| Company | DoubleClick |
| Date Announced | 2/2/1999 (deal closed 2/28/2000) |
| Project Site | 41 Madison Ave, 450 W 33rd St, 245 Fifth Ave, Manhattan |
| Competing Sites | Weehawken, N.J. |
| Maximum City Subsidy | $3,721,750 |
|
$500,000 in sales tax retention credits |
|
$1,750/employee to a cap of $2,664,000 |
| Type(s) of City benefits |
Energy Benefits (BIR
program) -- $556,000 Sales tax breaks -- Up to $3,164,000 ($500,000 for retention and possible $2,664,000 in growth credits) |
| Benefits from New York State | ? |
| Total Benefits Allowed | ? |
| Benefits Distributed to Date (according to LL69 Report FY 2002) | $804,000 |
| Promised Job Retention | 312 |
| Promised Job Creation | 756 |
| Total Promised Jobs | 1,068 |
| Jobs Reported in LL69 Report FY 2002 | 458 |
| Layoffs | In late 2000, DoubleClick eliminated 100 employees. |
| Length of Contract | 15 years |
| Project Purpose | DoubleClick is the company behind many internet banner ads and has compiled a giant database of computer users' consumer preferences. It was one of the first new media companies, along with theGlobe.com, to receive an incentive package to remain in New York City. The company said it needed the subsidies in order to relocate operations from two locations in the financial district to the far west side space instead of moving to Weehawken, N.J. |
| Clawbacks | Penalties apply if Doubleclick moves a certain percentage of base employees out of NYC. |
| Since then . . . | |
| Corporate Notes |
Dean Daniels, Chief Operating Officer of theGlobe.com, underscores why few
new media companies really want to move to New Jersey: "The talent
pool in New York is one of the compelling reasons to stay in the
city" (Crain's New York Business, 2/22/99). |
| 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: 09/30/03 | |