Subsidy Sheet: MSG, Micron, Plug Power: Where Are They Now?

There have been too many handouts to keep track of over the past years, so this week, in the spirit of the beloved VH1 show, Reinvent Albany asks of NY’s economic development boondoggles: Where are they now?

• Madison Square Garden: The City Council’s new 5-year permit for MSG is far too generous, according to our Senior Policy Advisor Rachael Fauss (Streetsblog). Some have argued that the extension – a reduction from the usual ten years – was a victory for advocates, but the resolution fell far short of its potential, and MSG’s tax break is still in place (though that’s controlled by the state). The Garden has received nearly $1 billion in NYC tax breaks to date.
• Belmont Park: The state gave a $455 million loan to the failing Long Island race track, but a lawsuit from People for the Ethical Treatment of Animals threatens the deal (Times Union). Ace reporter Emilie Munson has documented the billions in subsidies that horse racing has received from NY over the years.
• STAMP: Orleans County is suing to stop the construction of a wastewater pipeline for Genesee County’s Science, Technology, and Advanced Manufacturing Park, which will host the $4-million-per-job Plug Power site, among other projects (Investigative Post).
• CHIPS: Micron finally applied for federal government funding for its plant in upstate Clay (Times Union), almost a year after the state agreed to provide up to $5.5 billion in giveaways to the company.

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Other NY corporate giveaway news:

• Good Jobs First sums up how Long Island’s Riverhead School District is fighting back against handouts that hurt students.
• Three NY casinos have received $119 million local tax breaks (New York Focus). 
• A New Jersey City Council might cancel a 20-year tax break for an Amazon warehouse due to contract violations (Hudson County View).
• A Ritz Carlton hotel in Portland is receiving Opportunity Zone tax benefits– which means it could be getting support from NY State and City (Fast Company).
• SUNY is expanding its program to subsidize students with $2,000 a year in financial help (NYT).

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If you got this from a friend, sign up here. This week’s Subsidy Sheet was written by Tom Speaker, and edited by John Kaehny.

Please send questions and tips to tom [at] reinventalbany.org. We look forward to hearing from you!