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March 2, 2006
A help for public or unchecked political machine?
Opaque Empire State Development Corporation backs many projects, but a judge's stop to Brooklyn project raises oversight questions
The Real Deal
By Jeremy Smerd
Beyond the immediate ramifications for the Atlantic Yards project, the [recent conflict of interest] ruling, which may yet be overturned, was also a blow to the image of the Empire State Development Corporation and emblematic of the kind of setbacks the authority's reputation has faced in the past two years. The ESDC has come under broad attack for being an opaque institution with little oversight; one that is generally more sympathetic to the needs of the developer than the local communities whose economies they are mandated to help reinvigorate. Advocates say that without the ESDC's authority and its power, major projects in New York simply wouldn't get done.
With a $700+ million annual budget, $6.6 billion of outstanding debt and presence in 12 offices throughout the State as well as eight foreign countries, the Empire State Development Corporation and its Chairman Charles Gargano are the biggest players in New York.
Read about the history of the Empire State Development Corporation, the controversy surrounding it and what recent developments could mean.
Posted by lumi at March 2, 2006 3:47 PM