EDC to cede more than $120M in rent

Comptroller John Liu

After receiving a critical audit from city Comptroller John Liu, the
New York City Economic Development Corporation has agreed to hand over
more than $120 million in rental payments to the city by 2014,
according to the New York Times. The funds, which the agency gleans
from Times Square lease payments, are among the $125 million that the
group allegedly improperly hoarded, Liu charged in his audit. The EDC,
which oversees economic growth projects across the five boroughs, will
hand over over $20 millioin per year, budget documents show. While some
say the EDC’s move is a nod to the mounting criticism in the audit’s
wake, agency spokesperson David Lombino described the move as
“optimal.” [NYT]

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