In a community meeting on April 3, residents and officials voiced concerns over the Brooklyn Marine Terminal's $3 billion development plan. President Amanda Nichols expressed skepticism about financing, particularly the reliance on profits from developing thousands of new housing units. U.S. Representative Dan Goldman highlighted potential financial shortcomings from the city, while residents proposed alternative funding avenues. The Economic Development Corporation's plan, aimed at transforming the Columbia Waterfront area into the "Harbor of the Future," faces scrutiny, emphasizing the need for a more suitable and financially diversified proposal before any approval in the upcoming vote.
Goldman told the crowd that "either they [the city] don't have the money or they are simply unwilling to pay for the whole thing."
Nichols stated, "There are other buckets of money that should be looked at" regarding financing options being overlooked for the project.
The toughest pill for residents to swallow was EDC's plan to finance the entire $3 billion project mostly on profits made by building 7,000 to 9,000 new housing units on public land.
Resident Ben Baxt and Nichols questioned why the EDC had ruled out other financing methods.
#brooklyn-marine-terminal #community-meeting #urban-development #financing-issues #housing-development
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