Post by Logan on Jun 10, 2016 15:29:47 GMT -6
Two of the buildings in the planned GE headquarters in South Boston will be owned by a state agency and leased back to the industrial giant, officials said yesterday — an arrangement that lets GE pay less than market rent and puts a potentially valuable asset in the hands of the state.
Housing and Economic Development Secretary Jay Ash said some of the $120 million in state subsidies that were used to help lure GE will go toward the real estate purchase. He added, “I don’t expect that we’re going to spend that full $120 million.”
“The easiest and fastest way of moving this project forward was working with MassDevelopment,” said Paul McMorrow, a spokesman for the state’s economic development office.
In April, GE chief executive Jeff Immelt and Boston officials said the Boston Redevelopment Authority would own the two buildings. That plan became unnecessarily complicated, McMorrow said.
read more: www.bostonherald.com/business/business_markets/2016/06/state_s_ge_stake_comes_to_light
Housing and Economic Development Secretary Jay Ash said some of the $120 million in state subsidies that were used to help lure GE will go toward the real estate purchase. He added, “I don’t expect that we’re going to spend that full $120 million.”
“The easiest and fastest way of moving this project forward was working with MassDevelopment,” said Paul McMorrow, a spokesman for the state’s economic development office.
In April, GE chief executive Jeff Immelt and Boston officials said the Boston Redevelopment Authority would own the two buildings. That plan became unnecessarily complicated, McMorrow said.
read more: www.bostonherald.com/business/business_markets/2016/06/state_s_ge_stake_comes_to_light