Terrence T. McDonald at the Jersey Journal points out that all the blather coming from the mayor's office about the big job creation at 101 Hudson comes at quite a cost to the taxpayers.
When Steve Fulop talked up the announcement that First Data, an Atlanta payment processing company he claimed the 74 new jobs were proof that:
Jersey City is becoming a "preferred location" for businesses.
Really, so why the need for ridiculous tax breaks? Fulop had more in a statement:
"We are very thankful and excited that First Data's leadership sees the benefits of growing a business in Jersey City," he said. "Jersey City is becoming a preferred location for business and is leading the state economy with job creation."
Ok Jersey City, here's what Mayor Fulop didn't say. The Economic Development Authority is giving out a SIX MILLION dollar tax credit for First Data to move up one floor. One floor. Currently they reside on the 39th floor at 101 Hudson and now they get a lot of our money (an idea wholly supported by Mayor Fulop) to move up one floor and add 74 people. Let's face facts, it's just a bad deal for NJ taxpayers. Do the people involved in this really think there's some kind of economy crushing threat if First Data were to take the current 20 or so employees back to Atlanta?
One floor. 74 workers. Six million dollars. The disconnect between candidate Fulop and mayor Fulop grows more by the day. Johnny sure misses the guy who ran for mayor.
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