[CPEO-BIF] New York's brownfields tax-credit recipients contribute to campaigns

[Lenny Siegel <lsiegel@cpeo.org>]

Related Leads Donors Getting N.Y. Brownfield Tax Credits

By Martin Z. Braun and Freeman Klopott 
Business Week
July 29, 2014

New York Governor Andrew Cuomo has collected at least $650,000 in campaign contributions from recipients of tax credits to redevelop industrial sites during the past four years, a review of state data show.

Related Cos., its executives and entities controlled by the New York-based developer of Time Warner Center were the biggest donor, giving at least $262,700 to Cuomo, who is running for a second term. Syracuse shopping-mall magnate Robert Congel, members of his family and executives at his Pyramid Cos. contributed $143,250.

Critics of the incentives, which have cost taxpayers more than $1 billion since 2006, say they benefit wealthy developers and have done little to clean up contaminated industrial sites. Unlike other states, New York doesn’t limit the program to cleanup costs, and a study found that 94 percent of its brownfields tax credits have been used for redeveloping properties instead of remediating blighted land.

…

For the entire article, see
http://www.businessweek.com/news/2014-07-29/related-leads-donors-getting-n-dot-y-dot-brownfield-tax-credits

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Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope Street
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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