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ahtasva t1_j1q16pn wrote

The mayor called me on auto dial asking that I turn down the heat on the coldest day in a century coz the utility company does not have enough power go around but this guy are getting 100 mil in subsidies for a project that cost 194 mil?🤷🏾‍♂️ I guess we have our priorities just right🤦🏾

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Nwk_NJ t1_j1qc89r wrote

Fact is, companies aren't coming to Newark, NJ unless they have incentive. It is what it is. Fix other aspects of the city, and maybe it'll be more organic. But they obviously see this as an economic and social engine. Does that really work? It's disputed.

The Prudential Center and NJPac clearly had some impact. But was it significant? Not sure. How much of that is a failure of those venues and how much is a failure of other aspects of this city writ large? They won't transform things on their own. So the question is, are you going to use them as catalysts by putting in the work elsewhere, or are you going to expect them to do whatever small things they can in their limited orbits, or just say F it, and stop soliciting these types of entities to come here at all.

Thing is this though- for all the complaining about the tax breaks, we didn't have the tax revenue at all before they were here. So it's not a loss, it's just not a tax gain. However, businesses and buildings, etc that spring up as a result of this WILL pay taxes, and eventually Lions Gate will too...so you go from 0 taxes to some taxes you didn't have before. It is a net gain.

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DrixxYBoat t1_j1r6u2w wrote

Yeah, we're going to get fucked no matter what as a city that's trying to take it to the next level.

As you said, the benefits of lionsgate should outweigh the drawbacks if done right.

The same way the whole foods in the hahnes doesn't pay rent at all. Yeah they're getting over on us, but that whole foods has been a staple to the downtown atmosphere so 🤷🏾‍♂️

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Nwk_NJ t1_j1rj8r3 wrote

Def makes sense...agreed. always draw backs to things. Hopefully we get to a point where we don't need to do this anymore and the incentive is newark itself.

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Echos_myron123 t1_j1qnizu wrote

I fail to see how these companies will be good for Newark when they pay so little in taxes.

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Nexis4Jersey t1_j1rfyq9 wrote

They won't its like a warehouse district. On the surface it looks good, but peel back a few layers and the true impact smacks you in the face. I doubt many of the higher paying employees will live in Newark, and most of the jobs will be low pay. Add in increased congestion of the surrounding streets.

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felsonj t1_j1pyjpe wrote

So if in you’re an industry with glamor and prestige, you get a tax break. That sounds sensible.

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MembershipFit7915 t1_j1srnyi wrote

I don’t think any new projects coming into the city need incentives. Clearly Newark is on the radar for alot of people businesses at this point. Residential buildings wont be paying their fair share of taxes these businesses wont be paying their fair share of taxes and the city will definitely need those funds to keep up with the projected growth.

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Marv95 t1_j1t9mtu wrote

>Clearly Newark is on the radar for alot of people businesses at this point.

Mainly due to the incentives. Not because Newark is a great city or NJ is a great state. They saw what the offer was for Amazon and think they can get some of that, and even then not many businesses have moved in nor many MAJOR projects have broken ground let alone being constructed.

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MembershipFit7915 t1_j1tdhy5 wrote

Sure because of the incentives there is now construction on every corner in the city….great for the growth of the city. However at what point do you stop with the tax breaks? With the influx of people that will be coming the city is missing out on millions it will need to sustain roads transportation ect…At this point if you’re in the business of development Newark is on your radar. Anybody interested in getting a piece of the pie now is late and no large breaks should be given

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Nwk_NJ t1_j29rxe1 wrote

This is just a tad optimistic in my opinion...there are much more glamorous locales within a stone's throw of Newark proper, and a business can still tap into Newark and the surrounding area and population from one of those locales ...Unless you are a residential developer, I don't think anyone is late or desperate to get a piece of the pie at this juncture. Maybe in another 5-10 years however.

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Jimmy_kong253 t1_j1wxf7j wrote

And once those tax breaks expire they leave

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