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Article: GRAND CENTRAL BID LIMPS ALONG, SANS CONTRACT: INFIGHTING CONTINUES POST-BIEDERMAN.
- Article from:
- Crain's New York Business
- Article date:
- November 16, 1998
- Author:
CopyrightCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Nearly two months after Mayor Rudy Giuliani forced a shake-up in the leadership of the Grand Central Partnership, the business improvement district still does not have a new contract with the city and several of its projects have been put on hold.
With the impasse unresolved, the city continues to hold up payment of $6 million in Grand Central funding. The BID is now using cash reserves to keep operating, but members say its money could completely run out by February.
Some BID members suspect the mayor is holding up Grand Central's contract in order to force Dan Biederman, who was ousted as president in September, to resign from the other two BIDs he ...