From DNA Info:The developer of the Atlantic Yards project has already gotten at least $761 million in government subsidies — and now it wants even more fiscal breaks.
Forest City Ratner filed a lawsuit last week demanding the city's Department of Finance and the Tax Commissioner slash their appraisal of one of its Atlantic Yards properties. Reducing the appraisal would drastically cut how much FCR pays to the city in the future as part of a deal to build there.
The land in question is known as block 1129 in the city ledger and encompasses the southern side of the Atlantic Yards project. Currently it serves as a parking lot, but FCR eventually plans to build high-rises on it.
The Finance Department put the block’s market value at $11.2 million for its current fiscal year, which began July 1. But FCR says in a lawsuit filed in Brooklyn Supreme Court that it’s only worth about $1.6 million.
FCR wants the court to lower the Tax Commissioner’s and the Finance Department’s final determination.
1 comment:
Why is it okay for a wealthy 1%er developer to get a handout?
Where are the whacko Republicans that are against affordable healthcare on this issue?
Corporate welfare is okay but not citizens?
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