The bulk of $340 million in tax-exempt “Liberty Bonds” earmarked to rebuild downtown went to a handful of companies that donated a combined $500,000 to state Republicans, a report yesterday charged.
Common Cause of New York, a good-government group, said the lion’s share of the donations went to the New York Senate Republican Campaign Committee, the state GOP and Gov. Pataki’s campaign.
The group’s analysis of the contributions came a few weeks after the state Housing Finance Agency approved three projects for $340 million worth of the tax-exempt bonds.
The bonds were awarded to the developers of three luxury housing projects – Glenwood Management Corp., The Related Companies, and Albanese Development Corp. and Northwestern Mutual Life for a joint project.
Each project received about $100 million in the bonds.
According to the report, Glenwood Management and its employees doled out $327,100 in contributions at the state level between 1999 and 2002. Another $113,600 was contributed in 2001 at the city level.
Related Companies, another developer, gave $131,700 at the state level and another $107,750 to city campaigns or committees, mostly for 2001 races.
Albanese Development Corp. and Northwestern Mutual Life have contributed to several New York committees, but in much smaller amounts, the report said.
The Common Cause report pointed out all three projects were already under way before the Sept. 11 attacks.
In the past, state officials have said the projects were hampered by the attacks, and needed the bonds.
“When you see unusually high donations paired with a government decision to give funding to luxury housing developers, there’s room for the perception that the decision is a matter of ‘You scratch my back and I’ll scratch yours,’ ” said Common Cause spokeswoman Megan Quattlebaum.
Kevin Quinn, spokesman for the state budget division, said the Public Authorities Control Board – made up of representatives for Pataki and the state legislative majorities – approved the bonding.