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A Little Something About Big Bucks Development Subsidies

If you're a connoisseur of public subsidies for development, corporate-style, you won't want to miss the mega-story in the new Gotham Gazette. The article lays out both the present-day situation for huge development deals as well as the colorful history of the practice. Behind in tracking the deal that JP Morgan Chase are trying to work out for a 50-story tower on the Deutsche Bank site next to the World Trade Center site? Then, click over to the story. The city is offering about $100 million in tax breaks and subsidies. Chase is holding out for something closer to the Goldman Sachs Gold Standard--$650 million in incentives (not to mention $1.6 billion in Liberty Bonds). In any case, the story covers some of the biggest deals of recent years including the new Yankee and Mets stadiums, Atlantic Yards, the Bank of America building and more. Fun reading.
· Breaks for Big Business [Gotham Gazette via TRD]
· A Liberty Leg Up for Another Hotel in the Financial District [Curbed]
· Hey, Goldman, Wanna a Liberty Bond? [Curbed]