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Second round of "business retention" subsidy deals announced: Five additional firms receive a total of $31.05 million.

Recipients Amounts

American Express $25 million*

Cahill Gordon & Reindel $2.35 million

Dow Jones & Co. $1.5 million

Standard Chartered Bank $1.5 million

Strook & Strook & Lavan $700,000

*American Express received the largest package so far announced at $25 million despite the fact that, according to spokesperson Tony Mitchell, the company’s "decision to return downtown, which has been our home for more than 150 years, was not predicated on financial incentives." The decision to return to its headquarter space at Three World Financial Center was made in December, well before the carrot of a big check was introduced by city and state officials.

The grants announced today represent even more than the first round – announced in late April – a missed opportunity by the City and State to use Federal Community Development Block Grant (CDBG) funds to provide urgently needed short term and long term support to workers affected by the September 11th attacks. CDBG funds are supposed to help create economic development opportunities for low income communities. Instead of staying within the guidelines of CDBG provisions, the US Department of Housing and Urban Development (HUD) provided waivers, and grant recipients have included the city's wealthiest corporations.

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.