Destiny Has to Wait: Lawsuit Hampers Syracuse, N.Y., Project

Whalen, Robert
January 2006
Bond Buyer;1/30/2006, Vol. 355 Issue 32308, p40
Trade Publication
The article reports on the delay of the plan to start the first phase of the $2 billion-plus Destiny USA project in Syracuse, New York as the city and its industrial development agency defend a lawsuit filed by the developer Pyramid Co. on December 30, 2005. Pyramid filed suit against the city and the Syracuse Industrial Development Agency because of their plans to sell an undetermined amount of taxable bonds backed by payments in lieu of taxes, which were to finance expansion of the Carousel Center mall. The mall is targeted to be the core and starting point for the much larger Destiny project, which is aimed to be a futuristic retail destination complex exhibiting and demonstrating technology and innovation.


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