Monday, December 28, 2009

Perkins calls on Cuomo to investigate Atlantic Yards bond issuance

From Atlantic Yards Report:

Well, if state Senator Bill Perkins can't get a written statement from Governor David Paterson's office regarding the Atlantic Yards bond deal, maybe Attorney General Andrew Cuomo will weigh in.

Perkins, as he promised, sent a letter to Cuomo yesterday:
"I write to request your opinion of the recent bond issuance on behalf of Forest City Ratner for the construction of the arena at Atlantic Yards.

On December 18, 2009 I sent a letter to Governor Paterson outlining my concerns. Your office was carbon copied. In essence, the ESDC crafted an unusual transaction whereby a nearly defunct entity, the Job Development Authority (JDA) was used to form the Brooklyn Atlantic Yards Development Corporation (BALDC) which then issued the $511 million worth of arena construction bonds.

I believe that the bond issuance was done in this manner to avoid a review by the Public Authorities Control Board (PACB) and the state Comptroller. I respectfully request that your office issue an opinion as to whether the process employed during the bond issuance was legal, as the public must have utmost confidence in the processes of government.

Enclosed please find a copy of my letter to the Governor. I look forward to your diligent response."
Update: note contrast

Note that Perkins's letter focused on the avoidance of PACB review, not the other issue raised in his letter to Paterson, whether the BALDC deserves a tax exemption.

Looks like Cuomo is going to be asked to investigate every state or city-supported development scheme... simply because of how corrupt they all are.

No comments: