Fulton Street Mall

Testimony to the New York City Capital Resource Corporation
on $20 million stimulus bond financing for City Point retail complex

September 10, 2009

New York City is fortunate to be receiving tax-exempt bond financing under the American Recovery and Reinvestment Act for the vital purpose of restarting stalled development projects. The issue is whether the City is driving a hard enough bargain and sufficiently advancing public objectives given its investment in providing this source of financing. In choosing Albee Development LLC to be a recipient of the bonds’ benefits, however, the New York City Capital Resource Corporation and other public authorities involved with City Point must recognize the need to make this project work as part of a vibrant and diverse mix of retailers in a shopping district that hundreds of thousands of Brooklyn residents depend on. In exchange for taxpayers’ support to make this project possible, the Capital Resource Corporation must make sure that Fulton Street continues to be a place where independent retailers can thrive.