Q&A
Council Member Abreu questions project funding and expresses hope for continued negotiations
0:59:35
·
61 sec
Council Member Shaun Abreu inquires about the union funding of the project and expresses his encouragement for the union-supported model. He urges the developer to continue working with the local council member in Brooklyn to reach an agreement.
- The project's debt portion will be 100% union-funded, with additional equity from the developer.
- Abreu notes this funding model is unique in his experience on the committee.
- The council member emphasizes the importance of collaboration between the developer and the local council member.
Shaun Abreu
0:59:35
Thank you, Chair.
0:59:37
What percent of this project is funded by Union?
0:59:41
The union pension?
0:59:42
100%.
William Wallace IV
0:59:44
Okay.
0:59:45
Yes and no.
0:59:45
Clarification don't.
0:59:47
The debt portion of the project, there has been tens of 1,000,000 of dollars of equity from the developer put into the project.
0:59:56
The debt for the project will be 100% union funded.
1:00:01
Okay.
Shaun Abreu
1:00:03
I have never seen anything like this done before in the last 3 years that I've been on this committee.
1:00:08
So this model that you're pursuing, I mean, I encourage it.
1:00:13
I think union labor supported projects are very important, but I keep I I I would hope that you continue to work with with with our council member in Brooklyn to to hopefully reach a point.
1:00:25
I know that she cares deeply about her constituents and and labor.
1:00:31
I would hate to see you walk away from her project like this.
William Wallace IV
1:00:36
Thank you.
