| Company | SFX Entertainment |
| Date Announced | 3/17/2000 |
| Site | 220 W. 42nd St. |
| Total Subsidy | $4 million |
|
??? |
| Promised Job Creation | ??? |
| Promised Job Retention | ??? |
| Length of Contract | 15 years |
| Competing Sites | ??? |
| Conditions | none |
| Notes | The entertainment conglomerate reaped $3.5 million in tax breaks through the New York City Economic Development Corp. and a $500,000 cash grant from the Empire State Development Corp. for expanding its business into the historic Candler building in Times Square, across the street from the company's Ford Center theater. The company is leasing all 24 floors of the building, which is already benefiting from a tax break under the city's Industrial and Commercial Incentive Program s well as a historic preservation tax credit. |
| Corporate Notes | SFX Entertainment bills itself as the nation's largest provider of live entertainment, producing everything from Backstreet Boys concerts to Broadway shows to Monster Truck extravaganzas and owning and/or operating 120 major venues around the country, including the Ford Center theater in Times Square. The company's sports management arm represents more than 650 sports figures, including Michael Jordan and tennis star Andre Agassi. SFX's pending merger with Clear Channel Communications will bring into the SFX empire over half a million billboards, over 850 radio stations and more than 50 syndicated radio programs, including Rush Limbaugh and Dr. Laura. In 1999, the company states that more than 60 million people attended some 26,000 SFX-produced or -promoted events. |
| 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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