Whitman welcomes Chase out of Manhattan.New Jersey Governor Christine Todd Whitman, Jersey City Mayor Bret Schundler Bret Davis Schundler (born January 14, 1959 in Colonia, New Jersey) is an American Republican Party politician from the U.S. state of New Jersey. He was the mayor of Jersey City from 1992 until 2001. and other national and local political and civic leaders joined the Lefrak Organization to welcome The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. last week to its new offices at Newport, the 600-acre $10-billion multi-use waterfront community on the West Bank of the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. being developed by the Lefrak Organization. Chase recently signed a 20-year, 1.1-million square foot lease for Newport Office Centers V and VI. In January 2002, approximately 1,900 Chase employees and several hundred consultants will relocate to the company's new offices in Jersey City. "I am delighted to be here today to welcome Chase Manhattan Bank to the state-of-the art Newport Complex in Jersey City - and to thank them for the thousands of jobs it will be bringing here," said Gov. Whitman. "Companies have always looked to our state because of its central location, excellent communications and transportation facilities, a highly educated workforce and an exceptional quality of life. This upcoming move by Chase is another example of what we mean when we say 'New Jersey is open for business."' As part of the negotiations, Chase received several New Jersey state and local incentives, including a 20-year real estate tax abatement, a Business Employment Incentive Grant and sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. benefits. In addition, corporate tax rates and occupancy costs, including operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and electricity costs, are significantly lower in Newport than in Manhattan. Designed by the architectural firm An architectural firm is a company which employs one or more licensed architects and practices the profession of architecture. History Architects (master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. of Poskanzer & Skott, the new office towers will be equipped with state-of-the-art technology and an outstanding set of employee amenities including an advanced fiber optic telecommunications system and a conference center with audio- and video-conferencing capabilities. "Newport provides Chase with a multitude of advantages: an attractive, accessible location; competitive pricing enhanced by government policy; a range of amenities; build-to-suit features in a hightech environment; and an outstanding development team able to provide a high quality product in a most timely manner," said Robert Alexander
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