Before Hartford, Conn.-based Aetna decided to move its headquarters to New York City, the payer mulled incentives offered by one other city — Boston, according to a MassLive report.
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.