BLS & Co. assisted A&P in securing an incentives package for the retention of the company’s corporate headquarters facility in Montvale, New Jersey and data center operations. The project resulted in the retention of over 912 existing jobs and creation of 50 new jobs. Estimated capital investment into the facility was estimated to be $12.5 million.
BLS & Co. was engaged by AbleTo Inc, a behavioral healthcare provider, to provide an incentives strategy for its planned new facility. The company was rapidly expanding, seeking to create new jobs in its technology and software development division with wages over $100,000 annually.
As part of the incentives package, AbleTo Inc., was approved for Excelsior Jobs Tax Credit incentive program for steadily creating new jobs in the state of New York.
BLS & Co. was engaged to devise an incentives strategy for ACE Limited (now Chubb) in support of their consolidation and relocation of back office operations from New York City to Jersey City, New Jersey.
As part of the package, ACE was approved for a New Jersey BEIP grant up to $15 million and an exemption from sales tax on construction materials and equipment purchases.
BLS & Co. was engaged to conduct a multi-state consolidation analysis (including labor markets and other operational variables) that included ACTEGA's existing facilities in two states. Ultimately, the company chose Camden, NJ, for its new production center.
BLS & Co. managed an incentives process for ACTEGA that resulted in a $40 million transferrable tax credit package, practically fully covering the cost of the new facility -- utilizing unique features available to certain projects in Camden under NJ’s Economic Opportunity Act of 2014.
BLS & Co. negotiated an incentives package for AeroFarms for its headquarters and R&D operation on a three-acre site in Newark, NJ, developed by the RBH Group. AeroFarms is the largest indoor aeroponic farm in the world, growing up to two million pounds per year of leafy greens in a safe, sanitary and environmentally controlled facility.
BLS & Co. and its energy services affiliate, Sugarloaf Associates, identified nine "Data Center Qualified Sites" for American Electric Power (NYSE: AEP), one of the nation's largest utilities. After a comprehensive review of locations across AEP's 11-state territory, BLS & Co. qualified sites with reliable and redundant power supply, strong fiber networks, low disaster risks and a business-friendly climate.
The team designed a three-phase evaluation process that analyzed the electric supply and capacity, access to long and short-haul fiber providers, water availability, electric costs, tax exemptions and incentives, demographics, vendor/supplier networks and the ability to complete construction within 18 months.
As an extra step, a third-party engineering company, Intelligent Building Systems (IBS), modeled each site's ability to accommodate a 100,000-square-foot raised-floor data center designed to current industry specifications.
BLS & Co. advised Ascension Health, the country's largest Catholic health system, during site selection and incentives negotiations.
The project received performance-based tax credits and training grants based on the company's plans to create jobs. Additionally, the city of Indianapolis and Develop Indy provided infrastructure support and a training grant.
BLS & Co. conducted a comparison of warehouse labor markets in Ohio, Kentucky and West Virginia to help inform Avon's location decision-making.
We examined labor supply, demand, quality, and cost indicators including present and projected population levels, unemployment rates, education attainment, unionization, wage and income levels.
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.
BLS & Co. secured an incentives package for Barclaycard US, the credit card division of Barclays Bank PLC of London. After an extensive review of locations and an analysis of local workforce dynamics, the company chose Henderson, Nevada, a Las Vegas suburb, for its new call center and back office operations facility. To help fund the project, BLS & Co. negotiated an incentives package that included state grants, tax exemptions, and job training assistance.
BLS & Co. served as incentives consultant to Barclays for multiple projects throughout the U.S., beginning with the migration of positions within the NY/NJ metro markets, and the acquisition of certain Lehman assets that were subject to incentives obligations in 2010. More recently, BLS & Co. has negotiated incentives packages in Texas, Arizona, Oklahoma, Missouri, Kansas and Nevada in support of a redeployment of a total of 1,700 positions.
BLS & Co. has represented Barr Pharmaceuticals in connection with multiple relocation and expansion projects in New Jersey. BLS & Co. secured incentives for the relocation and growth of its corporate operations from Pomana, New York to Woodcliff Lake, New Jersey.
Later, Barr relocated its Woodcliff Lake operations into a larger built-to-suit facility in Montvale, New Jersey and committed to the growth of additional jobs. BLS & Co. secured additional incentives for this project.
BLS & Co. has served as advisor and exclusive representative for Bloomberg, LP in connection with a wide range of incentives strategies. Included among projects BLS & Co. has managed for Bloomberg is its headquarters location decision-making process and the creation of an innovative public financing structure in support of the company’s R&D facilities and data centers.
BLS & Co. implemented an overall community/government relations strategy that successfully obtained land use approvals and extended vesting of development rights on a 100-acre tract for which previous attempts at commercial development had failed.
BLS & Co. continues to support Bloomberg in a range of confidential projects for mission-critical facilities.
BLS & Co. served as site selection and incentives consultant for Bristol-Myers Squibb's new North American Capability Center (NACC) in Tampa, FL.
BMS’ goal for the NACC was to house key enterprise services—technology, finance, and accounting—together with research and analytics, and to do so in a cost-effective market. The NACC project required BLS & Co. to identify and prove out low-cost, yet high-quality, markets with diverse pools of talent.
BLS & Co. managed a team of brokers, designers, and the company’s own human resource, technology, and function heads during an engagement that resulted in the successful site selection, incentives negotiation, staffing, and opening of the NACC—all within a nine-month window.
BLS & Co. served as site selection and incentives consultant during a complex and highly competitive nationwide search for the location of a new $750 million, large-scale multi-product bulk biologics facility in Devens, MA. The facility (the largest capital investment in BMS history) supports the production of ORENCIA (R), the company's biologic therapy for rheumatoid arthritis.
BLS & Co. was engaged to advise Burlington Coat Factory (BCF) during incentives negotiations and agreements as part of a competitive location decision-making process for the location of the Company’s headquarters. BCF considered locations within New Jersey and Pennsylvania.
BLS & Co. secured an incentive package from the State of New Jersey consisting of Grow NJ tax credits and an exemption from sales tax on construction materials and equipment purchases.
StockPot Inc., a maker of premium, fresh-refrigerated soups and a subsidiary of the Campbell Soup Company was interested in developing the first east coast "Culinary Campus." BLS & Co. was retained to conduct a labor market analysis of the Richmond, Virginia area as a destination for this 100,000-square-foot facility.
BLS & Co. successfully planned and executed a three-state competitive process to help fund the location of a new 420,000 square foot back office operation in New Jersey. We structured and represented the company in its negotiations for a strategic incentives package, successfully presenting an approach whereby Chubb's entire New Jersey operations served as a basis for augmenting the incentives occasioned by this single, significant expansion project.
This project also entailed an innovative financing structure designed to maximize the tax and accounting features of the project. The final incentive package obtained was several times larger than had been originally anticipated.
BLS & Co. has represented Citigroup on projects throughout North America. We managed the development and implementation of an incentive strategy for two mirror 300,000 sf data center facilities, one in Ohio and one in Texas. The incentives in both locations included real and personal property tax abatements. In Ohio, BLS & Co. structured a unique public financing, including the creation of a Port Authority, which delivered over $5 million of sales tax exemption savings.
BLS & Co. advised Colgate Palmolive during site selection and incentives negotiations on behalf of a new personal care products manufacturing plant in Greenwood, South Carolina. The initial search geography included the southeastern and mid-Atlantic United States. BLS & Co.'s energy services group performed infrastructure due diligence on the preferred site, identifying several critical issues to be remedied. The negotiated incentive package was comprised of various tax credits for job creation, investment, and port usage; a closing fund grant award; sales and use tax exemptions, training assistance, and property reductions.
BLS & Co. served as incentives advisor during the relocation of the headquarters of CPG International from Skokie, Illinois (part of the Chicago MSA). Complicating the move was the need to move the C-Suite to the new location in advance of the rest of the headquarters staff, necessitating the potential for staged growth, potentially in multiple locations. Other locations considered included downtown Chicago and Cincinnati, OH.
BLS & Co. advised D&H Distributing during implementation of a new warehouse and distribution strategy that consolidated their southeastern operations into a new facility in Coweta County, Georgia, providing them with the ability to expand on site.
BLS & Co. was retained by D&H to validate the ability of the Cowera labor market to sustain this new operation. BLS & Co. also negotiated and helped execute a package of State and Local level incentives including property tax abatement, tax credits and sales tax exemptions.
In 2002 the “Fed White Paper” challenged the financial industry to make the investments required to assure continuity and liquidity in capital markets. For the Depository Trust and Clearing Corporation (DTCC), this challenge gave rise to an intensive confidential site search that scrutinized multiple markets over six months. The search ultimately concluded in Tampa, where the collaboration of state, county and city commitments made a material difference in off-setting project costs.
The approved incentives included the Governor’s Closing Fund and new city and county programs created for this project. BLS & Co. also advised the client on integration and restructuring of its pre-existing incentives agreement in NYC into its overall redeployment and diversification of operations to Florida.
BLS & Co. developed and executed the incentives strategy to facilitate the Depository Trust & Clearing Corporation’s (DTCC) move from Lower Manhattan to Jersey City, New Jersey.
DTCC’s migration and ongoing operations in New Jersey were financed, in part, by the EDA’s Business Employment Incentive Program (BEIP). DTCC also became the first beneficiary of the Economic Redevelopment and Growth (ERG) Grant program.
BLS & Co. represented Diageo during their new headquarters location decision-making process. Their 270,000 square foot building in Norwalk, CT represented the very first project approved under the State's new Urban Reinvestment Act program and resulted in a reward of transferable tax credits, as well as sales tax exemptions and property tax abatements.
Following successful incentive negotiations for its headquarters move, Eby-Brown engaged BLS & Co. to provide incentives advisory services for a new distribution center/warehouse facility to service customers in the Midwest and Mid-South regions of the United States.
The company short-listed locations in Kentucky and Indiana, and BLS & Co. negotiated competitive incentive offers for locations in both states. The company selected a location in Shepherdsville, KY to construct a 300,000 SF build-to-suit lease-back facility.
BLS & Co. negotiated an incentives package for Eby-Brown, a wholesale distributor for the convenience store industry. The company engaged BLS & Co. to provide incentives advisory services for a potential relocation to Indiana or Tennessee from their awkward, outdated layout in Naperville, IL. The company ultimately elected to remain in the Chicago area, securing a new, state-of-the-art space in Naperville.
BLS & Co. represented Fanatics, the leading sports merchandise licensing and ecommerce company, in siting its second fulfillment and light manufacturing center in Frazeysburg, Ohio. The company was experiencing rapid growth, but had continued to process all of its orders from a single fulfillment center located in Florida. In order to maximize efficiency and lower costs while maintaining Fanatic's commitment to fast and reliable delivery, the Company sought to expand its fulfilment network.
During an approximately 6-month engagement, BLS & Co. conducted a comprehensive, multi-state site selection effort focusing on such factors as available real estate, ability to attract and retain labor, comprehensive cost modeling, and incentives. BLS & CO. then helped the company secure an Ohio Jobs Creation Tax Credit and a forgivable equipment lease financing.
BLS & Co. and its energy services affiliate Sugarloaf Associates conducted a thorough review of Florida Power & Light’s 35-county territory to pre-qualify sites for data centers and mission critical facilities.
Initially, four diverse sites were selected. The sites offer a unique combination of factors desired by today’s mission critical and data center operations, including highly reliable and redundant power and fiber infrastructures, competitive cost structures, and locations insulated from manmade and natural risks.
BLS & Co. worked with Forbes Media LLC, publisher of Forbes magazine, to analyze location options for its global headquarters. The company considered locations in Manhattan, New York's outer boroughs and New Jersey before electing to relocate to Jersey City, NJ.
BLS & Co. conducted a comprehensive evaluation of location options in multiple markets, including Columbus, GA and Jackson, MS, to accommodate Gartner’s growing space requirements for their operations in Ft. Myers, FL.
Gartner ultimately decided to lease a newly constructed 120,000 sf facility adjacent to its existing building in Florida.
BLS & Co. advised Gartner on a headquarters location and incentives strategy, enabling the renewal of its lease in Stamford, Connecticut.
BLS & Co. negotiated incentives valued at $24 Million, utilizing the Urban and Industrial Site Reinvestment Tax Credit, DECD direct assistance, sales tax exemption and property tax abatement.
Goya Foods is the premier provider of authentic Latino and Caribbean cuisine. BLS & Co. advised the company as it sought to address capacity constraints at its New Jersey headquarters and distribution facility.
BLS & Co. secured an $82 million award under the Urban Transit Hub Tax Credit program to support the project, which will include the creation of over 100 new jobs and the retention of over 300 existing jobs.
HelloFresh, an international meal kit company with offices in New York City and Germany, chose to relocate and expand its operations to Newark, NJ. After a nationwide search, the firm decided to lease a 217,000 square foot distribution space and an additional 20,000 square feet of office space in downtown Newark. The NJ Economic Development Authority estimates the project will yield a net benefit to the state of $4.1 million over 20 years.
BLS & Co. crafted land use and community engagement strategies to assist Hercules with the disposition of 2,100 acres of brownfields in New Jersey. The engagement involved strategies to reposition and/or redevelop four sites on a portfolio basis, quickly enabling sale of the most market-ready property to generate the resources needed to pursue the redevelopment potential of the longer-lead sites.
BLS & Co.'s efforts focused on an affirmative, inclusive community/intervenor strategy to define the benefits associated with redevelopment, including demonstrating the fiscal and economic impacts of a market-based approach to re-use of the sites. BLS & Co. also managed an RFP process to identify and select the most qualified bidders for the sites, then managed the transaction that resulted in the sale of a 100-acre property in Burlington, New Jersey which has since been redeveloped with over 1 million square feet of modern warehouse space.
BLS & Co. served as financial advisor for Honeywell International in support of its plans to remediate and redevelop 100 acres of contaminated land (including City-owned land) on the "west coast" of Jersey City on the Hackensack River. The transaction approved by the City Council calls for Honeywell to serve as the site's master redeveloper.
The master plan outlined by the City and Honeywell call for upwards of 8,000 residential units, including an affordable housing component, along with at least one million square feet of commercial space, and 20 acres preserved as open space.
BLS & Co. advised ImClone on their incentives strategy in connection with the expansion of their Branchburg, New Jersey campus.
The incentives included a Business Employment Incentive Program (BEIP) Grant as well as Business Retention and Relocation Assistance Grant (BRRAG) tax credits, and BRAGG sales tax exemption. The new incentives approvals were later amended to reflect the acquisition of ImClone by Lilly and the creation of the new ImClone entity.
BLS & Co. negotiated an incentives package for JPMorgan Chase & Co. to establish a Technology & Operations Hub in Jersey City, New Jersey. This state-of-the-art facility will serve as a center of excellence for JP Morgan Chase & Co.’s enterprise support activities. The global financial services firm had previously retained BLS & Co. as incentives advisor for multiple projects in Florida, Texas and New Jersey.
BLS & Co. was engaged by Mead Johnson Nutritionals, following its spinoff by Bristol-Myer Squibb, to advise the company on the choice of destination for its new executive offices.
BLS & Co. managed a multi-market comparative analysis in North America that ultimately resulted in the relocation of the company's leadership tier to a new Class A office space in Glenview, IL (suburban Chicago).
The firm also negotiated and secured an EDGE grant from the State of Illinois to reduce the costs and help manage the risks associated with the redeployment.
As an insurance company, MetLife was ineligible for New York's valuable Relocation Employment Assistance Program (REAP) to help fund its move from Manhattan to Queens. BLS & Co. worked with New York City to create an alternative mechanism to help MetLife capture value from City incentives. This took the form of a large property tax abatement on a facility MetLife intended to sell in Manhattan.
BLS & Co. also helped obtain development approvals and re-zoning of an adjacent parcel to accommodate expansion in Queens. The overall package also included city capital improvements and amenities in the area surrounding the new headquarters building.
BLS & Co. served as financial advisor for a groundbreaking cooperative venture between the H. Lee Moffitt Cancer Center in Tampa and Merck to secure public financing to create over 300,000 square feet of life-sciences oriented development on a 25-acre site.
Moffitt created a wholly owned subsidiary called M2Gen to implement the project, which began with the construction of a 50,000 square foot facility that will house labs and related facilities focused on revolutionizing the way cancer is diagnosed and treated.
BLS & Co. conceptualized the incentives package for the project and managed the analysis, negotiations, structuring, approvals and documentation of the public financing. The public financing package constituted more than one-fourth the total project capitalization.
BLS & Co. secured an incentives package for Nestlé Waters North America Inc, relocating its North American headquarters from Greenwich to Stamford, CT. The Stamford location meets the U.S. Green Building Council’s Leadership in Energy and Environmental Design® (LEED) standards for green buildings.
To help fund the project, BLS & Co. negotiated an incentives package comprising of low-interest loans, state tax credits and tax exemptions.
BLS & Co. advised New York Life on the relocation of approximately 1,000 employees from the company’s Manhattan headquarters location to a new facility in Westchester, New York.
BLS & Co. was successful in securing an economic development incentive package that included a PILOT (Payment in Lieu of Taxes), sales tax exemptions on construction materials and FF&E purchases, a state capital grant and a discount of the utility bills.
BLS & Co served as site selection and incentives consultant for Omnicom Group Inc. in support of the company’s competitive location decision-making process for targeted functions to be relocated out of New York City.
BLS & Co. advised Omnicom on evaluation of alternative relocation strategies to maximize savings and minimize operational disruption by redeploying selected operations to be co-located with related functions in cities where the company has successful operating experience and excess real estate capacity. Ultimately, the incentives package from the State of New Jersey was sufficient to induce the company to relocate nearly 500 jobs to Jersey City. Omnicom considered locations in Connecticut, Texas, Ohio and Costa Rica before selecting New Jersey.
Panasonic's North American headquarters in Secaucus, NJ no longer met the company's objectives for talent, energy efficiency and branding.
BLS & Co. was engaged to evaluate multiple destinations for the headquarters, both in the NY / NJ metro area as well as locations in CA, IL and GA where the company has surplus real estate capacity.
BLS & Co. was successful in securing a package of state and local incentives in connection with Panasonic’s decision to anchor a new Class A office tower in downtown Newark, including an Urban Transit Hub Tax Credit award and local grants through the Redevelopment Area Bond program.
Panasonic now occupies 10 floors of the 12-story building at Two Riverfront Plaza, Newark’s first new office building in more than 20 years. Designed to achieve Leadership in Energy and Environmental Design (LEED) gold certification for new construction and LEED platinum certification for interiors, the project is bringing 1,000 new employees into Newark’s downtown, and provides the catalyst for development of new retail, hospitality and other amenities in the city’s central business district.
CoreNet Global recognized the Panasonic project team with a 2013 Economic Development Leadership Award for spurring economic development, investment and employment in the Brick City.
BLS & Co. has advised Pearson, PLC. during the development and implementation of various incentives strategies in connection with the company's national reorganization and restructuring of its warehouse and distribution operations.
Most recently BLS & Co. worked with the company to structure and implement a "strategic package" through which the relocation of regional warehouse/distribution operations to a major new facility in New Jersey also served as the catalyst for a broader transaction under which Pearson also received incentives in connection with its headquarters.
In a separate project, BLS & Co. also planned and executed a two-state competitive strategy which resulted in the company obtaining real property tax abatement, income/franchise tax credits and training cost reimbursements for the ultimate expansion of its Lebanon, IN warehouse/distribution center.
BLS & Co. worked with the Philadelphia Inquirer to secure an incentives package for the retention of its headquarters in Center City.
BLS & Co. was successful in restructuring the RCAP incentives program as well as securing low interest rate financing through Philadelphia Industrial Development Corporation.
BLS & Co. managed the location due diligence for a new 200,000 square foot, state-of-the-art prescription drug fulfillment center on behalf of Prescription Solutions.
BLS & Co. managed the site selection process, analyzing the labor, cost and regulatory environment in each of the candidate locations, as well as negotiating and implementing an incentives package at the State and local level. The company ultimately chose Overland Park, Kansas for this innovative new operation.
Prudential employs more than 4,800 people in the City of Newark where the Company occupies more than 1.8 million square feet of space. With several of its leases in the City set to expire the Company commenced a comprehensive evaluation of its Newark occupancy to identify the optimal location strategy.
BLS & Co. advised Prudential on the role of incentives in its overall location strategy, and ultimately negotiated and secured approval of an Urban Transit Hub Tax Credit award in support of the construction of a proposed new facility and the creation of new high-compensation positions. The project, which will result in a redevelopment of an entire city block, represents the single largest project in Newark in a generation.
BLS & Co. and its principals have provided ongoing site selection and incentives advisory services to QVC, including warehouse and call center location projects in North America and Europe. Our most recent engagement for QVC resulted in a 1 million square foot distribution center (expandable to 2 million square feet) in Florence, South Carolina.
BLS & Co. managed a multi-state, sequential site search, and secured incentives for the project, including free land, infrastructure grants, ad valorem tax abatements, job development grants, job tax credits, and sales tax exemptions.
In addition, BLS expedited permitting and as a result, the warehouse was able to open ahead of schedule.
When Roche required assistance to fast-track a decision on the location of its new Translational Clinical Research Center (TCRC), the company engaged BLS & Co. to negotiate incentives in support of this elite research early development organization. After a thorough site selection process, the company chose the build-to-suit Alexandria Center on Manhattan’s east side for its new facility.
BLS & Co. developed and executed an incentives strategy to induce the company to consolidate Royal Bank of Scotland's North American corporate bank, based in NYC, and its RBS/Greenwich Capital headquarters in a new office and trading floor in Stamford, CT. The package consists of transferable corporate income tax credits and other incentives in connection with the proposed retention and creation of approximately 1,800 jobs. The scale of this package required legislative hearings and consent.
BLS & Co. provided incentives advisory services for SKF USA Inc.’s new Global Technical Center – Americas (GTCA), an engineering research and development center supporting SKF’s North and South American manufacturing operations. Naperville, IL -- a suburb of Chicago – was chosen for the 130,000 square foot build-to-suit facility.
BLS & Co. served as incentives advisor to Subaru of America during their decision to relocate their corporate headquarters from Cherry Hill, NJ to a new 334,200 square foot facility in Camden, NJ. In addition to the new headquarters, the project will include Subaru’s 70,000 square foot National Service Training Center, creating a state-of-the-art corporate campus at Campbell’s Gateway site, adjacent to the Campbell’s Soup headquarters.
BLS & Co. managed an incentives process that resulted in a transferrable tax credit package that fully covered the cost of the facility, utilizing for the first time unique features available to certain projects in Camden under NJ’s recently enacted Economic Opportunity Act of 2014.
BLS & Co. advised T.Rowe Price during site selection on relocation options and incentives negotiations in Arizona, Missouri, Texas, Nebraska and Florida.
The approved incentives in Florida included the Quick Action Closing Fund, High Performance, Capital Investment Tax Credit, and Qualified Targeted Industries (QTI) Refund. The company committed to create 1,200+ jobs in Tampa over eight years.
BLS & Co. advised The Clearing House Payments Company on their site selection process, performing a comprehensive review of a wide range of location variables based on the company’s operational and cost strategies. The analysis evaluated scenarios within the NYC Metro area and beyond.
BLS & Co. secured an incentive package in support of the consolidation and relocation of operations from New York City to Winston, North Carolina. As part of the package, The Clearing House was approved for a One North Carolina Fund, City and County grants up to $900,000, in addition to utility discounts offered by Duke Power.
BLS & Co. worked with publishing and digital media company, Time Inc., to devise an incentives strategy for its New York City based headquarters. The Company ultimately relocated its headquarters downtown and retained employees in Manhattan. The other location considered was in Jersey City, NJ.
The new lease at 225 Liberty in Manhattan’s financial district was secured as part of an incentives package that included a sales tax exemption, Commercial Rent Tax reduction, Job Creation and Retention Grant and an Excelsior Investment Tax Credit.
TradePoint Atlantic (TPA) – previously Sparrows Point Terminal – is a former 3,200 acre Bethlehem Steel plant site located in southeastern Baltimore County, Maryland. TPA purchased the brownfield site in the fall of 2014 with plans to redevelop it into a major East Coast multi-modal distribution and manufacturing hub.
BLS & Co. was engaged to develop a comprehensive strategy to secure the public financing sources needed to mitigate the significant cost of repositioning a brownfields site of this scale and complexity. Our services included:
The competitive benchmarking analysis revealed an opportunity to improve the cost competitiveness of the site via the introduction of a targeted sales and use tax exemption for specified construction materials and warehousing equipment. BLS & Co. served as “subject matter expert” to assist TPA in pursuit of the required legislation by documenting the competitive market-based rationale for the proposed exemption, providing data on similar programs in other locations, drafting proposed legislation and providing expert testimony during Senate and House hearings on the proposed legislation. On May 19, 2016, Maryland Governor Larry Hogan signed the enabling legislation.
BLS & Co. advised and represented UBS in the development and implementation of an incentive strategy for a planned new tower in Jersey City, New Jersey and arranged for incentives in connection with a major improvement program for the company's existing 900,000 square foot facility in Weehawken, New Jersey for which no incentives had originally been obtained.
BLS & Co. also advised and assisted PaineWebber in the incentives aspects of its merger with UBS.
BLS & Co. was retained by Unilever to provide incentives and transaction management services during the merger of warehousing and distribution facilities in the company's two primary lines of business. The focus of the effort was to increase efficiency through logistics planning and location consolidation.
BLS & Co. worked with Unilever to evaluate incentives in numerous markets across the country and conducted incentives negotiations at the state and local level in four markets including Alabama, Florida, Georgia and Texas for distribution facilities ranging from 800,000 square feet to 1 million square feet.
Incentives valued at $1.3 million
BLS & Co. has advised Verizon Communications and Verizon Wireless on multiple projects nationwide since 2000.
One of the most memorable was the evaluation of alternative locations in which to co-locate senior corporate management functions. The company ultimately chose the 1.2 million square foot former AT&T headquarters campus in Bernards Township, New Jersey.
The project received one of the largest incentives packages ever awarded by the State, combining several funding sources including the BEIP program and the newly-created Business Relocation and Retention program (BRRAG).
BLS & Co. represented Wakefern Corporation during the development and execution of incentive strategies for two build-to-suit distribution facilities in Newark and Elizabeth, New Jersey.
BLS & Co. secured approval of the new Urban Transit Hub Tax Credit for both projects, and also managed negotiation and approval of a PILOT (Payment in Lieu of Taxes) and an exemption from sales taxes.