The 20-year abatement, according to the reports, calls for a "payment in lieu of taxes" of 10% annual gross revenue for the office space and 15% for the 21,000 sf of planned retail space. The first year's payment would be about $2.2 million, which could save Goldman Sachs $4 million annually.

The financial services giant's current Jersey City building, the 42-story 30 Hudson St., is the tallest building in New Jersey at 781 feet. The new building, also on the former Colgate factory, will measure 500 feet tall.

According to the New York Times, Goldman Sachs has said it will probably start construction of 50 Hudson St. in 2009, the year it finishes construction on its huge headquarters complex on the other side of the Hudson River. Its $2.4 billion, two-million-sf headquarters in Downtown Manhattan has been under construction since 2005. New York has provided $1.65 billion in Liberty Bonds for its construction, as well as millions in tax abatements and other funds. The property is just on the other side of the Hudson from the Jersey City properties.

Many of 30 Hudson St.'s floors are currently vacant according to reports. So why does Goldman Sachs need even more new space? The company has said publicly is it planning for future expansion. Attempts to reach the company by press time were unsuccessful.

According to various reports, Councilwoman Viola Richardson was the only no vote on the Municipal Council. She said her vote was not against Goldman Sachs but against giving abatements to a waterfront that had already proved itself successful.