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PUBLIC TESTIMONY
Testimony by Layla Law-Gisiko, President of City Club of New York, on Western Rail Yards Modification
2:42:12
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120 sec
Layla Law-Gisiko, representing the City Club of New York, strongly criticizes the Western Rail Yards modification proposal, particularly focusing on the PILOT (payment in lieu of taxes) financing and lack of specific details. She argues that the plan would unfairly benefit Related Companies at the expense of taxpayers and calls for its rejection.
- Emphasizes the lack of meaningful details shared with the community about the modified plan
- Warns against repeating the mistakes of Hudson Yards Phase 1, which cost the city $2 billion in lost tax revenue
- Strongly opposes any tax exemption or abatement for a potential New York City casino
Layla Law-Gisiko
2:42:12
Thank you so much.
2:42:13
My name is Leila Logiziko.
2:42:15
I am here as the president of the City Club of New York, a civic organization, here to speak about the proposal.
2:42:23
We are told that Related Companies has modified the Hudson Yards Western Rail Yard plan, but no meaningful details have been shared with this community.
2:42:32
I want to focus on the pilot proposal.
2:42:36
We hear that it is going to be creative financing, which is a euphemism for pilots, which is a euphemism for tax abatement.
2:42:46
We are not getting any real numbers.
2:42:48
None were shared today, and meanwhile, the burden of infrastructure will quietly be shifted onto the public.
2:42:55
We know exactly where this road led with phase one of Hudson Yards, which cost the city of New York 2 Billion Dollars in lost tax revenue and bridge financing for bonds.
2:43:08
Taxpayers underwrote the infrastructure, while Related reaped the profits.
2:43:12
Related has proven itself an unreliable partner, and it should not be rewarded for ignoring, renegotiating, or walking away from past commitments.
2:43:22
Today, the commitment to affordable housing remains vague, too vague to be called a plan, and approving what's before us would be nothing short of signing a blank check.
2:43:32
This plan must be sent back to the drawing board.
2:43:34
New Yorkers deserve specifics, not sales pitch, and anything less is a disservice to the public.
2:43:42
I really want to emphasize that it would be unconscionable for the New York City casino to be tax exempt or tax abated.
2:43:52
The City Council is not in the business of wealth management for private developers but is in the business of protecting the public interest.
2:44:02
Once again, it would be unconscionable that the casino in New York City be tax exempt or tax abated.
2:44:10
This plan must be rejected.
2:44:12
Thank you.