Back to ReconstructionWatch links page

First round of "business retention" subsidy deals announced: Fourteen firms granted a total of $32.9 million.

Recipients Amounts

Ambac Financial Group                                               $300,000
Bank of Nova Scotia                                                   $3 million
Brown Brothers Harriman                                            $1.6 million
Century 21 department store                                       $2.4 million
Deloitte Consulting                                                      $1 million
Deloitte & Touche,                                                      $13 million
Fried, Frank, Harris, Shriver & Jacobson, a law firm      $770,000
Holland & Knight, a law firm                                         $1.7 million
Hughes Hubbard & Reed, a law firm                             $450,000
Media Planning Group                                                 $875,000
Nomura Holding America                                             $5 million
Pace University                                                           $600,000
Refco Group, a financial firm                                        $2 million
Wildcat Service Corporation, a job training provider,      $200,000

These firms will be eligible for either $3,500 or $5,000 per employee, depending on location, once they sign or renew a lease. Each grant will be paid in two equal installments, the first upon approval and the second 18 months later.

Note: No formal contracts have been signed thus far. This list represents announced agreements to proceed towards binding contracts. In return for the money, companies will be required to sign multi-year leases and maintain a certain base level of employment in Lower Manhattan. Companies that fail in their commitments face the possibility that up to twice the value of their tax break must be returned to the City.