ALLIANCE FOR DOWNTOWN NEW YORK STATEMENT ON REAL ESTATE TAX ABATEMENT EXTENSION

04/01/2011
ALLIANCE FOR DOWNTOWN NEW YORK STATEMENT ON REAL ESTATE TAX ABATEMENT EXTENSION

Elizabeth H. Berger, President of the Alliance for Downtown New York, the city’s largest Business Improvement District, today issued the following statement regarding the New York State Assembly and Senate passage of legislation to extend the Real Estate Tax Abatement under the Commercial Revitalization Program for an additional four years:

“The passage of the Real Estate Tax Abatement extension is a significant mechanism for business attraction and retention in Lower Manhattan. As our region continues to weather the lingering recession, it is particularly critical to provide tools for growth and vitality in commercial areas, and today’s action does just that. We wish to thank Assembly Speaker Sheldon Silver for his enduring support for Lower Manhattan, and Senator Daniel L. Squadron for leading the charge in the Senate. We look forward to Governor David A. Paterson signing the measure into law.”