New York City Comptroller John Liu on Friday convened the first meeting of a task force charged with examining and recommending best practices for community-benefits agreements on subsidized economic development projects. The recommendations are due in six months.

“Public benefit agreements have become more and more prevalent when private developers seek public assistance, from tax subsidies and no-bid contracts to rezonings and invocation of eminent domain,” Liu said in a press release. “It is sensible to have clear standards that ensure benefits for the public when private developers receive benefits from the public.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.