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NJ revives incentives; city vows to compete; Downtown could lose big; Moody's move shows risks.(News)(Business Employment Incentive Program)
Crain's New York Business, June, 2003 by Croghan, Lore
Byline: lore croghan New Jersey is reinstating a crucial incentive program, dealing a blow to the Bloomberg administration's economic development strategies. Last week, New Jersey Gov. James McGreevey revived the Business Employment Incentive Program, which cuts real estate costs for companies that create jobs in the state.
The program has helped draw thousands of jobs away from Manhattan, but was suspended earlier this year because of the state's $5 billion budget shortfall. In response to the return of the BEIP, New York City will come up with incentives of its own. "At the end of the day, we're not going to sit back,'' says Deputy Mayor Daniel Doctoroff. "We'll do what we have to do.'' The Bloomberg administration will continue to avoid "corporate...
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