In anticipation of the hearing WPU has reached out to the folks at South Bronx Unite who are fighting the EDC-led effort to funnel tens of millions of tax payer dollars to the online grocer FreshDirect-another example of how EDC and crony capitalism are perfect together. As it stands today we are planning a joint press conference with South Bronx Unite on the steps of City hall at Noon on Thursday-and we plan to have Norman Siegel keynote the event in order to reprise his court appearance on September 28th when he lambasted EDC's ill-conceived reorganization.
In actuality the proposed restructuring will not divide EDC at all since they are creating a sham or shell corporation whose power and resources will be controlled by the EDC mother ship-a transparent sleight of hand to avoid the state law that prohibits local development corporations from lobbying (the only glimpse of transparency we've ever seen from these folks).
What the council needs to do is to examine how to rein in the activities of NYC EDC and to look for ways to strengthen its oversight role over this rogue agency. Any quasi-governmental entity that can take $200 million of tax payer bought property and hand it over to a partnership made up of Sterling Equities; while at the same time gifting tens of millions more to FreshDirect so it can unfairly compete with the city's brick and mortar supermarkets is a rogue outfit-and going forward we should be examining how to prevent the squandering of tax payer monies for those few favored capitalists that EDC deigns to smile on.