WPCNR THE DEVELOPER NEWS. July 12, 2007 UPDATED JUNE 13, 2007 4:45 P.M. EDT: You may have seen the front page Journal News dispatch from its Albany Bureau Thursday morning reporting that Cappelli Enterprises received $110 Million in tax credits for its cleanup of the Ritz Carlton 221 Main construction site, anticipated to open this October. The story also appeared in the Albany Times Union on Sunday, June 10 of this year where Mr. Cappelli, and a number of firms associated with support of Governor George Pataki was reported as receiving tax credits in the neighborhood of $55 Million. According to the Gannett paper report, the tax credits were criticised by Environmental Associates of New York.
WPCNR contacted Thompson & Bender, official spokes organization for Cappelli Enterprises with a question as to whether the $110 Million figure was accurate and how the cleanup cost $50 Million. Mr. Bender said he would release the statement Cappelli Enterprises has issued to the Journal News on the tax credits. Herewith is the text of that statement in its entirety:
