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July 15, 2008
HOLD 'EM ACCOUNTABLE: DEVELOPER FILING PROPOSED
A City Council bill would require those who use public subsidies to spell out a project's public impact.
CityLimits.org
by Lauren Victory
With controversy erupting around practically every major new development in New York City – the new Yankee Stadium, Ground Zero and Brooklyn's Atlantic Yards, to name a few – concerned citizens have been looking toward the public review and approval process for a stronger voice. The help they seek may have arrived recently, in the form of the introduction of City Council Bill 801, titled Community Impact Reports.
Aimed at those seeking economic development benefits such as direct project subsidies, low-interest financing, tax benefits, tax-exempt financing, and tax-exempt bonds and grants, the bill would require the developer of each project to submit a comprehensive report to City Council outlining the intended social and economic effects of the project on the surrounding communities. Organizations in contract with the city for the purpose of providing social services, or those that create affordable housing units exclusively, are exempt from the requirement.
“We need to have a way to monitor the benefits that are given to developers,” said Councilman Thomas White Jr., a Queens Democrat who chairs Council's Economic Development Committee. Around the city, such benefits are legion: In fiscal year 2006, the New York City Industrial Development Agency alone granted at least $700 million in tax breaks to individual firms.
Councilman Albert Vann, in consultation with Councilmembers White, Bill de Blasio, Letitia James and others, created the bill to "help us to understand how city funds are being used in communities, to help them directly," according to Vann’s legislative director, Dottie Conway. Introduced June 29, the bill is now being further shaped by feedback and is not yet scheduled for a hearing or a vote.
NoLandGrab: Critics question how effective this legislation might actually be, and some see it as just another spin on City- and State-mandated environmental reviews, which are produced by the developer and always seem to arrive at the same, ain't-this-great outcome.
Posted by eric at July 15, 2008 9:39 AM