Dark money: State legislators want more say in $400M fund

Transformative Investment Fund contributed to Steiner Studios, Empire Outlets, Lighthouse Point

TRD New York /
Mar.March 22, 2016 11:11 AM

Assemblymember Jim Tedisco introduced a bill that would give the state legislature more control over a $400 million discretionary fund that’s contributed to major projects in the city.

The Transformative Investment Fund, created last year by disgraced former Senate Majority Leader Dean Skelos, is currently allocated as a block, and overseen by the Empire State Development, with the choice of which specific projects will receive funds left to state agencies.

Money from the TIF has gone to projects such as Steiner Studios’ new 179,000-square-foot complex at the Brooklyn Navy Yard; BFC Partners’ Empire Outlets and Triangle Equities’ Lighthouse Point, both on Staten Island; as well as the Knightsbridge National Ice Center in the Bronx, Politico reported..

“This is a classic example of the piggy bank that needs to be broken open,” Tedisco, a Republican, told the news serve, “and the bill we had would provide for those criteria, and be a magnifying glass to show us exactly how that money is being used and how individual initiatives are picked.

Gov. Andrew Cuomo has previously defended the TIF’s current structure, saying it grants much-needed flexibility. Cuomo allocated $400M to the fund in his 2016-2017 budget and made no other changes to the funding, Politico reported. [Politico]Ariel Stulberg


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
20 Times Square and Maefield Development’s Mark Siffin (Edition Hotels)

Times Square Edition to reopen as Maefield clears up debt dispute

Times Square Edition to reopen as Maefield clears up debt dispute
RTW Retailwinds CEO and CFO Sheamus Toal and a New York & Company store (Getty, LinkedIn)

New York & Company parent files for bankruptcy

New York & Company parent files for bankruptcy
Related’s Jeff Blau, 1085 Colgate Avenue and 1050 Wheeler Avenue (Getty, Google Maps)

Related sells two more pieces of vast Bronx multifamily portfolio

Related sells two more pieces of vast Bronx multifamily portfolio
Clipper Equity's David Bistricer with 77 Commercial Street and Shorewood's S. Lawrence Davis with 160-05 Archer Avenue (REIT, Google Maps)

June’s biggest outer-borough loans led by $386M for Greenpoint

June’s biggest outer-borough loans led by $386M for Greenpoint
 Thomas Barrack, Sheraton San Jose Hotel in Milpitas, CA, Residence Inn Cypress Los Alamitos (Getty, Google Maps, Marriott)

Colony Capital may lose control of 2 largest CMBS hotel portfolios

Colony Capital may lose control of 2 largest CMBS hotel portfolios
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...