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.