| Company | Cotton Exchange and Coffee, Sugar and Cocoa Exchange (never used) |
| Date Announced | 4/4/1996 |
| Site | Tribeca |
| Total Subsidy | $98.8 million |
|
??? |
| Promised Job Creation | ??? |
| Promised Job Retention | 5,500 |
| Length of Contract | 30 years |
| Competing Sites | Jersey City |
| Conditions | none |
| Notes | In October, 1995, the Coffee, Sugar and Cocoa Exchange agreed to stay in the city after being offered a package worth $91 million. Earlier the same week, the Cotton Exchange had announced it would move to New Jersey. The sister exchanges had intended to locate together. Eventually, in April 1996, the Cotton Exchange agreed to remain in New York and the two exchanges received a sweetened $98.8 million package. The two sister exchanges never moved to the Tribeca project location, however, and they didn't cash in on their $98.8 subsidy deal. Three years later, the two exchanges merged into a single entity dubbed the New York Board of Trade and scrambled to retain some of the original subsidy. The Board of Trade was offered a new package worth $31 million to stay put at the World Trade Center. (See New York Board of Trade.) |
| Corporate Notes | The two sister exchanges merged in 1998 to form the New York Board of Trade. |
| 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 |
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