Saturday, May 22

GROUND ZERO REDEVELOPMENT FUNDS GO WHERE????


I've said this before, and I'll say it again -- this administration has a problem not just with accountability, but with accounting:

Ground Zero Funds Often Drifted Uptown: Money Also Went to Luxury Apartments

Six months after the Sept. 11, 2001, terrorist attacks, Congress approved an $8 billion program to repair this city's damaged office towers, build apartment buildings and finance the rebirth of the financial district.

But two years later, city records show that much of the money, dubbed Liberty Bonds, has gone to developers of prime real estate in midtown Manhattan and Brooklyn and to builders of luxury housing.

Local and state officials -- over the objections of their own downtown development chief -- gave one developer $650 million from the Liberty Bonds to erect an office tower for the Bank of America near Times Square, miles from the shattered precincts of Ground Zero. According to city records, another developer got $113 million to build a tower for Bank of New York in Brooklyn.

0 Comments:

Post a Comment

<< Home