Comcast, plans for a new headquarters skyscraper in Philadelphia, which would use public subsidies that were intended to be used for cleaning up blighted neighborhoods.
Despite a looming office vacancy increase, the State of Pennsylvania is considering offering subsidy incentives to Comcast so that it will be able to construct new headquarters in Central City Philadelphia. The Company and the State are looking at a piece of land situated in Central City that is subject to be designated as a Keystone Opportunity Improvement Zone, a state program offering generous tax abatements originally intended for blighted neighborhoods. The State argues that by giving the company what it wants it will have a snowball effect on other corporate relocations. The Company claims that it is perfectly fine for them to receive such special treatment because they will be adding 700 jobs to the downtown area. However, other real estate holders in Central City say that the incentives offered to this part of the city would leave them at a competitive disadvantage and would suck the life out of an already distressed office market.
Thanks to Brad Chranko
FULL STORY: Downtown Philadelphia Roiled by Proposed Subsidy
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