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July 27, 2007

Bloomy slightly sours Bruce’s sweet deal from the state

The Brooklyn Paper
By Gersh Kuntzman with additional reporting by Ariella Cohen

According to the Daily News, city officials reduced the length of the tax break from 25 years to 15 years, saving an estimated $100 million.

The remaining tax break would still save Ratner $200 million, the Bloomberg administration has estimated.

Bloomberg spokesman John Gallagher declined to comment on the Daily News story, saying only that negotiations were “continuing” between Forest City Ratner executives, city officials and state leaders.

But a source in the administration told the New York Post earlier this week that the Bloomberg administration objects to the “Ratner carve-out” because “pure and simple, it’s a giveaway.”

It’s the first time city officials have publicly objected to any of the billions of dollars in taxpayer-backed subsidies Ratner will receive on the Atlantic Yards project.

Forest City Ratner officials did not return repeated calls and e-mails from The Brooklyn Paper.

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Posted by lumi at July 27, 2007 7:59 AM