The New York City Industrial Development Agency and the Empire State Development Corp. made "misleading and politically slanted arguments" about financing of the Atlantic Yards project in their May 8 letter to the Internal Revenue Service, the community group Develop - Don't Destroy has claimed.

The Brooklyn-based group of individuals and businesses, which would be displaced by the project, argued in a letter to the IRS that was dated July 14, but not released until yesterday, that the development firms deliberately misled the IRS by leaving out key information about the development project, which includes a basketball arena and housing as well as hotel, retail, and office space. The project would be partially financed by bonds backed by payments in lieu of taxes.

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