New York, NY —

JP Morgan Chase announced it has reached a deal the Governor Spitzer and Mayor Bloomberg to move into tower 5 of the World Trade Center.

REPORTER: The financial giant will receive $200 million in tax incentives from the city and the state, to move 7-thousand jobs to the 42 story tower downtown. The company will pay the Port Authority $300 million for the 92-year-lease, and in return will receive an unspecified amount of tax incentives and benefits.

Bettina Damiani, of the government watchdog group, Good Jobs New York, is critical of the plan. She says government officials are presenting lower Manhattan as a source of giveaways instead of a business epicenter. She also criticizes the lack of transparency in the subsidies given to the company.

DAMIANI: I'd venture that the state and the city know exactly how much is being provided to JP Morgan Chase. The transparency issue here is very troubling.

REPORTER: The JP Morgan Tower will be built at the site of the former Deutsche Bank building, which is currently being torn down. The new tower is expected to be completed by 2012. The company will move its investment banking center to the new building, but its world headquarters will remain on Park Avenue.