Mayor backs $4m plan to keep JPMorgan in Boston

Boston officials today unveiled a $4 million tax-incentive package to convince JPMorgan Chase & Co. to remain in Boston.

The financial firm employs 725 people in the city (525 at 73 Tremont St. and 200 at One Beacon) and is considering adding up to 400 more who would provide services to the mutual funds industry. But its lease at 73 Tremont with Suffolk University is due to end next year.

Boston Mayor Thomas M. Menino said the incentives -- certain city property tax benefits, plus state tax and financing benefits -- are designed to convince JPMorgan to move workers into vacant space on the South Boston Waterfront he did not identify.

‘‘Financial services companies represent a $24 billion industry in Boston, and I’ve made it a priority that we focus on ways to strengthen and grow this sector of our economy,’’ he said.

Dan Kramer, JPMorgan’s managing director for fund services operations, said the firm is in negotiations about the site and several others in the suburbs. If the Boston incentives are approved by the City Council, they would be ‘‘a key determinant in our decision as we negotiate the terms of the lease,’’ Kramer said.
(By Ross Kerber, Globe staff)