Originally Posted by bgsrand (Post 8290768)

Yeah seems like the city is in the driver seat on this one...just for reference what kind of tax incentives did the city offer Boeing back in the early 2000's? I know its not an apples-to-apples comparison.

Originally Posted by marothisu (Post 8290691)

I didn't see signage mentioned anywhere. I'm sure they'd have some facing the street like some big anchors.

Originally Posted by Kenmore (Post 8290817)

fanboys gonna fanboy i guess

Originally Posted by Kenmore (Post 8290817)

fanboys gonna fanboy i guess

Originally Posted by chiphile (Post 8290856)

These clowns should be told to :gtfo2: This isn't Indianapolis.

From the article:

"Salesforce has asked the city for concessions including rights to put "extremely extensive" signage—including a "video wall"—on the exterior of the Wolf Point building . . . The company also requested a $10 million property tax abatement, which city officials have balked at . . . Salesforce is also seeking exclusive use on certain occasions of park and related public way space around the Wolf Point site that is supposed to be used strictly for public purposes . . .

"[T]prompted the city to adopt an ordinance setting limits on signage size and location on buildings along the river . . . Salesforce's request would "totally eviscerate" that ordinance."

Originally Posted by marothisu (Post 8290292)

I'm not completely sold.

1) The walk from Union Station to WPS would be 1 mile. From Ogilvie it's around 3/4 of a mile. I would bet money that if they had enough people coming into those stations, they'd just run some shuttle service. There are people who would walk that, but I don't think it's as close as you think maybe. If they don't have a lot of people coming from the suburbs, then the Fire Station is arguably a better site only because it's in between the Red, Brown, and Purple lines. Although I think WPS is better in terms of statement making, beauty (i.e. the river), and the potential to advertise if they were allowed to.

Originally Posted by marothisu (Post 8290791)

Something like $3M per year for 20 years...triggered back in 2001. Of course it's not the same. We are talking about $10M for 5000 new employees versus $3M per year for maybe 200 to 400 employees tops. Salesforce deal number wise much better.

Originally Posted by MayorOfChicago (Post 8290947)

If these jobs pay $50,000 per year on average that's $12,375,000 in income taxes, along with all the extra sales taxes and property taxes created by the workforce. You'll need a few thousand new housing units for them I'm assuming, much of it would be absorbed from people living here already, but a net gain in fresh jobs is going to trickle down to a net gain in needed housing at the end of the day.

I'm not excited about $10M in future tax breaks, but you'll probably be pulling in $30M+ per year just from the additional income and sales taxes along with say 2,000 net new homes needed paying $7,000 per year in real estate taxes.

Originally Posted by Notyrview (Post 8290930)

Well, can't argue with the benefits of 5000 workers. but we should be clear that it's "up to 5000 workers". So while they're certain to go on a hiring spree, nothing is set in stone. As well, the minute there's a downturn, companies like Salesforce will be the first to feel it, and they'll cut loose workers in satellite cities like Chicago first. That's where the resistance to these tax breaks come from. There's too many "what ifs" and why would anyone trust a company trying to weasel out of their civic duty in the first instance?

Originally Posted by JK47 (Post 8290980)

The Boeing deal was a headquarters relocation that also gives the state a corporate income tax bump that I think works out to $6M per year.

Originally Posted by Notyrview (Post 8290930)

Well, can't argue with the benefits of 5000 workers. but we should be clear that it's "up to 5000 workers". So while they're certain to go on a hiring spree, nothing is set in stone. As well, the minute there's a downturn, companies like Salesforce will be the first to feel it, and they'll cut loose workers in satellite cities like Chicago first. That's where the resistance to these tax breaks come from. There's too many "what ifs" and why would anyone trust a company trying to weasel out of their civic duty in the first instance?

Originally Posted by marothisu (Post 8291037)

Which is exactly why EDGE tax credits are set up the way they are. The company and government make an agreement for hiring X new workers, and they only start receiving their tax break when X has been hit.

They've had this program for years and numerous companies have done it. This isn't some new problem of a company promising to hire some number of workers. It's called the EDGE program. Problem solved.

Originally Posted by Chisouthside (Post 8291070)

Will be a pretty crowded worksite if both wpe and wps are under construction at the same time.

Originally Posted by marothisu (Post 8291037)

Which is exactly why EDGE tax credits are set up the way they are. The company and government make an agreement for hiring X new workers, and they only start receiving their tax break when X has been hit.

They've had this program for years and numerous companies have done it. This isn't some new problem of a company promising to hire some number of workers. It's called the EDGE program. Problem solved.