NY taxpayers to pay $48,000 per Amazon HQ job

In a statement released by Amazon, Cuomo called the agreement “one of the largest, most competitive economic development investments in U.S. history.”

New York City Council Speaker Corey Johnson issued a statement saying: “Amazon is one of the richest companies in the world…I also don’t understand why a company as rich as Amazon would need nearly $2 billion in public money for its expansion plans at a time when New York desperately needs money for affordable housing, transportation, infrastructure and education.”

Incentives offered to Amazon:

— Performance-based direct incentives of $1.525 billion, based on 25,000 full-time, high-paying jobs created. This includes a refundable tax credit of up to $1.2 billion calculated as a percentage of the salaries Amazon expects to pay employees over the next 10 years, which equates to $48,000 per job for 25,000 jobs with an average wage of over $150,000.

Click to read more at www.fox5ny.com .

Developer accused of defrauding elderly Texans of millions in bogus real estate investments

Phillip Michael Carter of Frisco was arrested Tuesday, November 13 on state fraud charges. He’s accused of raising $17.5 million from nearly 100 Texas investors, many of them elderly, for real estate development projects in North Texas, announced the Texas State Securities Board in a news release Wednesday afternoon.

Phillip Carter and Richard Gregory Tilford of Arlington were indicted November 6 in Collin County on charges stemming from their sales of fraudulent real estate investments, primarily in the form of promissory notes, the State Securities Board said.

Tilford raised $6 million from investors. Carter is the principal of Texas Cash Cow Investments Inc. and North Forty Development LLC. Carter and Tilford told investors their money would be used to develop commercial and residential properties. Instead, Phillip Carter allegedly used investor funds for unrelated purposes, including paying personal expenses and satisfying a personal IRS tax lien.

Click to read more at www.dfw.cbslocal.com

CBRE launches coworking management platform – Goodnight WeWork

“The new business, called Hana, will not lease space directly, but will work with property owners and will design, build and operate flexible office space for them. It will make money through revenue and profit-sharing agreements with landlords.”

Pretty sure at this point that everyone saw this coming. WeWork brings nothing to the table, besides brand recognition, that a landlord could not create on their own with the right management platform. Their business model is reliant on landlord’s willingness to lease them space, and when you can just hire Hana (CBRE) why would you lease to any coworking company? Not only that, but WeWork has literally zero credit. Smart owners are VERY concerned about overexposure to WeWork. Not only that, but CBRE is entrenched into the world of commercial real estate. I would not be surprised at all if CBRE bundles this service into their management agreements. I fully expect that CBRE is about to choke WeWork out of the market.

Click to read more at www.wallstreetoasis.com

Austin Chamber will not release details of Amazon HQ2 proposal after tech giant selects New York City, Northern Virginia

Austin’s chase for Amazon HQ2 has come to an end. The company announced Tuesday morning that it would split its second headquarters between New York City and Northern Virginia, investing a total of $5 billion and creating more than 50,000 jobs across the two new locations.

The New York City offices will be located in the Long Island City neighborhood of Queens, while the Northern Virginia location will go to Arlington’s Crystal City neighborhood in the Washington D.C. metro area.

The Greater Austin Chamber of Commerce submitted a bid to land HQ2 late last year, keeping the details of the bid confidential. Shortly afterward, Austin was named to the shortlist of 20 finalists to land Amazon, joining Los Angeles, Dallas, Toronto and a host of east coast cities.

Click to read more at www.communityimpact.com

DFW leaders emphasize positives even as area misses out on Amazon prize

Amazon, which has grown too big for its Seattle hometown, said it will split its much-anticipated second headquarters between New York and northern Virginia. Each will get 25,000 jobs. In addition, the online retailer said it will open an operations hub in Nashville, creating 5,000 jobs. One finalists for the HQ2 location was the Dallas area.

The Dallas Regional Chamber led the DFW Region’s unified response to Amazon’s HQ2 opportunity. Working closely with the Fort Worth Chamber and other regional economic development partners, elected officials, community leaders, and the State of Texas, the Dallas Regional Chamber organized and delivered a bid that led to the area making the initial cut.

“This was a unique chance to reinforce with Amazon — and the world — the many reasons DFW has been so successful in attracting companies, jobs, and individuals seeking a wonderful quality of life in one of the most affordable places in the nation,” said Dale Petroskey, CEO and president of the Dallas Regional Chamber. “Make no mistake, this has been a ‘win’ for our region regardless of the outcome. Our business community grows and expands by the day, and our momentum as a destination of choice has only increased as a result of being a finalist for HQ2.”

Click to read more at www.fortworthbusiness.com

Construction starts on H-E-B ‘super’ warehouse

H-E-B broke ground Thursday on its largest warehouse facility to date: the 1.6 million-square-foot “Super Regional Grocery Warehouse” being built on an 871-acre site at 2045 S. Foster on the city’s far East Side.

Carson Landsgard, H-E-B’s senior vice president for supply chain and logistics, said the facility would add to existing warehouse operations, providing capacity for 17,000 items and the ability to handle at least 180 trailer loads a day. “We continue to set our sights on growing, expanding and serving more and more customers,” he said.

Click to read more at www.mysanantonio.com