New York City Comptroller William C. Thompson, Jr. today criticized the Industrial Development Agency (IDA) for voting to approve a preliminary inducement for tax exempt financing of a $323 million armory retail project proposed by The Related Companies at Kingsbridge Armory in the Bronx.

Thompson’s representative to the IDA requested that the Board postpone the vote until questions about the number of jobs to be created and salary levels of future employees are resolved. His motion was seconded by the representative for Manhattan Borough President Scott Stringer, but the rest of the IDA Board voted against the postponement motion.

“While I am in favor of this project moving forward, I am concerned that the salary levels and number of future employees may be inaccurate,” Thompson said in a statement afterwards. “I also am concerned that the IDA voted today on a project that is not allowed under its own policies. First, the Kingsbridge Armory is not an industrial project, nor is it located in an Empire Zone, Empowerment Zone or Industrial Business Zone. As such, this project is not allowed under the IDA's written policy for providing economic benefits, and the IDA has failed to ask the Board for a vote to allow a deviation from the policy.”
 
“Second, my office requested, but was denied, copies of all procurement documents that resulted in the selection of Related. The Economic Development Corporation did supply us with a PowerPoint presentation, but that is not enough. My office should be able to review the actual documents.”

“Third, Related’s proposal for average salary of post-construction employees conflicts with the information presented to the IDA Board. There also is a question of the number of employees that will be employed. Consequently, a Community Benefits Agreement should be negotiated to resolve these issues before a vote and to ensure adequate community involvement in the process.”

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