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Mayor Michael Bloomberg was joined by Governor David Paterson and JetBlue chief executive officer Dave Barger at City Hall to outline the agreement.

"Jet Blue and New York City really have been a perfect match from the very beginning," said the mayor. "Both are defined by hard work and innovation and together. Jet Blue and New York City have defied conventional wisdom by showing that a New York based airline can be highly successful even during challenging and uncertain times."

According to the city, the airline will be consolidating its operations and moving to Queens Plaza in Long Island City by 2012. The decision to remain in the city will save more than 5,000 jobs.

The new headquarters will house facilities that were previously split between Forest Hills, Queens and Darien, Connecticut.

The airline had considered moving its headquarters to Orlando.

"It's nice that their moving to this area, it brings a little bit more business, more people around the neighborhood," said one Long Island City resident.

As part of the agreement, the city will invest up to $3 million to help with the growth of JetBlue's terminal at John F. Kennedy Airport.

JetBlue launched 10 years ago as a low-priced start up. It ballooned into the seventh-largest airline in the country and remains the only commercial airline based in the city.