Thursday, March 12, 2009

In the Bronx, the IDA granted subsidies for the Kingsbridge Armory without a CBA

Despite New York City Comptroller and IDA member Bill Thompson supporting a CBA for the Kingsbridge Armory redevelopment and calling for the IDA to hold off on subsidy approvals until one was in place, yesterday the IDA approved tax exempt financing for the $323 million project. The Bronx News Network Live Blog estimates the benefits for the developer, the Related Companies, at about $17.8 million.

Thompson, backed by Manhattan Borough President Scott Stringer, moved to postpone the IDA vote until more information was available about the number of jobs to be created and their likely salaries. He also criticized the IDA and New York City Economic Development Corporation for not supplying him with procurement documents, and he questioned the propriety of the IDA subsidizing this project at all, since it's not an industrial project and it's not located in an empire zone or an empowerment zone. Regarding the uncertainty as to what kind of jobs the project is going to create (and for whom they will be created), Thompson remarked that "a Community Benefits Agreement should be negotiated to resolve these issues before a vote and to ensure adequate community involvement in the process." See Thompson's press release here.

(Update Mar. 13) More commentary from the Bronx News Network is available here.

1 comment:

Jordan Moss said...

We had a reporter at the hearing.