« Wall Street Project, Request for Coverage | Main | Brooklynites watch eminent domain case in Ohio »
January 10, 2006
SPECIAL TAX DEALS SAVE COMPANIES MILLIONS IN CITY
The NY Sun
By David Lombino
A page-one article on corporate welfare in NYC mentions that:
"The company with the largest tax break, as calculated by the city Office of Management and Budget, was Chase Manhattan Bank, part of JP Morgan Chase. Chase saved about $8.7 million this year for its building in the MetroTech commercial development in downtown Brooklyn. The deal was struck in 1989 under the Koch administration."
NoLandGrab: Large amounts of government subsidies typically factor into Forest City Ratner projects, like Metrotech and the proposed Atlantic Yards project. Taxpayers and politicians should follow the money and decide if these are dollars well spent.
Posted by lumi at January 10, 2006 7:41 AM