WE MUST STEP UP OUR EFFORTS
Now that a deal seems to be in place for the rebuilding at Ground Zero we must increase our efforts on two fronts.
In general for rebuilding the entire site (WTC Memorial and all other buildings) we need to fight to have the PA give up their exemptions. We are meeting today to discuss bringing our petition down to Washington. We will keep you posted.
Here is another thought. Since the builders are counting on Liberty Bonds to help finance the construction and the Liberty Bond Program is a New York Program (see below). Why can’t we withhold the bonds unless the Port Authority agrees to give up its exemptions? We need to stand firm that we do not want to allow any construction to move forward unless it is under the legal jurisdiction of NYC Building and Fire Codes.
We have been lied to before about building on the footprints.
We have been lied to about security and safety issues as has the City Council.
Why should we allow the builders to set their own rules and regulations as to building and fire regulations.
What are New York Liberty Bonds?
New York Liberty Bonds are tax-exempt private activity bonds, a form of debt financing available for a capital project. These bonds are sold to investors, who provide the capital for the project. The bonds are not obligations of the State or City, but are instead obligations of the entities established by the State or City to issue the bonds, secured by pledged project revenues, typically with no recourse to the issuer. Interest on the bonds is exempt from federal, State, and City income tax, and these savings are passed on to the borrower in the form of a lower interest rate. The interest rate available to a borrower under the New York Liberty Bond Program will depend on the individual project’s credit worthiness and financing structure, as well as general market conditions.
Take advantage of the opportunity to rebuild and revitalize New York City.
$8 billion in low-cost, tax-exempt bond financing is now available for the construction and renovation of commercial and residential facilities. Major commercial and residential development projects for Lower Manhattan will be given first priority.
On behalf of New York State and New York City, Governor George E. Pataki and Mayor Michael R. Bloomberg are pleased to introduce the New York Liberty Bond Program. This is a cooperative program of the New York Liberty Development Corporation, the New York City Industrial Development Agency (IDA), the New York State Housing Finance Agency (HFA), and the New York City Housing Development Corporation (HDC), which will offer tax-exempt financing for the construction and renovation of commercial and residential properties.
A new category of low-cost, tax-exempt private activity bonds, called New York Liberty Bonds, is an integral part of the federal assistance made available to New York to support the Lower Manhattan rebuilding effort. Up to $8 billion of these bonds may be issued for housing, office, utility, and retail development, primarily in the Liberty Zone (the area of Manhattan south of Canal Street, East Broadway and Grand Street). The Governor and the Mayor will each allocate $4 billion of this amount. Up to $800 million of the $8 billion total may be issued for retail development, up to $1.6 billion for residential rental projects in the Liberty Zone, and up to $2 billion for commercial projects in New York City but outside the Liberty Zone
In regards to the Memorial
As was quoted in the New York Times
“But the turmoil at ground zero will not disappear. Rebuilding officials expect that the focus will now shift from commercial development at ground zero to the troubled memorial project. Consultants are expected to deliver a report in the next week showing that the cost of the memorial and a museum has swelled to as much as $800 million from $500 million. Fund-raising has been sluggish at best.”
Again we need to push the fact that the Urban Development Corporation Act clearly states that any project must have the funds in place or a detailed plan to raise the funds for both construction and maintenance. It is obvious that the LMDC has not satisfied these requirements and should not be permitted to move forward.
Again we need to push the fact that the Urban Development Corporation Act clearly states that any project must have the funds in place or a detailed plan to raise the funds for both construction and maintenance. It is obvious that the LMDC has not satisfied these requirements and should not be permitted to move forward. We estimated the cost for the current memorial plan to be about $1.2 Billion months ago. It appears that our calculations are more accurate than the LMDC numbers. I hope they don’t forget to include the $750,000 that will be needed to heat the waterfalls during the winter so that they don’t freeze. Also with the current price of oil and electricity one can only imagine how much it will cost to heat this underground cavern with its two open air voids.
We will also be asking the Governor, the Mayor and the City Council to look into why the memo detailing the various safety and security issues with the current memorial plan was not disclosed at the last City Council hearing on the Memorial.
Please continue to distribute the petition to all of your unions, community organizations and distributions. There is power in numbers.
This is our last chance to make things right at Ground Zero.