| Company | Brown Brothers Harriman |
| Date Authorized | 11/13/01 (deal closed 6/14/02) |
| Project Site | 140 Broadway, Manhattan |
| Competing Sites | New Jersey |
| Type of transaction/ Company type | Straight lease, commercial retention / Finance |
| Maximum City Subsidy | $4,285,350 |
|
$1,347,500 in sales tax retention benefits |
|
$1,850/employee to a cap of $2,140,000 in sales tax growth credits |
| Type(s) of City benefits |
Sales Tax Abatement - Up to $3,487,500 Energy benefits (BIR program) -- $796,000 |
| Benefits from New York State | Community Development Block Grant (part of the WTC Job Creation and Retention Program) -- $1.6 million |
| Total Benefits Allowed | $5,883,500 |
| Benefits Distributed to Date (according to Local Law 69 Report FY) | $61,000 |
| Promised Job Retention | 810 |
| Job recruitment | |
| Projected job growth | 680 |
| Total Promised Jobs | 1,490 |
| Jobs Reported in LL69 Report FY 2002 | 810 |
| Layoffs | ? |
| Length of Contract | 21 years |
| Project Purpose | Brown Bros. Harriman signed a lease for 140 Broadway in August 2001, leaving 63 Wall Street where it had been located since the 1830s. Following the September 11th attacks, the company received $1.6 million as part of the Job Creation and Retention Program to remain downtown at the 140 Broadway location for at least seven years. |
| Clawbacks | Comments from city development officials indicate that all companies receiving post 9/11 CDBG funds must agree to keep a base number of employees in NYC for at least seven years or face a double recapture penalty. |
| Background/Since then... | Gardiner & Theobald directed the relocation from Wall Street to Broadway. The owners of the 63 Wall Street building had difficulty in finding a new major tenant and attempted to sell the building. |
| Corporate Notes | Brown Brothers Harriman & Co. is the oldest and largest partnership bank in the U.S. |
| A note on sources -- Information in this deal comes from GJNY's examination of project agreements obtained through Freedom of Information Law requests, as well as news reports, minutes and notes taken at board meetings, and communication with our allies. The entries are a work in progress. For more information about the documentation behind GJNY's database, or to let us know about any developments that are not yet reflected here, please contact us at gjny@ctj.org or (212) 414-9394. | |
| Date last updated: 07/25/03 | |