CIBC will move its employees out of its four current Manhattan locations, which include 500,000 sf at 1 World Financial Center, and will consolidate all of its offices in the new 1.2 million sf building when it is ready to occupy in 2004. The company will receive $13.6 million net present value in sales tax exemptions for expenses. It is also eligible for an estimated $2.44 million net present value in discounted energy from Con Edison's Business Incentive Rate.

These incentives are contingent upon the retention of the employees here and CIBC must repay these should they reduce their staff figures before the 18-year lease ends. Also, it will be eligible for a maximum of $15.9 million NPV in additional sales tax exemptions if it certifies it has added jobs above its retention base of 2,172.

The agreement with "CIBC is important to sustaining the healthy economy of New York City and will help the city maintain its position as the Business Capital of the World," Mayor Giuliani commented at the announcement. "CIBC generates approximately $75 million in annual tax revenue to New York City and, with the addition to the thousands of jobs retained and the thousands of new jobs to be created this is great news for our city."