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Merrill Lynch Gets Tax Deal to Expand in N.Y.

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Reuters

Merrill Lynch & Co., the nation’s biggest broker, will expand operations in New York City, creating up to 2,000 new jobs, in exchange for $27.6 million in sales-tax exemptions. The 15-year deal, negotiated over three months, provides for $17 million in exemptions if New York-based Merrill maintains its city work force of 9,000, plus an additional $10.6 million if Merrill creates the additional 2,000 jobs, the city’s Economic Development Corp. said. The brokerage said it will also buy a 700,000-square-foot office building on Broadway near its lower Manhattan headquarters to consolidate and expand offices scattered throughout the city. If the company fails to maintain the specified job level, the agreement calls for the repayment or reduction of some or all of the benefits along with unspecified penalties.

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