Yesterday, on the radio/TV program Democracy Now! (with transcript), Rep. Dennis Kucinich, whose Congressional subcommittee has looked closely at tax-exempt bonds for sports facilities, was interviewed by co-host Juan Gonzalez, who had found some curious discrepancies in the New York Yankees deal in a column Monday. Kucinich chairs the Domestic Policy Subcommittee of the House Oversight and Government Reform Committee, which is looking into allegations that the city inflated the value of the land for the new Yankee Stadium, in order to enable a PILOT (payment in lieu of taxes), while at the same time lowballing the value to satisfy a federal requirement to replace parkland with property of equal value. Kucinich (right) told Gonzalez: From what I understand, as a result of our hearing [the IRS and Treasury Department] are reviewing their policies to see whether or not the 1986 Tax Reform Act has actually been compromised by the decision that they made. I think that it’s important to ...
This watchdog blog, by journalist Norman Oder, concerns the $6B project to build the Barclays Center arena & 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland USA bought a 70% stake going forward. In 2018, once the arena & four towers were built, Greenland bought out most of Forest City's stake, then sold three leases to other companies.