From the NY Observer:
In the universe of the city budget, cuts are everywhere.
Nowhere was this more apparent than the city’s capital budget, the decade-long plan that pays for new parks, schools, firehouses, infrastructure and economic development with $47 billion in city funds. The Bloomberg administration is proposing to shrink its capital spending by about $8 billion from an earlier version unveiled last fall, an act that, if approved by the City Council this month, will inspire a wave of cuts for new projects citywide.
But, at least in terms of economic development, two legacy real estate projects that have long been the focus of city officials—the redevelopment of Coney Island and of Willets Point in Queens—have escaped the knife entirely (and in the case of Willets Point, slightly more money was added).
This prioritization of the large and high profile offers a glimpse into the Bloomberg administration’s unabashed fervency regarding mega-development, an approach that has inspired no shortage of critics. While substantial development on these projects is likely many years off and ultimate success is hardly a given, officials argue that Coney and Willets deserve to be at the top of the list because of their potentially transformative effects in two underdeveloped areas.
In all, the city lists about $133 million in its capital budget for Coney Island and $424 million for Willets Point, which is by far the largest single economic development initiative. The entire 10-year budget calls for about $1 billion to go toward economic development over the next 10 years.
Photo from the Epoch Times
5 comments:
Bloomberg is pandering to overseas Asian interests regarding Willets Point.
Most are already certain that Wellington Chen's friends at TDC will get the "redevelopment" job if approved.
Could the pols who are helping to grease this process through be getting some funds from Taiwan...the little duke of Wellington's homeland?
Hello out there...Chuck Apelian, Marilyn Bitterma, Claire Shulman, Evan & Toby Stavisky!
Oops, I left out Gary Ackerman who might have been getting his $$$$$ through the likes of Tommy Huang from that same foreign country for a couple of decades now.
Maybe the Great Eastern Bank was one big money laundry....with John Liu's father (Joseph Liu) at the helm along with Huang's father in law!
I'm sure that Donald Manes could speak volumes about all this if he were still alive and put to the question prperly!
H-m-m-m.....Myra Baird Herce was around when all this was happening. What exactly does she know?
Maybe the FBI ought to grill her under oath!
"In all, the city lists about $133 million in its capital budget for Coney Island and $424 million for Willets Point, which is by far the largest single economic development initiative. The entire 10-year budget calls for about $1 billion to go toward economic development over the next 10 years."
Do these amounts include costs for legal fees (eminent domain, for instance), kickbacks, and inflation? When I say inflation I mean inflating the projects' budgets after the deal is signed! All this on our collective dimes?
Has anyone done the math? Willets Point and Coney Island add up to $557 million (in one year's budget) which leaves only $463 million to go over a 9 year period. Is that correct?
Bring on Avella. I'm ready now.
Has Bloomturd turned NYC government into one HUGE Ponzi scheme?
Re-elect Mayor Bernie Madoff.
all the federal stimulus money into the developers' hand. don't you see why bloomberg is now the richest man in this city?
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