Content area
Full Text
TIMES SQUARE / QuestionsRaised on City Square Deal Three city legislators have charged that the city and state areoffering excessive subsidies, totaling $1.4 billion, to a developer who plans to build four office towers as part of the $2 billion Times Square redevelopment project.
But state and city officials said the figures used in the legislators' disclosure are not accurate. They also said negotiation were continuing with the developer, George Klein, and not all the financial details have been finalized.
State Sen. Franz S. Leichter, City Councilwoman Ruth W. Messinger and Assemb. Richard N. Gottfried said in a joint press conference Tuesday that their estimates were based on a consulting report prepared for Klein in 1983, which was leaked to them.
The three said the report indicated that Klein and Park Tower Realty Corp. would receive federal and city tax breaks totaling $1.2 billion over a 15-year period. The legislators also said the city and state will have to pay $212 million to acquire the land through condemnation.
"I think Klein has gotten the best deal since Peter Minuet bought Manhattan," Leichter said....