With speculation igniting a frenzy over whether Amazon will place their 2nd headquarters in NJ, adding more than 50,000 jobs has more than the real estate market on its toes. Chris Christie is looking to back Newark New Jersey’s Amazon bid with $7 Billion in tax Breaks.
This means that the $7 Billion, that with a “B” will be in the form of potential tax credits to hire Amazon.com Inc’s planned 2nd HQ to Newark, which has ultimately been struggling to stage a broad economic revival.
The proposal would offset state and city taxes, including incentiving through NJ’s Economic Development Authority that could reach $5 Billion over 10 years, the Governor’s office stated in a statement on Monday. But didn’t I say $7 Billion? Where would the other Cool $2 Bill come from? Well $1 Billion would come from Property Tax Abatement and the other from a wage tax Waiver for employees.
A reputation for poverty and crime has kept New Jersey’s largest city on the sidelines of this urban revival we are seeing from the millennials. I mean Newark is only 10 miles from west of Manhattan. We have personally seen condo’s being sold simply becaus
e Prudential Financial Inc. has built a new office tower in Newark, and has backed several real estate projects.
Source: Bloomberg
“Seattle-based Amazon last month solicited proposals for the second headquarters, a project expected to cost more than $5 billion and create 50,000 jobs during the next 15 to 17 years. Politicians across the U.S. and Canada have eagerly expressed interest. Newark has competition from big cities such as Boston and Chicago and smaller markets including Tulsa, Oklahoma, and Memphis, Tennessee.”
For more information on Newark New Jersey and the Suburb revival, the McLain Realty Team has been selling many properties in Hoboken, Jersey City and Weehawken to name a few.
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