ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
in response to a threat from the online grocery delivery business Fresh Direct Holdings, Inc. to move its operations and facilities to New Jersey the New York City Industrial Development Agency and the New York State Empire State Development provided a subsidy package in 2012.
It includes approximately $80 million in NYCIDA financing; $18.9 million in available Excelsior tax credits; a $9 million Empire State Development capital grant; low-cost power through NYSERDA and New York Power Authority and the NYC Economic Development Corporation's Business Incentive Rate program. The company is also eligible to receive over $52 million through an as-of-right property tax abatement.
The GTA includes state guarantees and other financial incentives thatare likely to affect the restructuring and performance of firms facinginternational competition, whether from imports, in export markets, andfrom foreign subsidiaries.
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