Business & Tech

MasterCard Gets Boost for $39M Project in Westchester County

MasterCard will get about $1.3 million in tax incentives for a $39 million capital investment will create more than 270 new permanent positions at MasterCard as well as maintain existing jobs in Purchase and create construction jobs.

Editor's Note: The following announcement was submitted by the Office of Westchester County Executive Robert Astorino.

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As part of a successful campaign to assist MasterCard Worldwide to meet their strategic plans for growth, County Executive Robert P. Astorino today announced that Westchester’s Industrial Development Agency (IDA) has approved a series of incentives that will help the company renovate its global headquarters in Purchase, as well as expand its presence in the area.

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 The $39 million capital investment will create more than 270 new permanent positions at MasterCard as well as maintain existing jobs in Purchase and create construction jobs.

“The fact that MasterCard has chosen to reinvest and expand here is proof of Westchester’s highly skilled workforce, top-notch quality of life, and business-friendly environment,” said Astorino. “I want to thank everyone at MasterCard for their confidence in Westchester.”

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The capital project reaffirms MasterCard’s commitment to Westchester.

“MasterCard has been proud to call Purchase, New York, our global headquarters home since 1995,” said Ajay Banga, president and CEO, MasterCard.  “I’d like to thank County Executive Astorino and the Westchester Industrial Development Agency for their support and partnership with this initiative.” 

The project includes the renovation of the company’s 475,000 square-foot I.M. Pei-designed headquarters at 2000 Purchase Street. In addition, the company is expanding its presence at 100 Manhattanville Road by an additional 14,000-square feet for a total of 121,000-square feet, of which 56,000-square feet will be renovated.

The highly skilled and high-paid positions that MasterCard will create and retain in Westchester are mainly in the areas of administration, information technology, and research and development.

Construction is estimated to begin in the first quarter of 2014.

The IDA acted Thursday to grant MasterCard an exemption from 7.375 percent sales tax on capital improvements, furniture and equipment for the duration of the construction process. The incentive will save the company an estimated $1,290,764 over six years.

“The IDA is thrilled to support this project that will create jobs and help grow our local economy, which are top priorities of County Executive Rob Astorino,” said IDA Chairman Stephen J. Hunt.

The company has been headquartered in Purchase since 1995 and currently employs 1,425 at its Westchester locations.

The IDA is a public benefit corporation created in 1976 for promoting and encouraging economic development in the county primarily through assisting in the creation or retention of jobs. The IDA is also empowered to issue taxable and tax-exempt bonds for organizations meeting federal and state guidelines. There is no financial risk to the county. The obligation for repaying the debt rests solely with the organizations.

Any corporation or small company looking to access the low-cost and tax-exempt project financing made available through the IDA should contact Jim Coleman, executive director of the IDA, at (914) 995-2963 or jcoleman@westchestergov.com.


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