Prudential Financial is seeking to amend its application for a $250.8 million Urban Transit Hub Tax Credit (UTHTC), which originally proposed to build a new office near the New Jersey Performing Arts Center by Newark Penn Station. The change to the request comes as a bill to extend the UTHTC program moves through the New Jersey Legislature.
Prudential’s revised application proposes building near NJ Transit’s Military Park light rail station, which is one stop away from Newark Penn.
Despite the change, the project remains a good fit for the UTHTC program, which provides tax credits for businesses that relocate within a half-mile of certain transit hubs and generate new jobs. The ultimate decision lies with the Economic Development Authority (EDA), which oversees the UTHTC program. Businesses that use freight rail, develop housing, or plan large expansions near transit hubs are also eligible to apply. New Jersey estimates that the $920 million in approved tax credits (including Prudential’s initial bid), will result in $1.98 billion in capital investment, 2,380 new jobs, and over 9,000 construction jobs.
Prudential has asked the EDA to consider the revision at its April 10 meeting. The tax credit, which Prudential would receive over 10 years, hinges on whether or not the company follows through on promises to invest $444 million in the new building and create 400 new jobs.
If the EDA approves the amendment, Prudential anticipates beginning construction in mid to late 2012. They expect to complete the project and occupy the building by the end of 2014.
Urban Transit Hub tax credits are supposed to be for attracting OUT-OF-STATE corporations to relocate to New Jersey. Doesn’t matter if Prudential relocates within a half mile from the Military Park Subway! Prudential is NOT an out-of-state company!
The Prudential application was fundamentally flawed from it’s inception. This effort is a smoke screen offered to “legitimatize” a clearly corrupt maneuver. Prudential was never eligible for this tax incentive and they knew it. That’s why they paid off lobbyists and reminent Corzine legislators to push the application through in the middle of the night when no one was looking. Prudential is trying to fund a new mansion for it’s corporate HQ and they’re attempting to do so off the backs of hard working NJ taxpayers. This is not the Pru that I grew up with. They would have never resorted to such low tactics. At this point, all us citizens can do is boycott the use of Prudential products and hope the new guard at the Pru gets the message.
If Prudential Insurance, a company that made $3.5 Billion in profit last year, has $1Billion in assets and a market cap of $26Billion wants a state-of-the-art corporate headquarters let them pay for it themselves. This is just corporate greed. Why should the state of New Jersey be giving Prudential $250.8 Million in tax breaks for a building that will create no new jobs?
While they may have been designed to attract new businesses to the the state’s urban centers they have rather served as rewards for staying in the state. Besides, UTHTCs have never precluded relocation, and the new job creation has been stringent. The approved applications have fulfilled some of the other goals, namely stimulus to downtown urban cores. Goya’s move from Secaucus to JC is fishy: moving a few feet over the border, to an area under served by mass transit, with Secaucus bearing the brunt with the loss of Panasonic, too. Prudential’s commitment to Newark deserves a nod. They underwrote Gateway Center, Prudential Center, and donated millions to NJPAC (and still do). The intended site is ideal, a keystone location between Four Corners, Rutgers, NJPAC, and Broad Street Station. A class-A tower on virtually empty lot will tie together the whole area, soldifying the downtown portion of the East Ward as Newark’s showpiece neighborhood. Who else is going to build on this crucial spot? $250 million (spread over 10 years of less corporate tax) is worth the investment for the ripple effect it will have.
construction jobs are great because they offer a high paying job which everyone of us can enjoy. sometimes it is tiring but the payment is worth it. :`.*.
Thanks again
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