After much fanfare, Amazon just revealed that will the site of its second headquarters — which the idea has been referring to as “HQ2” — would certainly be in not one, although two, cities: completely new York City as well as Arlington, Virginia. According to Amazon, these cities will join Seattle to become the company’s three ~official headquarters.~
although when you dig into the fine print, Amazon’s big unveiling starts to sound like a run-of-the-mill announcement that will Amazon can be opening three completely new offices in North America. (Yes, the idea’s actually three. within the company’s HQ2 press Discharge, Amazon added that will Nashville, Tennessee would certainly also be getting an Amazon “Operations Center of Excellence” — whose main distinction by the two completely new headquarters can be that will the idea’s only bringing 5,000 jobs to Nashville, compared to the 25,000 each that will Amazon committed to completely new York as well as Arlington.)
that will’s not all Amazon equivocated about in its flashy HQ2 announcement. Here are 12 things about Amazon’s completely new HQ2 that will you may have missed in all the hype.
completely new York state can be paying Amazon a whopping $1.525 billion in incentives, which can be way more than what Arlington can be paying.
To break the idea down, completely new York can be giving Amazon a tax subsidy of $48,000 per job created, plus $325 million in cash by completely new York economic development corporation Empire State Development — no strings attached.
The state of Virginia, meanwhile, can be paying Amazon a $550 million cash grant over 12 years. Amazon could also claim up to $0 million by the state, depending on how many jobs the idea creates within the future. The city of Arlington can be offering $23 million in cash over 15 years, based on growth of the county hotel tax.
Tennessee can be offering Amazon a $65 million cash grant, so long as the company delivers on creating 5,000 jobs over seven years. The state can be also offering $21.7 million in state tax credits based on job creation. Meanwhile, the city of Nashville can be offering a $15 million cash payment based on job creation.
If you thought $1.5 billion was the final sticker cost for completely new York, you’d be wrong. The total can be more like $3 billion, considering everything within the package.
completely new York’s $1.5 billion in incentives don’t include city “as of right” incentives — separate tax subsidies offered through city programs — that will Amazon said the idea plans to apply for. Specifically, Amazon said the idea would certainly apply to completely new York City’s Industrial & Commercial Abatement Program (ICAP) as well as completely new York City’s Relocation as well as Employment Assistance Program (REAP).
No one seems to have heard of the “National Landing” neighborhood where Amazon says the idea will open its Arlington headquarters.
The “National Landing” area Amazon refers to in its HQ2 press Discharge doesn’t show up in a Google Maps search. “the idea’s not an actual neighborhood,” Sherif Abdalla, senior vice president of real estate agency Compass in Washington DC, told BuzzFeed News. “They named the idea that will as of 24 hours ago.”
According to the Wall Street Journal, even before Amazon had decided to put its headquarters in Long Island City, completely new York brokers sold units like crazy — even sight unseen, as well as via text message.
“This particular can be like a gift by the gods for the Long Island City condo market,” a real-estate agent told the Journal.