New York City Comptroller William C. Thompson, Jr. issued the following statement today concerning the New York City Capital Resource Corporation’s vote to allocate $20 million in federal Recovery Zone Facility bonds for the Albee Square Mall project, also known as Citypoint, in Downtown Brooklyn:

This morning I voted against the allocation of $20 million in federal stimulus funds earmarked for the Albee Square Mall project in Downtown Brooklyn.

I voted against this project primarily because the involved developers have been reluctant to agree with the community on a number of vital issues, including retail job commitment and affordable rents for local small business.

Given the economic realities faced by our City, it is imperative these federal dollars be used to help stimulate the economy for everyone, not just real estate developers. We need real solutions that encourage sustainable economic growth within our communities, and, unfortunately, the Albee Square Mall project falls far short of the mark.

The Capital Resource Corporation, which is part of the New York City Economic Development Corporation, voted to approve the project. Thompson’s representative cast the only no vote.

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