Anonymous sources close to the effort told WTTW that the approximately $2 billion package is what Illinois state government, Cook County and the city of Chicago would be willing to offer Amazon for the retailer’s coveted second North American headquarters, dubbed HQ2.
Though the exact breakdown of which entities would pay for what is not currently known, WTTW’s sources say Illinois, Cook County and Chicago would be willing to spend up to $1.6 billion in tax breaks and $400 million in infrastructure and capital investment around the project.
The Economic Development for a Growing Economy, or EDGE, tax credit, the state’s main business incentives program, was brought back in September. And it is likely EDGE will play some role in Illinois’ bid for HQ2.
It is estimated HQ2 would bring with it 50,000 new full-time jobs and up to $5 billion of investment in new facilities, prompting a national bidding war of federal, state and local politicians from coast to coast. Both Chicago Mayor Rahm Emanuel and Gov. Bruce Rauner have shown interest in landing the deal.
Over 250 cities have spent million of dollars responding to Bernie Madoff’s (Jeff Bezos) snake oil program.
No regard to his house of cards corporation or the total lack of regard he has for his employees. Low pay, long hours, and crappy benefits. Dismissal at the drop of a hat.
Chicago banned Wal Mart from the city for years because they were non-union and low pay. Now the city will pay this corporation that has made a profit one- quarter in the company’s history to come to Chicago. The company survives on the stock price only. When the stock price falls, and it will, and Jeff can’t sell more at higher and higher prices the cash flow will dry up. He’s expanding very quickly into new businesses like Whole Foods. His great new innovations are looking lame. Like Amazon Key where some pervert or thief has access to your house..
Somewhere down the road whoever wins this lottery may regret winning.
Not sure how different this is from the NFL extortion program.
Build us a new stadium, create transportation infrastructure, give us tax breaks, or we move the team. And when we have a winning season we jack the ticket prices sky high. But we can’t dictate to our players that they stand for the national anthem. We just dictate to local politicians who are afraid they’ll lose their “job” if they lose the team.
Less so for basketball, hockey, and baseball, but similar on the stadium extortion.
Then there are the tax incentives for the movie making industry, the bringers of sexual harassment and demeaning women to a town near you, blocking traffic and taking your tax dollars with them back to California. Make millions on violence but abhor the concept that a citizen could actually own a gun.
Lots of hypocrisy to go around with the extortion.
The Cubs forced the city of Mesa, AZ. To build them a new spring training stadium. You are absolutely right.