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The Use Of Pilot Financing To Develop Manhattan's Far West Side, Amy F. Cerciello
The Use Of Pilot Financing To Develop Manhattan's Far West Side, Amy F. Cerciello
Fordham Urban Law Journal
Bonds backed by payments in lieu of taxes ("PILOTs") are a unique and little used mode of financing. They are a rare structure in the municipal debt markets. PILOT financing has a close analog: tax increment financing ("TIF"). TIF is a popular local redevelopment financing mechanism. Since its inception in California in 1952, all fifty states have implemented legislation authorizing the use of TIF. This Comment discusses TIF and its legal and financial drawbacks, and then applies the lessons learned from TIF to PILOT financing. Part I describes TIF's general structure and underlying rationale and then examines New York State's …