Green Light: JPMorgan Chase Gets Go-Ahead for Corporate Jet Hangar

Previously, Joseph Evangelisti, a spokesman for JPMorgan Chase, told ABC News that the bank would have nine years to make its $18 million in renovations.

Westchester County said that JPMorgan Chase's plans indicate that renovations would be complete within six months of assuming the lease.

According to Westchester legislator Martin Rogowsky, JPMorgan will "want to be ready to go on day one" when the lease starts next year, because if the hangar isn't ready, the bank will be stuck paying two rents: one at the newly acquired hangar and the other at its current hangar, until the renovations at the hangar in question are finished.

"If they get this lease, they will certainly be ordering some equipment, that takes many months to manufacture," said Rogowsky. "But there won't be any work on the hangar until the lease begins. It's in their economic interest to renovate as quickly as possible."

TARP-funded corporations have been harshly criticized recently for continued use of luxury perks and corporate waste. President Obama has voiced his outrage, introducing regulations on executive compensation and on the disclosure of money spent on such perks. After pressure from his administration, Citigroup abandoned plans for a new $50 million corporate jet from France. And in February, Obama said the days of bank executives flying corporate jets "were over."

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