Statement: Regarding the New York City Housing Development Corporation’s Expected Vote on Liberty Bonds for Rockrose Development

Statement by Good Jobs New York Regarding the New York City Housing Development Corporation’s Expected Vote on Liberty Bonds for Rockrose Development

Bettina Damiani, Project Director

July 17, 2003

Good Jobs New York and the Liberty Bond Housing Coalition are honored to stand here today to urge the New York City Housing Development Corporation to postpone its vote on Monday regarding the proposed $215 million Liberty Bond project at 2 Gold Street.  Serious ethical questions have been raised about the project’s developer, Rockrose Development, and its use of city subsidies at its 45 Wall Street location.

Until the New York City Department of Housing Preservation and Development does a through investigation into Rockrose’s possible abuses of tax breaks, the developer should by no means be allocated additional public resources. Our public officials have the obligation to ensure any forgone revenue, particularly in a time of fiscal constraints, is allocated in a manner that provides the maximum benefit possible to New York.  Tax breaks received by Rockrose Development for its 45 Wall Street property* and its application for Liberty Bonds for 2 Gold Street, clearly fail to meet this standard.

 Good Jobs New York applauds the efforts of the City Council and SEIU 32BJ to bring better transparency and accountability to the allocation of our tax dollars.  To learn more about Liberty Bonds, including the proposed project at 2 Gold Street (also known as 95 Maiden Lane) visit www.reconstructionwatch.net

*45 Wall Street is one of three buildings that was to be bought by the City of New York on behalf the New York Stock Exchange in a plan that would have built a new trading floor for the Exchange.  The deal has since collapsed.  For a history of the deal, including a breakdown of costs borne by the taxpayer, visit www.goodjobsny.org/nysenews.htm

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