Boston, MA 06/17/2014 (wallstreetpr) – Department of Commerce and Economic Opportunity spokesman David Roeder on June 16, 2014 announced that eBay Inc (NASDAQ:EBAY) was planning to expand the tentacles of its business into Chicago. David Roeder, at the same time, also announced that this would make the company eligible for receiving the incentive package. Governor of Illinois, Pat Quinn said that he was thrilled to know that the company chose Chicago for expansion.
The Eligibility Of Special Incentive Package
The Illinois Department of Commerce and Economic Opportunity authorized the incentive package to eBay Inc (NASDAQ:EBAY) in the form of tax credit, which will be worth $12 million over next ten years. The incentive package, about which David Roeder announced, will help eBay in cutting down tax bill over the next decade, provided it pledges to spend $24 million in this expansion effort. The tax credit package is offered via Economic Development for a Growing Economy program, which allows those companies to enjoy the benefit that choose Illinois over other U.S. states.
Expansion Efforts By eBay
The efforts would also include hiring of 216 full-time employees by 2016 spring as well as another 144 employees by the March that would follow. As a part of the expansion efforts, eBay Inc (NASDAQ:EBAY) will lease 60000-square-foot office in Merchandise Mart building of the city. Merchandise Mart building is an abode of various other technology giants such as Motorola. eBay first entered Chicago by acquiring Braintree in the year 2013.
Statement From The Governor Of Illinois
The Governor of Illinois, Pat Quinn said that Illinois was an abode of impressive technology community which will help eBay as well. This technology community, Quinn said, will help the company in creation of jobs for the Illinois residents. He further added that by choosing Illinois, eBay Inc (NASDAQ:EBAY) will be able to derive the benefit from the leadership of the state in terms of workforce as well as emerging technologies.
