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Liberty Mutual gets its state tax break to build new headquarters
By adamg on Thu, 04/01/2010 - 8:15am
Shirley Kressel reports the state yesterday approved a $22.5-million tax break for Liberty Mutual over 20 years to build a new office tower at Columbus Avenue and Berkeley Street. That's on top of the $16-million, 20-year break the city will likely give the project now that the City Council has signed off on the deal (with Yancey and Turner opposed).
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Comments
Free land, getchyer free land here!
The amazing thing is that Lib Mu paid about $25 million for the land to put up a building eventually worth $250-300 million. Essentially the state gave them free land and the city put a cherry on top with their tax breaks. Based on my conversations with most real estate developers they would give their right arms to get a deal with 10% land costs, especially for a major downtown project. There was zero need for this tax break.
What the what??
Are we going to build it for them too??
Their tag line on the WBUR ads...
"Liberty Mutual. Responsibility. What's your policy?"
Apparently, my (and our) policy is to pay for their profits.
Another reason to vote against Deval in November. Assclown.
Money for food? Money for books?
If Liberty Mutual is subsidized by the city and state they could at least feed street folks who live nearby. To thank the city for treating them better than the nearby non-profits where property taxes are concerned, Liberty Mutual could direct some of some of those millions they won't pay in taxes toward something other than the padding the wallets of their execs, such as paying the library shortfall.
As for adding jobs to the city how many of those "new" jobs will simply be jobs that are not sourced out to another state? How many of those jobs will be filled by city residents? The few dollars paid by non-city resident employees for lunches is neglible where city costs are concerned.
Now for the pessimistic note: how much will Liberty Mutual pay to local politician's campaign funds? How many of the millions not paid to the city saved with be redirected toward city political pockets?
Be prepared for excuses or to
Be prepared for excuses or to get reamed for some more $ in the near future.
Safeco was big in St Louis, and Liberty bought them out 2 years ago. They laid off a bunch of people, which is normal. But last year they qualified for $1.6 million when they "hired" 100 people and brought them to the facility in St Louis area. Well, today they in essence laid off 55 of those workers (not what the company called it). But through some loopholes they still get the $. Article in today's St Louis Post Dispatch (STLTODAY.com).
I have no affiliation with the paper, or Liberty Mutual. Just a person tired of all these big companies getting free money for no reason. When will our local governments wake up and just say "no more" to these BS incentives that are just smoke and mirrors.