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August 13, 2005
Tax plan is said to be used as mayor’s own slush fund
From the Brooklyn Papers:
The Bloomberg administration illegally diverted more than $22 million in city funds, using the money as a slush fund to further the agenda of Mayor Michael Bloomberg, city Comptroller William Thompson charged this week.This was possible because of the lack of accountability in a financing scheme known as PILOTs — payments in lieu of taxes — meant to assist so-called economic development projects.
Two big Brooklyn developments — Atlantic Yards and Brooklyn Bridge Park — are each largely dependent on PILOTs like the one that Thompson’s audit says are roiled with a lack of accountability.
Posted by amy at August 13, 2005 10:18 AM