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 2 ndHQ to Newark, which has ultimately been struggling to stage a broad economic revival.
The proposal would offset state and city taxes, including incentivizing 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 because 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.
Don’t forget to ask us about our Exclusive 2 Year Love It or Leave It Program. When you buy a home through John McLain or anyone on the McLain Realty Team and are not 100% in love with the property for ANY reason within 24 months after closing, we will personally buy it back or list it for free! www.2YearLoveItorLeaveIt.com
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John McLain Broker-Associate 9088789356
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