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Backlash from locals, politicians erupts over Amazon's HQ2 split • The Washington Post
Taylor Telford:
<p>While Amazon has touted the prosperity the headquarters would bring — pledging to make $5bn in capital investments and create 50,000 jobs between the two headquarters — politicians voiced concerns that the influx of tech workers would fuel inequality and hurt lower-income populations. Others slammed the company for settling on obvious cities after a lengthy search that drew 238 bids, including many from smaller cities in need of the “transformation” Amazon promised.

While New York Gov. Andrew Cuomo implored Amazon to come to New York City, reportedly saying he’d “change his name to Amazon Cuomo if that’s what it takes”, local politicians were wary about the deal. Prior to the announcement, New York City council member Jimmy Van Bramer and state senator Michael Gianaris published a joint statement in the Yonkers Tribune criticizing the use of “scarce public resources” as "massive corporate welfare. Now, Van Bramer and Gianaris are teaming up with local activist groups to protest Amazon’s plans on Wednesday.

“Say no to the richest company in the world robbing over $1bn from state funding for our schools, transit and housing,” the ad for the protest reads.

Democratic Rep.-elect Alexandria Ocasio-Cortez tweeted Monday that her office had been flooded with calls from residents who were outraged by the pending Amazon deal. She also questioned who would truly benefit from -- and who would pay for -- the transformation the company touted.

“Amazon is a billion-dollar company. The idea that it will receive hundreds of millions of dollars in tax breaks at a time when our subway is crumbling and our communities need MORE investment, not less, is extremely concerning to residents here,” Ocasio-Cortez tweeted Monday.</p>


Hmm. Think Amazon and/or New York will be dialling back on the subsidies over the course of the next few.. time periods.
amazon  hq2  subsidy 
2 days ago by charlesarthur
Amazon’s HQ2 spectacle isn’t just shameful—it should be illegal • The Atlantic
Derek Thompson:
<p>there are three major problems with America’s system of corporate giveaways.

First, they’re redundant. One recent study by Nathan Jensen, then an economist at George Washington University, found that these incentives “have no discernible impact on firm expansion, measured by job creation.” Companies often decide where they want to go and then find ways to get their dream city, or hometown, to pay them to do what they were going to do anyway. For example, Amazon is a multinational company with large media and advertising divisions. The drama of the past 13 months probably wasn’t crucial to its (probable) decision to expand to New York City, the unambiguous capital of media and advertising.

Second, companies don’t always hold up their end of the deal. Consider the saga of Wisconsin and the Chinese manufacturing giant Foxconn. Several years ago, Wisconsin Governor Scott Walker lured Foxconn with a subsidy plan totaling more than $3bn. (For the same amount, you could give every household in Wisconsin about $1,700.) Foxconn said it would build a large manufacturing plant that would create about 13,000 jobs near Racine. Now it seems the company is building a much smaller factory with just one quarter of its initial promised investment, and much of the assembly work may be done by robots. Meanwhile, the expected value of Wisconsin’s subsidy has grown to more than $4bn. Thus a state with declining wages for many public-school teachers could wind up paying more than $500,000 per net new Foxconn job—about 10 times the average salary of a Wisconsin teacher.

Third, even when the incentives aren’t redundant, and even when companies do hold up their end of the bargain, it’s still ludicrous for Americans to collectively pay tens of billions of dollars for huge corporations to relocate within the United States.</p>

His suggestion: federal legislation which claws back 100% of any state subsidy.
Amazon  hq2  subsidy 
4 days ago by charlesarthur
Amazon selects New York City and northern Virginia for new headquarters • About Amazon official blog
Day One Staff:
<p>• As part of Amazon’s new headquarters, New York and Long Island City will benefit from more than 25,000 full-time high-paying jobs; approximately $2.5bn in Amazon investment; 4m square feet of energy-efficient office space with an opportunity to expand to 8m square feet; and an estimated incremental tax revenue of more than $10bn over the next 20 years as a result of Amazon’s investment and job creation.

• Amazon will receive performance-based direct incentives of $1.525bn based on the company creating 25,000 jobs in Long Island City. This includes a refundable tax credit through New York State’s Excelsior Program of up to $1.2bn calculated as a percentage of the salaries Amazon expects to pay employees over the next 10 years, which equates to $48,000 per job for 25,000 jobs with an average wage of over $150,000; and a cash grant from Empire State Development of $325m based on the square footage of buildings occupied in the next 10 years. Amazon will receive these incentives over the next decade based on the incremental jobs it creates each year and as it reaches building occupancy targets. The company will separately apply for as-of-right incentives including New York City’s Industrial & Commercial Abatement Program (ICAP) and New York City’s Relocation and Employment Assistance Program (REAP).

• The community will benefit from New York City providing funding through a Payment In Lieu Of Tax (PILOT) program based on Amazon’s property taxes on a portion of the development site to fund community infrastructure improvements developed through input from residents during the planning process. Amazon has agreed to donate space on its campus for a tech startup incubator and for use by artists and industrial businesses, and Amazon will donate a site for a new primary or intermediary public school. The company will also invest in infrastructure improvements and new green spaces.</p>

Struggling startup Amazon getting a billion-dollar helping hand there from NYC. So kind.

A reminder that the kickback to Foxconn helped get Scott Walker kicked out in Wisconsin. I wonder how it's going to play for the politicians who were behind this? The ones who aren't - notably new electee Alexandra Ocasio-Cortez - are making a lot of noise about it.
Amazon  hq  nyc  subsidy 
4 days ago by charlesarthur
Consumer Advocate Asks PUC To Settle Questions Raised by Berlin Biomass Subsidy - InDepthNH.orgInDepthNH.org
The state Consumer Advocate wants state utility regulators to determine if a recently passed law would increase costs for Eversource’s electric ratepayers.
InDepthNH  OCA  biomass  legislation  subsidy 
8 weeks ago by eversourcenh
Hidden costs: Subsidies are paid by the rest of us | New Hampshire
Supporters of ratepayer subsidies for biomass and solar energy rallied at the State House last week, urging the Legislature to override Gov. Chris Sununu’s vetoes of two bills.
UnionLeader  editorial  biomass  legislation  subsidy 
9 weeks ago by eversourcenh
Why should New Hampshire subsidize large Texas utilities? | Letters To Editor | laconiadailysun.com
Response to Bob Giuda: Bob ... on your article in the Laconia Daily Sun, you fail to mention that the Biomass plants in NH are owned by GDF Suez Energy North America — a large TX utility. Why should we subsidize an Out-of-State Corporation? If the biomass plants were run by local smaller firms that would be great and I would be all for it ... but giving breaks to Large Corporations LIKE Eversource and GDF Suez Energy North America is a "NO" in my book.
laconiadailysun  letter  biomass  subsidy  sununu  veto 
11 weeks ago by eversourcenh
Dominion pleased with final RFP for Connecticut power procurement | S&P Global Platts
Dominion Energy is pleased a request for proposals issued by Connecticut utility regulators for power to the state's utilities will allow the company's Millstone nuclear plant to bid as a generating asset "at risk" of early closure beginning in 2022, CEO Thomas Farrell said Wednesday.
Platts  millstone  subsidy 
august 2018 by eversourcenh
Millstone Hopeful Regulators See Nuclear Power As "At Risk" | Connecticut Public Radio
The owner of the Millstone nuclear plant is praising a state decision it says could let it sell its electricity more competitively.
wnpr  millstone  subsidy 
august 2018 by eversourcenh
Generators say Mystic order mirrors their capacity price concerns | S&P Global Platts
New England generators are telling regulators that ISO-New England's current plan to keep 1,700 MW of gas-fired units at Exelon's Mystic plant in Massachusetts running could unfairly reduce prices in the capacity auction and spur more retirements.
Platts  mystic  subsidy 
august 2018 by eversourcenh
The Day - Dominion expects edge for Millstone in DEEP zero carbon auction - News from southeastern Connecticut
Regulators on Tuesday paved a way for Millstone Power Station to gain an edge in a state-run electricity auction after months of debate over whether the plant is at risk of early closure.
theday  millstone  subsidy 
august 2018 by eversourcenh

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