Lower Manhattan Development Corp. has nearly $300M in uncommitted funds

March 12, 2010 08:53AM

As of December, the Lower Manhattan Development Corp. still had yet to spend much of the $2 billion it received from the federal government after Sept. 11, 2001, the Downtown Express reported. The organization, which Mayor Mike Bloomberg has said should be shuttered and folded into the Lower Manhattan Construction Command Center subsidiary, has earmarked $1.87 billion of the funds for specific projects, like the $140 million reconstruction of the East River Waterfront and the new, $23 million Spruce Street School. But it has spent only $1.33 billion of those earmarked funds so far, and the remaining $135 million is not committed to any project yet. The LMDC had also received another $783 million from the government for utility repairs, of which $159 million is not yet committed. Even more money could be left over if projects are completed ahead of schedule, or if Bloomberg’s calls for the LMDC to cease operations are heeded: the organization has set aside $14 million for its future administrative costs. [Downtown Express]