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December 8, 2005
Billions in Liberty Bonds go unspent
NY Daily News's investigative series about Liberty Bonds has revealed that:
half of that money has gone unused. And much of what has been spent to encourage new development — through the use of low-interest Liberty Bonds for builders — has been steeped in controversy.
...
The first Liberty Bond was awarded to Bruce Ratner, the developer and new owner of the Nets basketball team. Ratner received a $90.8 million Liberty Bond to help him build a massive office complex in downtown Brooklyn, at the Atlantic Terminal, with the Bank of New York as an anchor tenant.
NoLandGrab: Ratner and The NY Times applied for Liberty Bonds for the new Times headquarters and were turned down because they "refused terms that could have required it to pay back some money," according to TimesRatnerReport.
Posted by lumi at December 8, 2005 7:57 AM