Next Monday there will be a public hearing on the construction of a new trading floor for the New York Stock Exchange. As you may know, this project is being subsidized by New Yorkers at a cost currently estimated to be $1.1 billion.
Good Jobs New York has criticized this planned public subsidy as extravagant and unnecessary, and has raised concerns about the closed process by which the deal was made. There have been no opportunities for scrutiny of this subsidy by the public or their elected representatives other than the mayor and governor.
What: Public hearing on NYSE project, held by Empire State Development Corp. When: Monday, January 8th 4pm - 7pm Where: US Customs House, One Bowling Green, basement auditorium
enter on Whitehall St, opposite Stone St (southern tip of Manhattan)
Trains: 4/5 to Bowling Green, 1/9 to South Ferry, N/R to Whitehall
The hearing is being held as a requirement of the eminent domain procedures law which governs the taking of private land by the state for "public use". The law requires that the state demonstrate its findings regarding the public use, benefit or purpose to be served by the project.
You might be interested in offering testimony at these hearings. I plan to testify on behalf of Good Jobs New York, and the Fiscal Policy Institute will probably submit testimony as well. This hearing may be the only formal opportunity to raise concerns about whether a new trading floor for the New York Stock Exchange is an appropriate use of public resources.
Or you could simply attend to learn how the State describes the public purpose of the proposed New York Stock Exchange project.
Alice Meaker Good Jobs New York 212.414.9394