| Company | Quick and Reilly/Fleet Securities |
| Date Announced | 1/16/2000 |
| Site | 26 Broadway |
| Total Subsidy | $4.8 million |
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??? |
| Promised Job Creation | 1,053 |
| Promised Job Retention | 1,085 |
| Length of Contract | 15 years |
| Competing Sites | Jersey City, N.J. |
| Conditions | Quick and Reilly must increase New York City personnel by 5% a year for the length of the contract. |
| Notes | Quick and Reilly received the $4.8 million in municipal tax incentives to defray the cost of expansion. The firm had been considering a move to the Lefrak Organization's office complex in Jersey City. The 12.5 year lease at 26 Broadway increases Quick and Reilly's presence by almost a third, making it the largest tenant at the 1920's vintage tower. |
| Corporate Notes | Founded in 1974, Quick and Reilly was the first New York Stock Exchange member firm to offer discounted stock commissions to retail clients. Fleet Securities is Quick and Reilly's parent firm, the nation's eighth largest diversified financial services company, with more than $185 billion in assets. |
| 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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