Thursday, June 02, 2011

In legal papers, an ESDC admission slips through: the BALDC was created by the ESDC (and why that matters)

Notice this line from Empire State Development Corporation legal paper's in today's other post (above)?
All income from such events would be lost, leaving this venue, financed by PILOT (payment-in-lieu-of taxes) bonds issued by ESDC's local development corporation, Brooklyn Arena Local Development Corporation ("BALDC"), without event income.
(Emphasis added)

It may just seem semantic, but the BALDC is actually not ESDC's local development corporation.

Rather, the BALDC was created by an essentially dormant ESDC alter ego, the Job Development Authority, which allowed it to skirt the review of the Public Authorities Control Board (PACB) and Comptroller.

But if the BALDC is the product of the ESDC, then shouldn't there have been a review?

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