The New York City Capital Resource Corp., a local development corporation controlled by Mayor Michael Bloomberg, is holding a hearing about the boutique hotel today to determine if the economic benefit justifies the $15 million in federal tax-exempt financing Two Tree Management Co. applied for, according to The Wall Street Journal.
The hotel’s proposed location is in an area that the city has designated for the preservation of manufacturing and industrial jobs. There are also concerns about the quality of jobs the hotel would produce.
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