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December 22, 2007
DDDB/NY Daily News on Pilots
The Knickerblogger
The Daily News's Juan Gonzalez takes a much needed look at the City's use of PILOTS (Payments in Lieu of Taxes). These PILOTS enable large corporations to avoid paying their property taxes. Of course PILOTS are a huge part of Forest City Ratner's Atlantic Yards project. These payments they'll make in lieu of property taxes, instead of going into city coffers for the common treasury, will go to paying off the construction bond debt for their Barclays Center arena and to the State of New York. One year to the day since the poiltical approval of Atlantic Yards by the Public Authorities Control Board and still nobody has any idea what the amount of Atlantic Yards PILOTs will be. Nobody.
Posted by steve at December 22, 2007 5:00 AM