Surprise! More subsidies!

The Real Estate has some information on the parking garages for you. Click the title above.

In a nutshell, the New York City Industrial Development Agency (IDA) is proposing to offer additional subsidies for the construction of the three new garages and the renovation of existing garages and surface lots in the area. The IDA is proposing to offer the garage developers $190 million in triple tax-exempt bonds to finance the development of the parking facilities, which the city estimates will mean over $2 million in forgone city income taxes (not to mention millions more on the state and federal level). In addition, the city will no longer collect a percentage of the revenues earned at the garages.

Scammy! And who will use these garages? The vast majority will be suburbanites who do not pay city taxes. So WE are building THEM the garages.