CityPoint tower approved for bailout funds

The CityPoint tower in Downtown Brooklyn was approved for a $20 million federal stimulus bailout yesterday. The nearly unanimous city panel vote allows the stalled project to restart, with the support of the tax-exempt bonds. Supporters of the project said that the development will create jobs in the area and provide affordable housing, while detractors have criticized the development’s use of expensive land. John Tyus, a resident and member of the Families United for Racial and Economic Equality, has criticized the developers for relying on public funds for a bailout. “CityPoint developers chose to pay an astronomical price for the land, speculating on the profit they would make with their luxury development,” Tyus said. “Now they’re in trouble, but that’s not our responsibility. Their poor choices do not merit a bailout.”