Four Billion in Low Interest Loans- No Business Plan Required!

Sounds like a bad ad from a swindler? No, just business as usual for the State Of New York:
No Land Grab reports on NY Sun's Breaking Story

In examining the $4 billion mixed-use Atlantic Yards project for approval, New York State's leading development agency never saw a business plan from developer Forest City Ratner, documents and officials now say. The project, which plans more than 6,000 units of housing and a home for the Nets basketball team, was approved by the state just before Governor Pataki left office.

Critics contend that state officials should have reviewed a full financial model before promising hundreds of millions of dollars in public incentives and subsidies. Forest City's full financial plan has long been sought by critics of the project and legislators, including Assemblyman James Brennan of Brooklyn, who sued the Empire State Development Corporation to obtain it last month, presuming that it was in their possession. The Empire State Development Corporation has denied Mr. Brennan's repeated records requests for the comprehensive model.

A spokesman for the Empire State Development Corporation, Errol Cockfield, now says the state has never seen or possessed any comprehensive business plan from the developer.

So apparently the ESDC is willing to give Ratner four billion in low interest loans, steal people's homes and Bloomberg is willing to shell out 200 million of our tax dollars on a project with no real business plan.

So now we know that Gargano lied. Will he be investigated? will Bruce?