Comptroller to PA: show me the money.The City Comptroller and the executive director of the Port Authority traded jabs last week over the Port Authority's allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of the hundreds of millions of dollars in ground lease payments it has collected at the World Trade Center site since 9/11. In an August 15 letter to Port Authority executive director Kenneth Ringler, City Comptroller William Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. expressed concern that the more than $600 million the Port Authority has received from the WTC's ground lease holder, Silverstein Properties, has been used for projects other than the rebuilding of the site. "The Port Authority's own budget documents seem to reflect the Authority's failure to invest a meaningful percentage of its revenues into the further redevelopment of Ground Zero," Thompson stated in the letter. "This is despite the fact that Ground Zero has remained undeveloped for nearly five years." Thompson noted that the site's slow development has reduced the amount of tax revenues the city can collect at the site. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Thompson, the city yields $14 million per year, far less than the $100 million in taxes the site is expected to generate once it is rebuilt and occupied. In addition to the World Trade Center site, the Port Authority is involved in a number of other large development projects. In recent weeks it pledged $2 billion towards a cross-Hudson passenger rail tunnel. There is also a $1 billion project to dredge a New Jersey Port. "Although these projects will benefit our region and are certainly important, it suggests that the Port Authority is pursuing certain projects, or withholding Withholding Any tax that is taken directly out of an individual's wages or other income before he or she receives the funds. Notes: In other words, these funds are "withheld" from your wages. funds for other projects, at the expense of redeveloping Ground Zero," Thompson stated in the letter. "Indeed, it appears that in 2005, the Port Authority chose to significantly under-spend its capital budget for World Trade Center related items." In a response letter on the same day, Ringler shot back that the Comptroller was "suffering from serious misinformation mis·in·form tr.v. mis·in·formed, mis·in·form·ing, mis·in·forms To provide with incorrect information. mis with regard to the Port Authority's financial commitment to Ground Zero," and said that the Authority has committed to spending between $2 billion and $3 billion on the site's rebuilding. "In the final analysis, I frankly have to take issue with your characterization A rather long and fancy word for analyzing a system or process and measuring its "characteristics." For example, a Web characterization would yield the number of current sites on the Web, types of sites, annual growth, etc. of the Port Authority as anything less than completely committed to the World Trade Center's rebuilding and renewal," Ringler stated. "This agency built the World Trade Center, and we lost 84 of our own employees on September 11, 2001, so our dedication goes well beyond simply financial resources. In a follow up letter the following day, Thompson called Ringler's response "inappropriate and offensive," and said that it failed to answer his questions about the way in which the Port Authority has allocated the funds. "I am deeply disappointed at your attempt to exploit the tragic events of 9/11 in an effort to deflect de·flect intr. & tr.v. de·flect·ed, de·flect·ing, de·flects To turn aside or cause to turn aside; bend or deviate. [Latin d basic questions concerning the Authority's failure to account for its spending," Thompson said. The dispute seems to have erupted when the Port Authority asked Thompson to divert di·vert v. di·vert·ed, di·vert·ing, di·verts v.tr. 1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident. 2. money from a $260 million Battery Park City Authority The Hugh L. Carey Battery Park City Authority is a New York State public benefit corporation whose mission is to plan, create, co-ordinate and maintain a balanced community of commercial, residential, retail, and park space within its designated 92-acre site on the lower west side fund that Thompson has partial control over to meet shortfalls for the construction of streets and sidewalks both on the WTC WTC World Trade Center, see there site and in its vicinity. "If you want to make a positive contribution to the rebuilding effort," Ringler stated. "You could help release some of those funds toward rebuilding." Thompson feels that the Port Authority shouldn't need to tap the Battery Park City Authority fund, which was to be put towards building affordable housing. "As I reviewed your request, it became apparent that these shortfalls could not be explained in light of the significant funding already dedicated to this project; funding that includes ground lease payments, federal funding, and nearly $1 billion in insurance proceeds," Thompson responded in his August 16 letter. "Until these shortfalls can be fully explained, it would be irresponsible ir·re·spon·si·ble adj. 1. Marked by a lack of responsibility: irresponsible accusations. 2. Lacking a sense of responsibility; unreliable or untrustworthy. 3. to release Battery Park City funds." |
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