Pittsburgh offered $6.7B in a failed bid for Amazon HQ2, one of the largest incentive proposals ever
Today, Pittsburgh and Allegheny County leaders released their proposal to lure Amazon HQ2 to the region. Amazon didn’t bite at Pittsburgh and announced this week that it would be creating a split HQ2 in Northern Virginia near Washington, D.C., and in New York City, in Queens.
Regardless, Pittsburgh’s failed bid offered $6.7 billion in combined state, county, and city incentives. This is one of the largest incentive proposals ever offered to a company in the U.S., with only a few proposals eclipsing it. Boeing received $8.7 billion to stay in Seattle, Montgomery County, Md. offered a reported $8.5 billion to attract Amazon HQ2, and Newark, N.J. offered a reported $7 billion to HQ2.
Pittsburgh Mayor Bill Peduto, Allegheny County Executive Rich Fitzgerald, and Allegheny Conference CEO Stefani Pashman didn’t regret the proposal or the amount they offered. The incentives were mostly in the form of tax breaks. The state offered $4.5 billion in state income tax breaks, and the municipalities offered $2.1 billion in property tax breaks. The state also offered $100 million in funds for infrastructure improvements for the region that landed Amazon.
At today’s press conference, Peduto said if Amazon did come to Pittsburgh, it would have generated $5.8 billion in additional tax revenue for the city, county, and school board over 20 years. Of that, $2.1 billion would have been funneled into a special fund to finance a bond dedicated to infrastructure, affordable housing, transit, and workforce training.
Read more: https://www.pghcitypaper.com/pittsburgh/pittsburgh-offered-67-billion-in-a-failed-bid-for-amazon-hq2-one-of-the-largest-incentive-proposals-ever/Content?oid=12100753
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