N.Y.C. Eyes $650M of PILOT Bonds

McDonald, Michael
December 2004
Bond Buyer;12/17/2004, Vol. 350 Issue 32032, p1
Trade Publication
This article reports that New York City mayor Michael Bloomberg's administration is considering selling $650 million of bonds backed with payments in lieu of taxes, and other fees in order to finance a $350 subsidy for the Jacob Javits Convention Center and a $300 million subsidy for the proposed Jets stadium. The bonds would come on top of $4 billion of bonds and notes the administration has proposed for other infrastructure projects. According to city budget documents, New York City had more than 5,000 property tax exemption agreements in place in 2003 through public agencies such as the Industrial Development Agency. In lieu of property taxes, developers and others have agreed to make annual PILOT payments that were estimated to total $209.2 million in fiscal 2004, which ended June 30.


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