Last week, after I reported that the developer last October had indicted the documents were "executed," Crain's New York Business reported that a source said they were still waiting for approval by the city and state comptrollers.
EDC president has the news
Seth Pinsky, the new president of the New York City Economic Development Corporation (EDC), appeared yesterday at a New York City Council oversight hearing held by the Economic Development Committee and the Small Business Committee.
City Council Member Letitia James said that Pinksy indicated that $40 million of city funds and $15 million of state funds had been distributed. The state has pledged $100 million and the city $205 million. At the request of fellow Council Member David Yassky, a member of the Economic Development Committee, Pinsky said he'd release the financing documents to the committee, James said.
Will the documents ensure the provision of affordable housing, part of the Community Benefits Agreement (CBA)? That's unclear, though state officials had indicated that such guarantees were forthcoming. James said Pinsky acknowledged that the CBA is not incorporated in financing document but some city priorities, such as affordable housing, are reflected in it.