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State Offers Lehman $20M Incentive

JERSEY CITY-The latest Business Employment Incentive Program grant offered up by the NJ EDA entails the moving and creation of upwards of 500 jobs.

By Eric Peterson | Updated on July 09, 2008

JERSEY CITY-Against the backdrop of a struggling financial sector, Lehman Bros. has been mulling about what to do with its regional workforce, and the State of New Jersey has put a pile of money on the table to help the financial services giant make a decision. The New Jersey EDA has approved a Business Employment Incentive Program grant to Lehman worth $19.6 million.

BEIP grants tied to job creation and relocation can be awarded for up to 10 years and can range from 10% to 80% of the total state income taxes withheld by the company during the calendar year from the salaries of the affected jobs. The package offered to Lehman involves a 10-year term at 80%; at stake are 400 jobs that would be relocated across the Hudson River here from Manhattan, and 100 newly created positions.

The jobs that would be relocated are said to be mostly of the information tech variety. Lehman already has a major presence here, where rents for comparable but newer space are about half of what they are in Manhattan. The company’s primary local locations are 101 Hudson St. and 70 Hudson St., and including satellite offices in Cranford and Florham Park, Lehman already employs about 1,700 in the Garden State.

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