Fleet Landing has found its footing in Brooklyn, clearing yet another hurdle – this time with the Downtown Investment Authority (DIA).
At its Oct. 21 meeting, the DIA Board unanimously approved the 20-year Recapture Enhanced Value (REV) Grant of up to $49.27 million, covering 75% of eligible property tax revenue from the project.
DIA CEO Colin Tarbert said the proposed grant exceeds the Business Investment and Development (BID) Plan’s usual 50% ceiling for REV grants on riverfront properties in Brooklyn between Riverside Avenue and the St. Johns River. Because of this deviation, Tarbert said the REV Grant will likely require City Council approval. According to the DIA staff report, the applicant requested the deviation to 75% based on its not-for-profit status, and staff recommended approval of said deviation so long as Fleet Landing agreed to certain REV Grant reinvestment requirements…