Amazon chooses Virginia and NY as new headquarters

FRANCE-DISTRIBUTION-AMAZON

Amazon estimates that over the next 20 years, these cities can expect to see a combined $14.2 billion in incremental tax revenues.

Virginia Governor Ralph Northam said Amazon's investment was a "big win" which would bring "investments in our education and transportation infrastructure that will bolster the features that make Virginia so attractive: a strong and talented workforce, a stable and competitive business climate, and a world-class higher education system".

According to a report from the Atlanta-Journal Constitution, the city tried to woo the e-commerce giant with $900 million in public financing for the $3.5 billion development.

The contest drew 238 bids, as local officials leapt at the chance to land a potentially transformative investment. "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", she wrote. The state choices were only finalized after approval by Treasury Department officials in July.

More specifically, the locations are Long Island City in New York City's Queens borough and National Landing (a rebranded name for the Crystal City neighborhood) in Arlington, Virginia.

The two areas already have relatively low unemployment rates, and Fitch Ratings has noted that even a full HQ2 only represented 1.5% of the Washington area and 0.5% of the NY area's labor force.

"I was surprised the package wasn't bigger", said John Boyd, a site selection consultant who wasn't involved in the Amazon search.

But investors were already pouncing.

Employees at the Seattle headquarters will be given the option to stay there, or relocate to the new HQ2, Amazon said previous year.

"This will help expedite the process of building up the surrounding area", Bernstein said.

The online retailer has whittled down over 230 proposals, and chose to split its second North American headquarters over two sites, the Wall Street Journal reported overnight, citing unnamed sources. But once Amazon established its presence over the next seven years, median rental rates skyrocketed over 41 percent, while rental prices nationwide went up just 17.6 percent.

The development projects, which could be announced as soon as Tuesday, promise to bring the cities a giant infusion of jobs and tax revenue, but are nearly certain to draw fire from critics concerned about their impact on infrastructure and property values.

Investors who plow capital gains into Opportunity Zone projects can defer taxes on those gains up to 2026.

In addition, Amazon will receive $23 million cash from the local Arlington County authorities based on an expected increase in hotel taxes, which needs to be approved by the County Board. The benefits will reduce Amazon's tax burden and are created to offset some of the costs of construction.

Long Island City was quickly gentrifying before the new tax law. Also according to Kimmelman, tech workers, "increasingly.demanded the diversity and benefits of city life". Thousands more units are planned.

Despite the new supply, prices are high. That puts it on par with rent in some buildings on the Upper East Side across the East River in Manhattan. The estimated initial tax break for Amazon looks to be $1.5 billion spread over 10 years depending on hiring targets, construction, and occupancy of their property as outlined below.

But the retailer made it clear that it was tax incentives and grants that is was looking for.

Related News:

  • Leonid Meteor Shower To Peak This Weekend

    Leonid Meteor Shower To Peak This Weekend

    There will be a chance to watch the meteors even earlier around midnight, although the bright moon may wash them out at that time. It's true; the meteor shower will begin sometime earlier in the night, just before the dawn to be exact, at about 3 am.
    Championship 4 officially set — NASCAR Playoffs

    Championship 4 officially set — NASCAR Playoffs

    Busch, who was stuck in the wall in a four-wide situation down the backstraightaway, shot into Hamlin, spinning the No. 11 around. But Kurt Busch never got to find out if his strategy was the right one as he was promptly wrecked on the restart.
    President Trump calls on Florida Democratic senator Nelson to concede in elections

    President Trump calls on Florida Democratic senator Nelson to concede in elections

    Scott , meanwhile, has accused Nelson and Elias of trying to "steal" the election and called their efforts "sad and embarrassing". Which could mean to tens of thousands of votes being uncounted in races where the difference is a fraction of that amount.
  • Aston Martin reveals name of first SUV

    Aston Martin reveals name of first SUV

    Especially since the factory where the DBX is slated to built is the "Home of Electrification" for Aston Martin. In addition, Aston gave the public its first look at the first SUV in company history.
    McIlroy giving up European Tour membership in 2019 | AP sports

    McIlroy giving up European Tour membership in 2019 | AP sports

    Not the sort of news European Tour chief executive Keith Pelley wanted in the final event of the 2018 season. "It will be hard to improve on what I did a year ago , but it feels great".
    Mattis says he'll visit US-Mexico border

    Mattis says he'll visit US-Mexico border

    The closures are expected to last "until sometime after people in the caravan arrive to the border", the agency said . This comes as thousands of Central American migrants arrived in Western Mexico Monday and are headed to Tijuana.
  • Irish politician uses women's thong in parliament sex assault protest

    Irish politician uses women's thong in parliament sex assault protest

    The case, in which the man was cleared of rape, was originally reported by the Irish Examiner newspaper on 6 November. The controversy led one Irish MP to hold up a lace thong in parliament to highlight "routine victim-blaming".
    Fox News Backing CNN's Lawsuit Against White House

    Fox News Backing CNN's Lawsuit Against White House

    They began sparring after Acosta asked Trump about the caravan of migrants heading from Latin America to the southern USA border. The CNN reporter continued to try to talk as the aide was seen trying to take the microphone from his hand.
    China postpones lifting rhino, tiger parts ban

    China postpones lifting rhino, tiger parts ban

    China will continue its strict ban on trafficking, trade and use of tiger and rhino parts, Ding said. China still faces great challenges to prevent the endangered species from declining further.
  • Suspect in fatal Kansas hoax call pleads guilty

    Suspect in fatal Kansas hoax call pleads guilty

    When he unexpectedly dropped his hands, the 28-year-old was shot and killed , according to the US Department of Justice. A man who came outside to face police, however, had done nothing wrong and did not know about the swatting call.
    HTC VIVE Launches New Tools For VR-Friendly Businesses

    HTC VIVE Launches New Tools For VR-Friendly Businesses

    But if these leaked images are legit, Valve seems keen to develop a VR headset completely in-house. Valve has created and released hardware in the past, like the Steam Link or Steam Controller.
    South Africa fight back to beat France with last gasp try

    South Africa fight back to beat France with last gasp try

    France had led 23-9 early in the second half as South Africa looked lacklustre and showed little enterprise in possession. He brought his side within a point ten minutes later after French flank Arthur Iturria was penalised for a risky tackle.


Most liked

Nintendo 'wins' £9.3m from ROM-hosting sites for copyright infringement
The site's library included games for Nintendo devices as well as other consoles, such as PlayStation and Atari. Nintendo of America initially filed the lawsuit on July 19 against only Jacob Mathias and Mathias Designs, LLC.

More than 200 still missing in California’s deadliest wildfire on record
The magnitude of the devastation was beginning to set in even as the blaze raged on. He said at least 36 firefighters lost their own homes, most in the Paradise area.

Georgia Football Schedules Home-and-Home with Texas, Clemson
I hope we continue to see schools schedule series like these on campus rather than at neutral sites in the future. Both series will begin with the Bulldogs on the road, traveling to Austin for 2028 and Clemson in 2029.

Referee Suspended As 'Rock, Paper, Scissors' Replaces Coin Toss
The story has been widely reported without anyone knowing who won the contest to decide their ends and who would take kick-off. As things stand, McNamara reserves the right to appeal his suspension.

George R.R. Martin's Superhero Franchise Wild Cards Is Coming To Hulu
The most recent entries to the series, Texas Hold 'Em and Low Chicago , were released earlier this year. When it appears, the affected person either dies, becomes deformed, or gains powers.

Dr Mahathir slams Suu Kyi over Rohingya crisis
Still, Suu Kyi has faced widespread criticism for not speaking out in defense of the Rohingya. The military is in charge of security operations, including those in northern Rakhine.

Raging infernos spread on both ends of California, killing 9 people
He blamed the fires - still burning in both Northern and Souther California - on "gross mismanagement of the forests". Three-quarters of the city of 130,000 was under evacuation orders, Thousand Oaks mayor Andy Fox said.

Rajinikanth's Petta to hit the screens for Pongal
Although Karthik Subbaraj's films have earned wide critical acclaim, his recent movies have not done well at the box-office. Sun Pictures, the makers of Petta , has released a new poster which confirms that the film will release on Pongal 2019.

Arrests made in Rhoden murders
DeWine said they do not have evidence that other individuals are involved, beyond the six family members announced Tuesday . DeWine, who is the governor-elect, said death penalty cases can move forward in a small county with state funding.

Artificial Intelligence in Automotive Market Strategies and Forecasts,Overview And Companies
To Describe the opportunities in the market for stakeholders by identifying the high growth segments. Focuses on company profiles of Artificial Tears market players as well as regulatory perspective.

DR CONGO: Ebola outbreak 'worst' in country's history
Traditional burial practices also put people at risk. "This is not a foregone conclusion and can be averted", he said. More than 28,000 people were infected and 11,000 died in Sierra Leone, Liberia and Guinea between 2014 and 2016.

Trail Blazers 100, Celtics 94: Boston ends road trip 1-4
I wondered if Evan Turner , who has been having a great season, would be especially motivated to play against his old team. After missing the last game to attend his grandfather's memorial service, Irving had 21 points, 6 assists, and 5 steals.

The Sound Of A Sunrise On Mars
If you're there, you can also "feel" the sunrise through your hands with the aid of vibrational transducers. In June, a dust storm forced Opportunity to cease communication and enter the hibernation mode.

Trump attacks Macron as relations sour
As is traditional for Marines visiting the site, Dunford drank from what is known as the "Devil Dog" fountain near the cemetery. More than 7,000 soldiers were killed or wounded in the June 1918 battle and the cemetery contains the graves of 2,289 war dead.

Samsung releases premium mobile AP Exynos 9 Series
In short, the Samsung Exynos 9 Series 9820 is clearly being positioned for Samsung's next wave of premium smartphones next year. The chipset also enables 4K video recording at 150fps and 10-bit colors, as well as the ability to shoot 8K video at 30fps.