DiNapoli: NYPA renting at below-market rates
Rick Karlin, Capitol bureau
Comptroller Tom DiNapoli is out with a report outlining how the New York Power Authority, NYPA, has been renting land at below-market rates to golf courses as well as a college campus. As a result, the Power Authority which sells electricity, is foregoing revenue.
Here are the details:
The New York Power Authority (NYPA) is leasing properties to golf courses,a university and a private yacht club for less than 10 percent of the assessed fair market rental value without justification, in some cases waiving rent altogether, according to an audit released today by State Comptroller Thomas P. DiNapoli.
The unusual nature of these deals makes it critical that NYPA fully document and disclose the nature and justification for them, DiNapoli said. NYPA hasnt shown that these tenants are the only ones that could provide required recreational use of these properties.
http://blog.timesunion.com/capitol/archives/215504/dinapoli-nypa-renting-at-below-market-rates/