Friday, November 14, 2008
Willets Point deals raise questions
Three of the larger businesses - Tully Environmental, Fodera Foods and House of Spices - will be permitted to stay after others are forced out.
They are expected to sell their land - now rezoned for residential and retail uses - to a developer down the road.
"The zoning as passed will make it increasingly profitable for a developer to want to buy those sites," said a spokesman for the city Economic Development Corp.
Willets Point project now a done deal
Bloomberg administration officials said they will continue talks for a while with business owners before using eminent domain, allowing the city to acquire property without price negotiations. Instead, landowners are given appraised value.
On the market, some of the land could privately fetch millions, but using land appraisals would result in significant savings for the city.
City Council OKs Willets Point eminent domain plan
Why are "The Big Three" being set up to receive mega profits while everyone else is forced to sell to the City based on "assessed value"? And here's a cute tidbit of information:
Should a situation arise where Tully, Fodera or House of Spices opt not to sell to their land, the city would be able to pursue eminent domain after 15 years, though it remains confident this will not be necessary, sources with knowledge of the negotiations said.
15 years? What happened to the entire project being completed by 2017?