If Newark does not land Amazon’s lucrative second headquarters project, it won’t be for a lack of trying. According to the news website Construction Dive, New Jersey’s $7 billion-incentive package is the most generous of the 238 bids Amazon has received.
Amazon’s second headquarters, dubbed HQ2, represents an investment of $5 billion and creation of 50,000 jobs for whichever city Amazon selects.
New Jersey officials are offering $7 billion in potential tax credits, mainly based on job creation. Additional incentives like a local property tax abatement and city wage-tax waiver could push incentives even higher.
Newark is going up against Irvine, CA, which has offered $5 billion incentives, and Philadelphia, which has offered a $2 to $3 billion package.
But it’s probably going to take more than just money.
“Newark offers many strategic logistical benefits that would help Amazon HQ2 thrive, including a robust transportation network, a highly educated workforce, and a central location with strong anchor institutions,” U.S. Sen. Cory Booker said when the proposal was unveiled last month.