| Company | Guardian Life Insurance Co. |
| Date Announced | 1/13/1998 |
| Site | 7 Hanover Square |
| Total Subsidy | $11.5 million |
|
$3.5 million |
| Promised Job Creation | 1,289 |
| Promised Job Retention | 1,475 |
| Length of Contract | 20 years |
| Competing Sites | Somers, N.Y. |
| Conditions | The agreement requires Guardian to maintain 1,475 jobs in New York City; otherwise the company will have to repay or reduce some or all of the benefits taken as well as face penalties and/or a reduction or elimination of any unused benefits. If Guardian creates an additional 1,289 jobs over the next 20 years (an average of less than 65 new jobs/year), the company qualifies for an additional $3.5 million in subsidies. |
| Notes | Of the city's total contribution, 31 percent is linked to job growth. |
| 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 |
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