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Vote planned on new Hudson Yards tower
By Sally Goldenberg and Dana Rubinstein
The New York City Industrial Development Agency is poised to vote later this month on construction of a new tower within the vast Hudson Yards development project that would grant the property owner $170 million in tax breaks in exchange for multi-million-dollar contribution to expanding the Number 7 train and making other infrastucture improvements, city documents show.
The developer also would be required to pay workers a "living wage."
The I.D.A. has sheduled a public hearing for July 17, followed by a vote on July 22, on a $3.2 billion, 2.6 million-square-foot office and retail tower that would be built by the developer Tishman Speyer at Hudson Yards on Manhattan's west side.
Included in the project's official cost/benefit analysis prepared by the I.D.A. is a caveat that Tishman Speyer receive $170 million in property tax breaks over 25 years in exchange for a "payment in lieu of taxes." That means a commitment the company give "hundreds of millions" to the Hudson Yards Infrastructure Corp., according to a spokeswoman for the New York City Economic Development Corp. The I.D.A. is an arm of the E.D.C.
http://www.capitalnewyork.com/article/city-hall/2014/07/8548668/vote-planned-new-hudson-yards-tower