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The city’s Industrial Development Agency voted 12-1 with one abstention to approve $42,600,000 of property-tax abatements and mortgage-recording-tax exemptions for Willets Point, reports Crain’s. The City Council approved development plans this fall; the city’s $1 sale of 23 acres to Queens Development Group became official last month. All these tax breaks, unsurpsingly, sparked controversy given the $1 sale to developers. State Senator Tony Avella, who has long opposed the development plans, stated that “This whole thing has been a disaster from beginning to end. How do you justify [giving] tens of millions of taxpayer money when you’re selling the property to the developers for a dollar?” As Crain’s points out, Mayor-elect Bill de Blasio plans to cut $2 to $3 billion in city-approved tax breaks per year.

Hudson Yards, Willets Point Receive Tax Breaks [Crain’s]
Willets Point Developers Ask City for $43 Million in Tax Breaks [Q’Stoner]


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