[CPEO-BIF] Yonkers, New York, esplanade

[Lenny Siegel <lennysiegel@gmail.com>]

Developer wants $4M for Yonkers esplanade

Len Maniace
Lower Hudson Journal News (NY)
July 11, 2008

YONKERS - The developer of 560 apartments along the downtown waterfront 
has told city officials he needs $4 million to cover part of the cost of 
a public esplanade built for the city's latest project.

Arthur Collins II said in an interview with The Journal News that he is 
seeking the city's support in further changing the state's just-revised 
Brownfield Law to cover the gap, or - failing that - some form of 
financial assistance from City Hall.

Collins, who heads Collins Enterprises in Stamford, Conn., said the gap 
resulted from a misunderstanding of the law, which funds environmental 
cleanups of former industrial properties and which the company had 
counted on to cover the esplanade's $16.7 million cost.

Collins Enterprises expects to receive a total of $19.5 million in tax 
credits from the state. Collins said his company did not realize that 
credit was subject to a federal tax of $6.8 million, which left him only 
$12.7 million to put toward the project.

...

For the entire article, see
http://lohud.com/apps/pbcs.dll/article?AID=/20080711/NEWS02/807110432/-1/SPORTS

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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