As is often the case in these kinds of deals, the bank drew up a lengthy list of possible concessions. Chase wanted to cut the mortgage recording tax, the transfer tax and sales taxes on construction materials. It also sought job-training grants, low-cost power from the state, an underground passageway between the two buildings that would require alterations to the newly built No. 7 subway station and financial help with reinforcing the foundation. The neighborhood, formerly part of Hell’s Kitchen, was rezoned eight years ago for high-rise development by then-Mayor Michael R. Bloomberg. The rezoning included tax breaks and other incentives intended to encourage new construction. Continue reading the main story RECENT COMMENTS Quandry 2 hours ago Cuomo is the farmer, feeding Chase at the trough of the public dole...both Cuomo and Chase benefit financially, and the public throughout... MarkB3699 3 hours ago Why should the public give a dime to a corporate giant that will scew us the first chance it gets? Steve Fankuchen 3 hours ago Im willing to settle for a subsidy $999,000,000 less than Chase, and I promise to build something less rapacious and of more use to most... SEE ALL COMMENTS WRITE A COMMENT City officials, who estimated that there are already $600 million in tax breaks and other incentives associated with the two sites, have been reluctant to sweeten the deal for Chase.
Posted on: Fri, 17 Oct 2014 08:31:50 +0000
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