State officials and the city of Wilmington have offered banking giant Citigroup $3.4 million to expand its credit card business into the Brandywine Building in downtown Wilmington and add up to 200 workers.
The Buccini/Pollin Group Inc., the real estate firm that bought the 18-floor landmark building from the DuPont Co. in 1999, said Citi has not signed a lease. An official there would not comment on negotiations.
An advisory panel to the Delaware Economic Development Office will meet on July 25 to consider awarding Citi a $3 million grant.
The offer is tied to job-creation targets and allows the state to demand repayment of a portion of the funds if Citi doesn't maintain pre-arranged employment levels for seven years, according to state economic development director Alan Levin.
Levin said that Citi plans to add 93 workers by the end of next year and move an additional 65 workers from its offices in Pike Creek. Salaries on those jobs will average between $80,000 and $85,000, Levin said.
4 comments:
Throwing more money at corporations who don't pay a dime in taxes.
Ditto, FGC. For Wilmington, 93 jobs is a drop n the bucket too.
O'Malley told Citigroup you should move to Maryland where we will tax the hell out of ya. They said no way so there goes a nother 93 jobs.
And those jobs are financial sector jobs. I bet most of them fall into the "hedge fund manager" loophole that allows for just 15% income tax, while you and I pay almost 30% in the middle class. More handouts for the rich...
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