Never Enough, by Michael D'Antonio: on Budget & Economy

Sought NYC deal with $4M property tax break

Trump was partial to sharp angles, shiny surfaces, and uncluttered design, he admired One Astor Plaza's sleek functionality. The key to the whole shiny project would be a big tax break, which Trump first tried to win from the state government in Albany. When this approach failed, Trump turned to the city bureaucracy, where development officials helped him with a cleverly engineered scheme. Under this plan, the state's Urban Development Corporation would actually own the hotel and lease it to Trump. The agency, which was tax exempt, could keep the property off the city assessment rolls. Trump and Hyatt would save more than $4 million per year.

This truth wasn't lost on other hoteliers. President of the Americana Hotel, complained that the deal was "immoral and unfair." Harry Helmsley wondered aloud whether "maybe too much is being given" to the Trumps.

Source: Never Enough, by Michael D`Antonio, p.103 Sep 22, 2015

The above quotations are from Never Enough Donald Trump and the Pursuit of Success by Michael D'Antonio. Click here for definitions & background information on Budget & Economy. Click here for other issues (main summary page). Click here for more quotes by Donald Trump on Budget & Economy.
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