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May 13, 2005
City Council passes Speakers PILOT legislation
Wednesday, the NY City Council passed Speaker Gifford Miller's PILOT legislation (Intro 584-A), which would bar the Mayor from spending City money without the City Council approval, including money disbursed from the Payment In Lieu of Taxes (PILOT) fund. This legislation is targeting Mayor Bloomberg's proposal that the City contribute $300 million to the building of the West Side Stadium.
This legislation could have bearing on the Mayor's proposal to spend $100 million on the Nets Arena proposal, though New Yorkers can expect that the Mayor will veto the legislation, the Council will overide the veto and the whole ball of wax will end up in the courts.
The Daily News, Council bars mayor from stadium aid
Gotham Gazette, City Council Slated Meeting Notes: West Side Stadium Financing
City Council Press Release
Posted by lumi at May 13, 2005 7:17 AM