Listen: Amazon, New York, Ten Years discussed on The Jason Stapleton Program
"Year per employee or roughly one point two billion dollars over ten years guys every following this one point two billion over ten years. And I know you guys don't have your your pen and paper out. And if you're like me, you know, you get lost in the numbers of you don't write this stuff down. But were remember one point two billion over ten years as what they're getting the second thing? They're getting his right up front three hundred twenty five million dollars for the amount of square footage that they're that they're taking down in in New York. And then lastly, they're also getting a lot of. Incentive programs and tax abatement programs for the real estate that they are building on in New York. Now, what's New York getting well, they're getting twenty five thousand full-time jobs. Maybe maybe talking about this minute. They're getting two point five billion investment from Amazon that's probably in the buildings that they're building. That's not really. That's that's not really as much of a value. As you think it is after you take out the fact that they're not going to be taped paying taxes on that real estate. So yeah, they're getting the buildings but not really anything else facilities. Totally four million square feet with the potential to double in size and projected incremental tax revenue of more than ten billion over twenty years. So if we're just looking at because I don't know what the tax incentives are for the for the commercial abatement program. They're industrial commercial abatement program. But essentially what that is. Okay. We're going to come in. And we're going to take down this area. That is. Really blighted? And that has some old factories on it, and we're gonna build our four million square feet of real of of space right here and the value of the land and the building on top of is going to increase exponentially. Because we're building a brand new structure on here. However, you are not going to force us to pay taxes on that for say ten years. So they're gonna save the tax money over the course of ten years in the city will not receive that tax money now because of that you can do a mathematical calculation and say, what would the real estate value? What would we be able to get over the next ten years out of this space if Amazon didn't build here versus getting nothing because Amazon is going to build whatever you don't get out of that real estate is lost revenue to the city. And then the other problem is you can also might be able to find somebody else who will build on that. If you offer them, you know, if you offer them something similar, maybe not as nice and abatement program, maybe they get five years or maybe they get a partial abatement rather than total. And in that case, you would be making more money. So you have to kind of value. What is the what what are we getting right now versus what could we get if we chose somebody other than Amazon knowing that if we choose them we get zero which and again, I'm not clear on the abatement program. But that's typically the way it works is like the next ten years. No, no taxes on the on the real estate of the next ten years. And so there is some loss there on on the on the real estate side. Now, what about the jobs will Amazon didn't say that it was going to create twenty five thousand full-time jobs.."