E Smith Legacy, LLC
This proposal for a new hotel in Harlem did not receive Recovery Zone Facility Bond financing even though it was authorized for $19.7 million by the CRC board. Media reports indicate that the developer worked with the Hotel Trades Council and agreed to a local hiring agreement for thehotel staff. Such an agreement could have established a positive precedent for subsidizedprojects not only in Harlem where unemployment is at least 14%, but throughout the city. CRCdocuments cited 129 construction and 81 permanent full-time equivalent jobs for he hotel.The developer withdrew its application and stated on its website that the project wouldcontinue without RZFB resources.
In the public hearing for the project in June, 2010, Good Jobs New York rasied concerns regarding the incomplete employment and wage estimate in the cost benefit analysis provided by the developer.
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