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The first article I googled about the company talks about how government incentive programs are available. They receive tax dollars for development...
ReplyDelete"Do you know that New York City and State Relocation And Employment Assistance Program offers (REAP) tax credits and rebates of $3,000 per employee per year relocated to eligible space in downtown Brooklyn? Do you know that with REAP you can reduce rents by $10 to $20 per sq. ft?
Through REAP, the City of New York provides tax-paying tenants that are currently located in Manhattan below 96th Street or out of state a credit of $3,000 per relocated employee for 12 years, when relocating in New York City outside
Manhattan."
http://16court.slgreen.com/pdf/letter.pdf
I am sure Mr. Holliday will mention tax incentives.
Yes, and REAP is much more limited than a NIZ. To qualify, the business must be from OUTSIDE the City, improvements must have already been made in excess of 50% of the assessed value for industrial, the credit is limited; and it is a credit, not a diversion, of taxes. The Mayor has discretion to deny REAP benefits to a company that is playing games, as Reilly and Topper are doing.
ReplyDeleteIt is a much more even approach to urban development.
Another point.
ReplyDeleteS L Green's buildings are mostly "victims" of REAP as they are located below 96th St in Manhattan and, therefore, stand to lose tenants under REAP, pressuring their rents.
No matter what kind of spin Brown puts on this , the manner in which it happened was one of a clandestin nature. It was a clever scheme ,opaque in nature that was akin to a night time robbery.A last minute scheme. Government at it`s worse. A bad precedent for all of us. Shame on Pawloski and the entire bunch.
ReplyDelete"CHAIRMAN PAWLOWSKI's PALACE of SPORT PRIMER : PHILADELPHIA FLYERS' YEAR-BY-YEAR PENALTY MINUTE LEADERS"
ReplyDeletehttp://www.goironpigs.com
Interesting article at NOISE NATION blog today.
ReplyDeleteThe author KRAMSKORNER warns the Brooks Group ...
"DON'T - Count on concerts to fill the Arena"
http://noisenation.wordpress.com
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What?
How the hell is Chairman Pawlowski ever going to meet his bold prediction of 2.5 million spectators?
40 home games X 8,500 Palace of Sport capacity ...
Future Downtown Arena Attende has commented on this article, "I agree with all your (Kramskorner) points".
Cool.
So, I guess FDAA is not counting on concerts to fill the Palace of Sport, either?
How about that!