Bank of New York (BNY) Mellon had multiple near-term lease expirations across three states, requiring review of a wide range of location options to consolidate operations and reduce costs.
Other states offered significant "new job" incentives to attract BNY Mellon, but New Jersey was ill-equipped to save its existing jobs. BLS & Co. initiated a campaign to create a new "retention" incentive for New Jersey, beginning with a "white paper" on its policy merits, and organized a coalition of business and government leaders to promote the new legislation.
The new program - Business Retention & Relocation Grant (BRRAG) - provided transferable tax credits for large projects, and premium incentives for projects relocating to urban centers. The legislature adopted BRRAG in time for BNY Mellon's location decision. BNY Mellon responded with a commitment to relocate nearly 900 suburban-based jobs to Jersey City.