NYCEDC has published the agenda of its Executive Committee meeting, to be held today (Dec. 19).
The agenda includes a topic entitled "Willets Point Predevelopment funding agreement" which is
"to provide funds to a joint venture between Related Willets, LLC and Sterling Willets, LLC, or an affiliated entity, to partially reimburse predevelopment costs associated with the development of a site in Willets Point."
"Amount to be approved: Up to $5,000,000.00."So, $5,000,000.00, for now. But according to the meeting agenda, there'll be more:
"NYCEDC proposes to enter into the Funding Agreement to reimburse up to $5,000,000.00 of approximately $14,800,000.00 of estimated total budgeted predevelopment costs."
"It is anticipated that NYCEDC will enter into one or more funding agreements of up to $94,990,000.00 in the future to reimburse development costs of Phases 1A and 1B. NYCEDC will seek authorization from the Executive Committee at that time."Is it standard operating procedure for NYCEDC or the City to reimburse developers' costs in this way? Why should city residents pay the Wilpons and Related a dime, especially since they are getting free land?
City Comptroller John Liu, why did you approve city funding of NYCEDC earlier this month, if this is how they plan to spend OUR tax money?
Public Advocate Bill DeBlasio, why are you staying silent about how the public you represent is being ripped off by billionaires?
City Council Speaker Christine Quinn, why do you approve of hundreds of millions of dollars in corporate welfare?