tag:blogger.com,1999:blog-20743459.post3264953822961534465..comments2024-03-28T05:19:17.215-04:00Comments on Atlantic Yards/Pacific Park Report: Another potential snag for AY arena financing: foregone property tax may severely cap tax-exempt bondsNorman Oderhttp://www.blogger.com/profile/07618087999719667586noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-20743459.post-91032343124886073282008-06-17T11:37:00.000-04:002008-06-17T11:37:00.000-04:00“Our goal is to maximize the amount of tax-exempt ...“Our goal is to maximize the amount of tax-exempt bonds,” ESDC spokesman Warner Johnston stated by email.- (This is a quote from the above post.)- Let me repeat: “Our goal is to maximize the amount of tax-exempt bonds,” ESDC spokesman Warner Johnston stated by email.<BR/><BR/>“Our goal is to maximize the amount of tax-exempt bonds!” How out of control is this process? It seems as if this public official is forgetting a lot. He is obviously forgetting that every dollar `maximized’ with this kind of subsidy doesn’t go anywhere except straight into Forest City Ratner’s pocket: Nothing goes to the public- The way that ESDC is negotiating subsidies with Ratner actually precludes the negotiation of any tittle or jot back to the public. Such maximization doesn’t even mean that Ratner will spend more money on construction or otherwise inject it into the economy.<BR/><BR/>For more on ESDC’s predilection to negotiate for Ratner rather than for the public see the comment at: http://atlanticyardsreport.blogspot.com/2008/06/as-irs-moves-to-close-loophole-esdc.html<BR/>Rather than serving the public, ESDC likes to put itself in service toward setting Ratner up as a monopolistic juggernaut.<BR/><BR/>Michael D. D. White<BR/>Noticing New YorkMDDWhttps://www.blogger.com/profile/16693635186364315879noreply@blogger.comtag:blogger.com,1999:blog-20743459.post-47233641779576834012008-06-17T09:19:00.000-04:002008-06-17T09:19:00.000-04:00I think there is a basic misunderstanding of what ...I think there is a basic misunderstanding of what others have said and how pilots and other tax exemptions work. <BR/>PILOTS payment in lieu of taxes are the full property tax that would be payable on the property without consideration of any tax exemptions program such as J-51 or any other reduction available. So the 11 million dollars that would be payable on Madison Square Garden assumes the "normal" tax reductions available to others would be used-not the special no taxes that MSG pays. But I do believe that for PILOT purposes the unreduced property tax is available to fund the bonds and this amount is much more than the 11 million that MSG would be liable to pay.the woodhttps://www.blogger.com/profile/05665556178718196059noreply@blogger.com