Connect with us

Hi, what are you looking for?

Jewish Business News

World News

Bruce Ratner Wants Tax Break to Bring Democratic Convention to Brooklyn

Real estate developer Bruce Ratner at the construction site

Mayor DeBlasio wants to see Brooklyn as the location of the next Democratic Convention, but the move involves a tax break to developer Bruce Ratner that could cut into tax reevnues. Bruce Ratner is the developer of the Barclay’s Center, the proposed venue for the convention, as reported by the Daily News. He is trying to get $90 million in tax-free bonds for refinancing of an already subsidized property. He has requested the funding from an agency that is under the control of the Mayor.

Ratner and Maryanne Gilmartin, the CEO of his Forest City Ratner are both members of the committee formed by Mayor DeBlasio to get the Democratic convention to Brooklyn. Ratner has been a huge fundraiser for DeBlasio’s campaigns. They deny that politics are at play and emphasize the eligibility requirements for projects financed by BuildNYC. The proposal for the tax breaks are going before the Build NYC Resource Corp and will allow Ratner to refinance properties neighboring the Barclay’s Center. Ratner has already gotten tax breaks and loans and is applying for another one, because the letter of credit for his last subsidized loan is going to expire soon. Nine of the 15 members of BuildNYC were appointed by the Mayor.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...


Now Platika joins and elite club of $10 billion plus Israeli firms.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...