Chase Subsidy News
City and State officials have stuck a deal with JP Morgan Chase to build a new office tower on the site of the Deutsche Bank building next to ground zero. It has been reported that Chase will pay the Port Authority $290 million for development rights, and that the bank will receive at least $230 million in tax breaks, discounted energy, and rent subsidies.
Many of the subsidies being provided to Chase would have been available under the programs approved by the New York State Legislature in June, 2005, which Assembly Speaker Sheldon Silver refers to as the "Marshall Plan" for Lower Manhattan.
• Read the Executive Summary.
• Read the Full Report: "Marshalling Subsidies: A Guide to the Lower Manhattan Commercial
Subsidy Package and the New Agreement to Redevelop Ground Zero."