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Tax Credit For Proposed Pru Tower Gets $40M Trim

NEWARK-If the Tower Brings 400 New Jobs, a $211M Credit Would Still Be Largest Ever in State.

By Antoinette Martin | Updated on June 04, 2012

NEWARK-After a review of challenges brought by downtown Newark landlords and citizen taxpayer groups, the state Economic Development Authority has shaved $40 million from a $250.8 million tax credit promised to Prudential Financial if it builds a new tower bringing 400 more jobs to Newark.

However, EDA chief Caren Franzini made it plain the adjustment had little to do with the landlords’ contention that EDA computations of the project’s public costs askew, describing EDA’s number-crunching as “very conservative.”

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