Marshalling Subsidies: A Guide to the Lower Manhattan Commercial Subsidy Package and the New Agreement to Redevelop Ground Zero
by Good Jobs New York
July, 2006
This report dissects the financial plan for the redevelopment of lower Manhattan agreed upon by the the major players in the rebuilding effort—the Port Authority of New York and New Jersey, Silverstein Properties, and New York City and State. The arrangement, which reduces the role of leaseholder Larry Silverstein and features a set of new public sector commitments, and lists the various benchmarks that must be met if the terms of the deal are to be officially adopted by the Port Authority at its September 2006 Board meeting.
This report also examines the package of subsidies passed by the New York State Legislature in June, 2005, intended to bolster the Downtown economy and accelerate the redevelopment of the World Trade Center site. The programs have been dubbed “the Marshall Plan” by New York State Assembly Speaker Sheldon Silver, who spearheaded the legislation and has represented the Lower Manhattan district for 30 years. GJNY estimates that the total cost of these programs will exceed $300 million in direct subsidies and forgone taxes.
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