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Old Posted Jan 14, 2016, 6:14 PM
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UrbanImpact UrbanImpact is offline
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The Fight for General Electric's Headquarters

Seems like many cities were trying to woe General Electric with tons of tax credits, but in the end Boston was picked. I would love for them to go into a brand new super tall! This would be their 3rd move I believe (correct me if I'm wrong...NYC, suburban Fairfax Conneticut, and now Boston)
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https://www.bostonglobe.com/business...abJ/story.html
The expected ripple effect of GE’s move to Boston
By Jon Chesto GLOBE STAFF JANUARY 13, 2016



General Electric on Wednesday announced it will move its headquarters to Boston, making the iconic industrial giant the biggest company ever to relocate to the city and cementing the region’s reputation as a magnet for innovation.

The decision by GE to move its headquarters — and deliver about 800 jobs — from suburban Connecticut to the Seaport District follows a feverish campaign by Massachusetts officials, who beat out New York, Providence, and several other cities.


City and state officials are offering what could be one of the richest incentive deals in the state’s history — together valued at as much as $145 million — to lure the company here.

But GE officials pointed to Greater Boston’s concentration of elite universities and nimble tech firms as the main draw.

“We want to be at the center of an ecosystem that shares our aspirations,” chief executive Jeffrey R. Immelt said in a statement.


Immelt is in the midst of a protracted effort to transform the 124-year-old company, selling most of its finance businesses to focus on industrial lines such as power and clean energy, aviation, and health sciences. Many of those sectors are becoming increasingly reliant on advanced software and communications technology.

GE, which has a market value of nearly $290 billion, said it will move some employees to a temporary space in Boston starting this summer. The full move from Fairfield, Conn., will take place in several steps through 2018.


It’s a major victory for Governor Charlie Baker and Mayor Martin J. Walsh, whose aides worked closely together since the summer to bring GE to the area. The city has seen many of its biggest companies swallowed up by out-of-town buyers, and the state has labored hard to shed the “Taxachusetts” label.

Two top GE executives informed Baker and Walsh in simultaneous phone calls Wednesday morning. The company had been expected to issue its statement about the move on Thursday, but confirmed the relocation hours after it was first reported by The Boston Globe.

GE has not yet picked a site for its new offices but is focused on the South Boston Waterfront. One site that had been considered is on Summer Street, overlooking Fort Point Channel; another is owned by the Massachusetts Port Authority, next to the MBTA’s World Trade Center Station on the Silver Line. The company is also weighing other sites in the Seaport, an area that’s also branded as the Innovation District.

The exact size of the incentives will depend on the property the company picks.

City officials said they are prepared to offer as much as $25 million in property tax relief.

The state package could be valued as high as $120 million and could include a variety of benefits, such as grants, tax incentives, infrastructure improvements, and help with real estate acquisition costs.


Walsh said the expected property tax revenue that will come to the city will far outweigh what it gives up in future taxes.

“We had enough on the table to be competitive,” said Jay Ash, Baker’s secretary of economic development. “[But] the ecosystem that we have here in Massachusetts to support innovation is what won us this prize.”

The company comes with plenty of baggage, too.

Many people remember GE’s long-ago pollution of the Housatonic and Hudson rivers, contamination that is taking decades to clean up.

The conglomerate is also known for its skill in finding tax advantages: Critics say it often pays minimal corporate taxes in the states where it does business.................................... click article for more
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Old Posted Jan 14, 2016, 7:03 PM
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$145 million in tax incentives?

No wonder they chose Boston.
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