Sunday, July 31, 2011
Where our tax money really goes
From the Daily News:
The city will spend nearly $1 million in taxpayer money on a contest meant to encourage business in lower Manhattan - but two-thirds of the cash will likely go to consultants.
The city's Industrial Development Agency board Tuesday approved spending $950,000 on the Lower Manhattan Business Expansion Competition to award businesses that locate or expand in lower Manhattan prizes ranging from $20,000 to $650,000.
Three board members - representatives from the Manhattan and Bronx borough presidents and the city controller - angrily objected because the amount expected to go to consultants wasn't spelled out.
The Economic Development Corp. will oversee the project, but will hire a private consultant to run it.
EDC President Seth Pinsky wouldn't say how much the consultants would be paid because, he said, the agency is still taking bids.
A source familiar with the proposal said the EDC planned to spend about two-thirds - around $600,000 - on the consultant.