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Article: BILL WOULD REQUIRE PYRAMID TO SPEND $1B; DEFRANCISCO: BILL'S TERMS ARE INADEQUATE; BUT PYRAMID COULD COUNT $250M CAROUSEL CENTER DEBT IN SOME CIRCUMSTANCES.(Business)
- Article from:
- The Post-Standard (Syracuse, NY)
- Article date:
- September 19, 2002
CopyrightCOPYRIGHT 2002 All rights reserved. Reproduced with the permission of The Herald Co. by the Gale Group, 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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Byline: Rick Moriarty Staff writer
Under proposed state legislation, The Pyramid Cos. will have to invest at least $1 billion in new construction to receive state guarantees of up to $52 million a year in tax credits for Destiny USA.
But the latest draft of the legislation gives the shopping mall developer some wiggle room: If bond market conditions make it impossible for the company to borrow $1 billion, it could still get the tax credits as long as it spends at least $750 million on new construction.
In those circumstances, Pyramid could meet the remaining portion of the $1 billion minimum investment requirement by including, as part of the ...