In early June, Virgin America chose Manhattan over Boston, San Francisco, Philadelphia and Los Angeles to be the home base for its new domestic, low-cost airline. The IDA Board approved $4.9 million in sales tax benefits for equipping and renovating the airline's headquarters location and ongoing capital expenditures. The company also may qualify for discounted energy benefits under the Business Incentive Rate program worth approximately $348,000. Virgin will be eligible for other economic incentives that will vary depending upon where they choose a location for the headquarters.

The company's capital investment in initial facility improvement and equipment expenditures will be $6.5 million with projected capital investment to total over $50 million in 15 years. The company expects to create 400 jobs in five years and 700 jobs over 15 years with an estimated city tax revenue of nearly $60 million.

In addition to Virgin America, IDA greenlighted funds of varying amounts for New York Container Terminal, Orion Mechanical Systems, A to Z Bohemian Glass, S. DiFazio and Sons Construction and Faztec Industries. The NYCT will receive benefits part of the overall modernization program for the marine terminal in Staten Island. That expansion aims to add 500 feet of berth, an on-dock rail facility, a 212,000-sf warehouse as well as four new post-panamax cranes. The IDA Board approved sales tax benefits of $3.5 million for the purchase of the additional equipment, while the company will invest $49 million to acquire other cargo handling equipment. Approximately 430 people are employed at the terminal and NYCT expects to add 50 or so more over the next few years.