IDA and New York City Economic Development Corp. officials would not comment prior to the meeting, except to confirm that the Liberty Bond issue is on today's agenda. Observers predict that the agency will announce guidelines for the program, or even reveal specific funding targets at this afternoon's session.
The $8-billion Liberty Bond program is a tax-exempt bond financing initiative for major projects to revitalize Lower Manhattan. The city and state will each allocate $4 billion of the program. Up to $800 million may be issued for retail development in the Liberty Zone near Ground Zero and another $2 billion for commercial projects citywide. The IDA and the New York Liberty Development Corp. will issue bonds for commercial projects.
GlobeSt.com will provide additional details as they become available.
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