General Electric to downsize its Boston headquarters and reimburse the Commonwealth $87 million

Innovation Point now not happening
Image via the Boston Business Journal

– News covered by Quincy Quarry News with commentary added.

 

General Electric to downsize its Boston headquarters and reimburse the Commonwealth of Massachusetts eighty-seven million dollars.

 

This breaking badly bad news© hits the fan hard for Boston hard upon word that Amazon would not be bringing 25,000 well-paying jobs to New York City after local politicians tried to change the terms of an already agreed-upon deal which both City and State of New York officials had previously agreed to provide Amazon in the way of incentives to open up shop in New York.

 

A former General Electric spokesman
A General Electric Theater image

“While changes in the company’s portfolio and operating model will lead to a smaller corporate headquarters, we are fully committed to Boston and proud to call it home,” noted a formal statement by General Electric.

 

Fortunately, General Electric’s incentive package to relocate its headquarters to Boston obligated GE to reimburse money to the Commonwealth should its plans not work as promised.

 

Fielding questions from the media
File photo image via Commonwealth Magazine

Unfortunately, no word as if the $87 million to be reimbursed by General Electric will sufficiently reimburse what has been spent out of the as much as $120 million in incentives originally slated to be provided to GE to move its headquarters to Boston.

 

Source: GE to downsize Boston headquarters, reimburse state $87 million

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