| Company | New York Times (first of two - click here for second deal) |
| Date Announced | 12/22/1993 (deal closed 12/15/93) |
| Project Site | College Point industrial park, Queens (city-owned) |
| Competing Sites | Carlstadt, N.J. |
| Type of transaction/ Company type | Commercial retention / media |
| Maximum City Subsidy | ? |
|
? |
|
$0 |
| Type(s) of City benefits |
Property tax breaks -- $5 million Cash grants -- $4.7 million Relocated job credits -- $1.1 million Sales tax exemptions -- $4.8 million Energy benefits (from the New York Power Authority) -- $13.3 million Additional subsidies are possible if the Times' expansion plans are "fully realized," according to a New York Times Co. press release. |
| Benefits from New York State | ? |
| Total Benefits Allowed | $28.7 million |
| Benefits Distributed to Date (according to Local Law 69 Report FY) | $318,000 |
| Promised Job Retention | 1,000 |
| Job recruitment | |
| Projected job growth | |
| Total Jobs | |
| Jobs Reported in LL69 Report FY 2001 | 934 |
| Layoffs | |
| Length of Contract | 35 years |
| Project Purpose | The city and state assembled this package to subsidize the construction of the newspaper's new printing and distribution operations at College Point industrial park. |
| Clawbacks | ? |
| Background/Since then... | The NYT has since received a second subsidy package for its Times Square headquarters. |
| Corporate Notes | The New York Times Co. also owns the Boston Globe. |
| 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 | |