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June 5, 2006
Mayor proposes $230M jump-start for SE fed center
Here's an article for readers who are following Forest City's other projects nationwide. Washington D.C. wants to help Forest City by using Payment In Lieu Of Taxes (PILOTS):
Forest City's 42-acre Southeast Federal Center and JBG's 11-acre Department of Transportation site -- long held by the federal government -- eventually will be transferred to city tax rolls. But instead of the developers paying property taxes into the city's general fund at the outset, the city would sell $230 million in bonds and then use a portion of the future payments in lieu of property taxes to cover the debt service for up to 15 years.
Posted by lumi at June 5, 2006 8:55 AM