Massachusetts economic development officials sought to woo Aetna to Boston under an effort called “Project X,” according to documents obtained by MassLive. Under the project, officials proposed awarding Aetna $10 million through the Economic Development Incentive Program, a $5 million infrastructure grant and $1 million in workforce training funds to set up its headquarters in Boston.
“We understand that this combination might not be fully accessible by the company; thus we will provide additional flexibility for you to fully take advantage of the commonwealth’s incentives by offering a $16 million EDIP award,” Massachusetts Secretary of Housing and Economic Development Jay Ash wrote in a letter to Brian O’Linn, Aetna CEO’s deputy chief of staff.
While Massachusetts economic officials wrote they would work with Aetna to seek “high profile branding/sponsorship opportunities” for the payer, Aetna ultimately went with New York City’s proposal. The city’s incentives include $24 million in state tax breaks during the next decade, as well as $10 million distributed from a city agency, according to the report.
Aetna is slated to begin the move in late 2018.
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