November 13, 2018 11:15 PM
Amazon will be calling New York City home, establishing a new corporate headquarters in Long Island City, Queens.
The price tag for the win is $1.7 billion from the state of New York.
"Our subsidiary over 25 years is $1.2 billion in credits and a state capital grant of $505 million," said Governor Andrew Cuomo on Tuesday as he made the announcement.
"The revenue-to-incentive ratio is 9:1. That is the highest rate of return of an economic incentive program the state has ever offered," added Cuomo.
In total, the governor says it will generate $27.5 billion for the city and state but Assembly Minority Leader Brian Kolb, R-Canandaigua, says he wants to see the claims backed by numbers.
"Show us all the calculations, the money that will be spent, the 9:1 return and when will that occur," said Kolb, questioning if it's in one year or even in 20 years time.
Even if the figures are right, Kolb isn't confident the revenue will make its way back upstate.
"If you really want to sell this, bring out all the analytics and financials that prompted this decision," said the minority leader.
Kolb isn't the only one doubting that upstate New York will see a financial benefit from the investment.
Republican Senator Joe Robach doesn't think Amazon moving to New York City will have a major financial impact upstate but says the company may entice more businesses to call the state home, which would be a win.
"Other places look at that application looking to relocate," said Senator Robach. "Jobs lift every boat."
Updated: November 13, 2018 11:15 PM
Created: November 13, 2018 10:06 PM
Copyright 2018 - WHEC-TV, LLC A Hubbard Broadcasting Company