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EDC says housing proceeds will finance port upgrade; council and advocates press on affordability and risk
Summary
EDC told the council the Brooklyn Marine Terminal plan relies heavily on housing proceeds and pilot monetization to finance port infrastructure; council members and advocates warned of equity and fiscal risks and sought clearer, binding commitments on affordability and financial contingency plans.
The Economic Development Corporation told the Council's oversight committee that a sizeable share of the Brooklyn Marine Terminal redevelopment's financing would rely on housing proceeds and the monetization of future payments‑in‑lieu‑of‑taxes (PILOTs). Council members and community advocates said that reliance raises equity concerns and long‑term fiscal risk.
"The balance, a little over 2,000,000,000, will come from housing proceeds," Andrew Kimball, EDC president and CEO, said when asked to describe project financing. He described the total project scale as approximately $3.7 billion and said available public grants and monetized pilot value total roughly $1.66 billion today, leaving the remainder to come from residential development on the site.
Council members pressed EDC on what…
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