Wall Street Journal
A selection committee at the New York City Capital ResourceCorp., a local development corporation controlled by Mayor MichaelBloomberg, is supporting the federal financing, the Journalreported. "This project would transform a long-vacant site in avibrant commercial corridor into much-needed hotel and retailspace, along with amenities for the community, creating hundreds ofpermanent and construction jobs," a spokesman for the New York CityEconomic Development Corp. told the Journal.
A hearing will be held in June, following a formal vote fromCapital Resource Corp.'s board, according to the Journal. Inorder to receive the financing, the $80-million project must startconstruction by year's end.
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