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June 30, 2005
With West Side Stadium Dead, Bloomberg Does About-Face on PILOT Funds
NY Sun
Mayor Bloomberg signs legislation requiring Payments In Lieu of Taxes (PILOTs) to be paid to the City's general fund, but reserves right for Mayor to request approval for special projects like sports stadiums.
According to the council, the new bill is a modified version of one the mayor vetoed this month.It requires all money collected from PILOTs to go into the city’s general cash pool, but, unlike the previous bill,it allows the mayor to request approval to use some of that money for a specific project, such as a stadium.
Also: The NY Times, Mayor Agrees to Council's Review of Revenue Source He Uses
Posted by lumi at June 30, 2005 7:35 AM