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(The Factbox updated on Nov. 15 corrects to fix total New York City incentive figure to $2.81 billion from $1.525 billion.). (Reuters) – Amazon.com Inc (AMZN.O) said on Tuesday it had split its $5 billion second headquarters into two projects that would be located in the Long Island City neighborhood of New York City’s Queens borough and a Northern Virginia suburb of Washington, DC cufflinks with initials engraved uk sale. Each would have up to 25,000 jobs and Amazon will create a new facility in Nashville with 5,000 jobs. The retailer said it will get billions of dollars as direct incentives from the three selected cities, contingent to creating a specific number of jobs..
Below is the break-down of incentives the selected cities are offering the online retail giant. Total Incentive – $2.81 billion. This includes a refundable tax credit through the state’s Excelsior Program of up to $1.2 billion – $48,000 per job for 25,000 jobs with an average wage of over $150,000 cufflinks with initials engraved uk sale. A cash grant from Empire State Development of $325 million. The incentives will flow over the next decade as Amazon creates more jobs and occupies more buildings. Amazon is also eligible for a partial property tax abatement through the city’s Industrial & Commercial Abatement Program (ICAP) and an annual credit of $3,000 for 12 years per eligible employee under the Relocation and Employment Assistance Program (REAP)..
REAP benefits for Amazon’s 10-year expansion are projected at $897 million through 2038, while ICAP will abate about $386 million, according to a press release from the city. Total Incentive – $573 million. The incentives include a cash grant from the Commonwealth of Virginia of up to $550 million, or $22,000 per job, for creating 25,000 jobs with an average wage of over $150,000 over the next 12 years. A cash grant of $23 million over 15 years based on the incremental growth of the existing local Transient Occupancy Tax, a tax on hotel rooms cufflinks with initials engraved uk sale.
The Commonwealth of Virginia is also investing $195 million in infrastructure in the neighborhood, including improvements to the Crystal City and the Potomac Yard Metro stations and a pedestrian bridge connecting National Landing and Reagan National Airport cufflinks with initials engraved uk sale. Arlington will also dedicate an estimated $28 million based on 12 percent of future property tax revenues earned from an existing Tax Increment Financing (TIF) district for on-site infrastructure and open space in National Landing. Total Incentive – up to $102 million..
LOS ANGELES (Reuters) – BMW said it can force its hybrid cars switch to an electric-only mode in heavily polluted inner-city areas, helping its vehicles compete with pure battery-driven rivals as a raft of cities seek to create emissions-free zones. “The car switches off the combustion engine automatically,” BMW’s board member for development, Klaus Froehlich, told Reuters at the Los Angeles Auto Show cufflinks with initials engraved uk sale. Because of BMW vehicles’ connectivity and navigation systems, its cars can be converted to automatically disable engines, Froehlich said, adding that the new X5 sports utility vehicle has an operating range of 80 kilometers in electric-only mode..