Newspaper article excerpt regarding World Trade Center site, undated

NYC 9/11 Public Portal Document

I Boari^^pproves Incentives for Tower Downtown --------- tive location in Midtown that met its ... that Goldman would have to make Continued From Pc^e Bl requirements. State and city officials for Its new headquarters, an ar­ say Goldman could have extended its rangement that officials confirmed for the project from $1 billion to $1.65 leases at 85 Broad Street, 1 New only this week. Officials had origi­ billion. The city’s Independent Budg­ York Plaza and other buildings nally indicated that over time, the et Office estimates that Goldman downtown. But It would not have had yearly payments, arranged when a will save about $9 million a year in the same impact as a commitment to developer is building bn publicly Interest payments, up from $5.5 mil­ build a $2 billion tower. owned land, would never exceed lion, because the bonds are exempt The state and city are also giving $15.11 per square foot, or $30.2 mil­ from taxes. A public hearing on the the company $115 million in tax lion. Under the new arrangement, bonds is the next step in the approval breaks and CMh grants. In return for the celling was set at a lower rate, process, followed by final approval its commitment to maintain its head­ $10.71 a square foot, or $21.4 million. from the state. quarters in Lower Manhattan and Jordan Barowltz, a spokesman for "We felt we had to make an at­ more than 9,000 jobs now in New the mayor, said the state had agreed tractive offer that we believed would York through 2028. The value of the to reimburse the city for the differ­ be compelling enough to make them tax breaks could swell to $150 million ence, which he said would be about reconsider Site 26,’’ said Adam L. if Goldman’s work force grows in the $40 million between 2012 and 2026. Barsky, deputy secretary to Gov. coming years. But earlier this year, Mr. Carey, of the authority, said George E. Pataki, referring to the officials offered tax breaks worth Goldman would pay about $900,000 a parcel in question. only $30 million to $55 million; year toward the upkeep of Battery Real estate executives say Gold­ At the same time, the city recon­ Park City and $3.5 million toward de­ man was unable to fii^ an altema- figured the payments in lieu of^axes signing and building a new library.

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