In exchange for making $25 million in capital improvement to itsspace and the building, as well as keeping more than 700 employeesat the site, Verizon New Jersey will receive tax credits amountingto just more than $2 million per year for 10 years. As part of theequation, new owner Accordia is also making capital improvementsthat will boost total expenditures past $75 million. The projectwill also bring to market the nearly 300,000 sf that will not beoccupied by Verizon.

The legislature approved and Gov. Jon Corzine signed the UrbanTransit Hub program into law early this year. It provides taxcredits of from 80% to 100% of qualified capital investments madein projects within a half-mile of major transit stations in ninecities. Projects must generate at least $75 million in capitalimprovements and at least 250 full-time jobs. The New JerseyEconomic Development Authority oversees the program and issuesapprovals.

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