City Offers Buyouts to Iron Triangle Auto Shops

According to articles this morning in the New York Daily News and the Wall Street Journal, the city’s Economic Development Corporation is offering a buyout equal to one year’s rent in a new location to about 90 auto body shop owners in an effort to move them out of the Iron Triangle before November 3rd. The city, of course, is pushing toward the first phase of development on the 60-acre Willets Point site, which calls for a hotel and a gigantic mall. The city is offering a total of $3.5 million for rent subsidies, as well as up to to $9 million for assistance with relocation. If tenants move before November 3rd they receive the full year payout, if they move between December 1st and January 31st they will receive half the payout. The city plans to hold an informational meeting for businesses this Wednesday in Coronoa — as the Daily News points out, this is the same day the city Planning Commission is expected to vote on the development plan.
As you’d guess, business owners — who have long objected to the redevelopment plan — aren’t happy about this. Many do not think the one year payout will be enough to pick up and relocate. Others are worried that they will not be able to find comparable rent in other areas of Queens. So far, only one business has successfully moved out of the Iron Triangle, but the city reports that two more are planning their exit.

City Offers Payouts to Entice Businesses to Leave Iron Triangle Quickly [NY Daily News]
More in Pot for Shops at Willets Point [WSJ]

Photo by Jim Henderson