By Erin Durkin
November 12, 2011
J.P. Morgan Chase is raking in millions in city subsidies for its downtown Brooklyn buildings — but falling far short on it promises to bring jobs to the borough, advocates charge.
Chase Manhattan Bank, which has since merged with J.P. Morgan, pledged to bring 5,000 jobs to two buildings at the MetroTech Center when it signed a 25-year deal for $235 million in tax breaks and other subsidies in 1989.
But the latest state records say there are only 1,593 full-time workers at the site.
“This building is one of the most egregious examples of wasteful corporate subsidies,” said Nathalie Alegre, an organizer with the Alliance for a Greater New York, who protested at the MetroTech offices last Thursday. “Create good jobs, or give us our money back.”
Activists showed up with “past due” notices for Chase executives, chanting, “Hey, hey, Chase, we’re not your ATM!”
City Industrial Development Agency officials said the deal was structured so that Chase was only legally required to have 4,500 jobs at MetroTech through 2002, and they met that requirement.
They cut the number of jobs after that, but have continued to get tax breaks every year, and will keep receiving them through the end of next year when the 25-year deal ends.
For the full story visit: New York Daily News
This story also appeared in the Brownstoner