| Company | General Motors |
| Date Announced | 2/21/1995 (deal closed 12/21/1995) |
| Project Site | 1251 6th Ave., Manhattan |
| Competing Sites | Connecticut |
| Maximum City Subsidy | $1,401,250 |
|
$1,000,000 sales tax retention credits |
|
$1,250/employee to a cap of $400,000 |
| Type(s) of City benefits | Sales Tax Abatement - Up to $1.4 million |
| Benefits from New York State | ? |
| Total Benefits Allowed | ? |
| Benefits Distributed to Date (according to LL69 Report FY 2002) | $558,000 |
| Promised Job Retention | 191 |
| Projected job growth | 150 |
| Total Promised Jobs | 341 |
| Jobs Reported in LL69 Report FY 2002 | 224 |
| Layoffs | ? |
| Length of Contract | 15 years |
| Project Purpose | GM agreed to keep its treasury operation and pension investment management group in New York City for 15 years instead of moving to Connecticut. Of the total package, $400,000 is contingent on job growth. |
| Clawbacks | ? |
| Background/Since then... | ? |
| Corporate Notes | General Motors is the world's largest vehicle manufacturer. It employs 341,000 people, has manufacturing operations in 32 countries and sells its vehicles in more than 190 countries. In 2002, GM sold over 8.6 million cars and trucks, or nearly 15 percent of the global vehicle market. GM's headquarters in Detroit. |
| 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: 03/25/03 | |