WNYC: Time Inc. plans to move from Midtown to downtown Manhattan with the help of public subsidies. The terms of the deal are said to allow the magazine publisher to cut close to one third of its jobs with no penalty. Last year, Time Inc. was reported to be looking for a smaller headquarters in New Jersey. New York State responded by awarding the publisher a package of grants and tax breaks worth $10 million to stay in New York. At the time, the exact terms of the package were not reported.