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If location is everything, that is especially true for the GE campus. It sits in the middle of an Urban Enterprise Zone, meaning there are long lists of incentives for businesses that opt to locate there.
“There are wonderful incentives available,” Urban Enterprise Association Director Gina Kostoff said. “And on top of that, you’re smack dab against downtown and the Broadway corridor is booming.
“It’s really an area that can be ripe for so many things.”
In addition to property tax breaks, Kostoff said there are tax credits for hiring employees who live within the zone, there are tax credits for the employees, and tax credits for interest on loans and investments. Kostoff said businesses looking to expand are “floored” when they discover how much they can save by buying a building in the zone rather than renting.
Those incentives – already in place – may make the difference in whether a new venture is viable, she said.
The incentives are also part of what officials say will absolutely be required for turning the campus into something else: A public-private partnership.
“The city’s not going to do anything on its own,” said John Urbahns, director of Community Development. “Just like with Harrison Square, with the hotel, the ballpark, the parking garage, where we had partners lined up who wanted to do things.”
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