line -- some of them twice, including CBS. |
| Corporate Notes | |
| Critics | |
| A
note on sources -- or why many of these profiles appear incomplete.
They are. Good Jobs New York compiled the numbers in these profiles from
press releases and news accounts of the deals. Unfortunately, more
detailed information on these subsidies is very difficult to obtain --
even though it should be readily available to the public. In many cases,
neither the company nor the city nor state released certain information,
particularly the terms of the agreement, i.e., the conditions which the
company had to meet in order to receive the subsidy. It should also be
noted that the value of the subsidy may not end up being equal to the
value estimated at the time of the agreement. And it should not be assumed
that the actual number of jobs retained and created will be the same as
the numbers predicted.
Because the public deserves easy access to information about how taxpayer dollars are being spent, Good Jobs New York will update these profiles as we uncover more information. Good Jobs New York - May 25, 2001 |
|