Business Services Industry
Firms may leave city as tax breaks expire; Tough choices loom, with AXA, Disney, Viacom in play.(News)
Crain's New York Business, November, 2006
Byline: Julie Satow When viacom inc. threatened to move 1,600 workers to New Jersey in the 1990s, Mayor Rudy Giuliani offered the media giant millions of dollars in tax breaks. In exchange, Viacom agreed to stay and expand in Manhattan. Now, the company's incentives and leases are expiring, and it is back in the market for as much as 2 million square feet.
Among the locations that Viacom is considering is Jersey City, forcing the city to once again confront the company's possible departure. Viacom isn't the only one. Tax incentive deals enjoyed by several large companies, including The Walt Disney Co., AXA Equitable and Merrill Lynch & Co., are due to expire in the next several years. Merrill Lynch announced this month that it may move its headquarters...
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