And while New York’s top politicians enthusiastically wooed Amazon, some local lawmakers said the $808 billion company shouldn’t receive “ massive corporate welfare” in order to invest in the city and instead should use its resources to help solve public problems such as aging subways.
In its release, Amazon said New York will get more than 25,000 full-time, high-paying jobs, about $2.5 billion in Amazon investment; 4 million square-feet of energy-efficient office space with the chance to expand to 8 million square feet; and an estimated incremental tax revenue of more than $10 billion over the next 20 years. Amazon will receive $1.5 billion if it meets its job-creation goals.
Amazon also agreed to donate space on its campus there for a tech startup incubator and for use by artists and industrial businesses; the company will also donate a site for a new public school. It also pledged to invest in infrastructure improvements and new green spaces.
“I said we would build a new New York State -- one that is fiscally responsible and fosters a business climate that is attractive to growing companies and the industries of tomorrow,” New York Governor Andrew Cuomo said in the statement from Amazon.
Arlington will benefit from the same number of jobs, investment and office space as Long Island City. The site will also benefit from an estimated incremental tax revenue of $3.2 billion over the next 20 years as a result of Amazon’s investment and job creation. Amazon will receive $573 million in incentives if it meets the job-creation pledge.
Virginia Governor Ralph Northam said it was a “big win” for the state.
This article was provided by Bloomberg News.