| Company | Spear Leeds and Kellogg |
| Date Announced | 1/1/1994 |
| Site | 120 Broadway, 111 Broadway, 86 Trinity Place |
| Total Subsidy | $2.4 million |
|
$0.5 million |
| Promised Job Creation | ??? |
| Promised Job Retention | 700 |
| Length of Contract | ??? |
| Competing Sites | Jersey City, N.J. |
| Conditions | none |
| Notes | In September 1997, Spear Leeds and Kellogg decided to double the amount of space it leases in Jersey City, and moved jobs despite the subsidy to retain jobs in the New York offices. The Capital Markets Headquarters was moved to 10 Exchange Place, Jersey City, New Jersey. According to documents from the Economic Development Corporation, the city has not initiated recapture provisions. |
| Corporate Notes | In September 2000 Goldman Sachs purchased Spear Leeds and Kellogg for $7.5 billion in cash, stock and debt. |
| 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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