GJNY letter to IDA Board Members
Testimony Before the NYC Industrial Development Agency
Testimony Before the Empire State Development Corporation
Good Jobs New York
275 7th Avenue, 6th floor
New York, NY 10001
tel: 212.414.9394
fax: 212.414.9002
Website maintained by Stephanie Greenwood sgreenwood@ctj.org
What Has the New York
Stock Exchange
Cost New York Taxpayers?
GJNY estimates:
| Amount | Purpose | Authorization | Source |
| Up to $75,000,000* | Preliminary planning services rendered by designers, engineers, and bond counsel. | Approved December 11, 2001 by the IDA Board | Minutes from the December 11, 2001 Board meeting of the NYC IDA** |
| $309,000 | Fee to bond counsel Hawkins, Delafield & Wood | Approved December 11, 2001 by the IDA Board | Minutes from the December 11, 2001 Board meeting of the NYC IDA** |
| $21,000,000 | Penalty fees of $3 million per month to J. P. Morgan Chase and Rockrose Development Corp. for closing delays (calculated for 1/02 - 7/02) | Based on agreements between property owners and city that have not been made available for public inspection. | Reported on March 5, 2002 in the New York Daily News by Eric Herman. |
| $4,000,000 | Tenant relocation costs (borne by state) | Result of eminent domain procedures that resulted in the forced relocation of residential tenants at 45 Wall Street. | Project documents prepared by ESDC staff obtained through FOIA request. |
| $22,000,000 | Down-payment to J. P. Morgan Chase on $220 million promise to purchase 23 Wall Street |
?? |
Reported in The New York Times 8/02/02 by Edward Wyatt. |
| Total as of 8/2/02: $122,309,000 |
*$75 million represents the maximum allocation. To date there is no publicly available information on how much of these funds the city has already spent.
**To request a hard copy of the December 11, 2001 IDA Board meeting minutes, call GJNY at (212) 414-9394 ext. 1 or 2.
Updated August 02, 2002