Tuesday, November 13, 2018

Billion dollar company run by multi-billionaire


And it is apparently so strapped for cash it needs the state and city of New York to give it a combined $1.5 Billion in tax breaks and incentives to build and stock an East Coast headquarters in the Borough of Queens. That's a bigger robbery than former Queens resident John Gotti ever managed and they put Gotti away for life.
Gov. Andrew M. Cuomo and Mayor Bill de Blasio stood together Tuesday to announce that they had emerged victorious from a nationwide competition to lure tens of thousands of Amazon jobs to New York.

But the big question people are asking is what did they offer the company, in terms of tax subsidies and other benefits, and what will New York City get in return?

Amazon finally gave some answers on Tuesday morning.

“Amazon will receive performance-based direct incentives of $1.525 billion based on the company creating 25,000 jobs in Long Island City,” the company wrote in a blog post formally announcing the deal, most of which come from a state tax credit. “Amazon will receive these incentives over the next decade based on the incremental jobs it creates each year.”

The state also offered a capital grant to the company that could total as much as $500 million that Amazon can use to build new offices.

And it will also apply for additional incentives through existing city programs available to any company, Amazon said. Tax experts said those programs, for hiring workers in boroughs outside Manhattan and for commercial development, could amount to hundreds of millions of dollars.

For its part, the company said it would "donate space on its campus for a tech start-up incubator and for use by artists and industrial businesses” and for a new school, as well as make investments in infrastructure and green space. It also agreed to spend $5 million on training and internship programs and to participate in “job fairs and resume workshops” at the nearby Queensbridge Houses, the largest public housing development in the country.

“We are thrilled that Amazon has selected New York City for its new headquarters,” Mayor Bill de Blasio said in a statement with Amazon and Mr. Cuomo.

But as the details emerge, many are likely to be angry that the costs — in crowded subways, rising home prices and strained sewers — could far outweigh the benefits of possibly 25,000 new workers making an average of $100,000.

Some already are.

“We’ve been getting calls and outreach from Queens residents all day about this,” Congresswoman-elect Alexandria Ocasio-Cortez, who will represent a neighboring Queens community, wrote on Twitter. “The community’s response? Outrage.”

Local politicians were promising protests.
Standard big money deal among the gantse machers and the tax payers will pay more to make them richer. And as usual with hinky real estate deals, the public will not have any say in the matter. Another reason, when you shop on line, research it on Amazon and buy it somewhere else.

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