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March 23, 2005

Your tax dollars at work

Field of Schemes:

Neil deMause reports on the City Council hearings on legislation requiring City Council approval for use of PILOT (Payment in Lieu of Taxes) for mayoral pet projects.

The PILOT slush fund issue now seems certain to end up in court, at which point maybe the mayor's lawyers will actually show up to explain themselves.

The second half of the day's hearings covered repealing MSG's tax breaks.

gravytrain.jpg And, if the initial $100 million for Bruce Ratner and $300 million for the Jets isn't enough:

...both Newsday and the Village Voice report that the city plans to provide more than $100 million in tax breaks and loan guarantees for a plan to redevelop the Bronx Terminal Market into a shopping mall and Olympic velodrome. The real-estate tycoon scheduled to receive this taxpayer windfall: Steven Ross, would-be NASCAR developer and former partner of deputy mayor for economic development Dan Doctoroff.


Posted by lumi at March 23, 2005 7:23 AM