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November 20, 2013- Sources tell BatteryPark.TV that the city might take control of the BPCA for $1, which is a clause in the BPCA Act. Mayor de Blasio’s staff is in talks with Governor Cuomo on the matter.
However, it should be emphasized that simply because the Mayor’s staff is asking around does not mean that the city will assimilate the BPCA. In fact, the Mayor would be flat out derelict of duty if he did not investigate whether it made sense to take control of the cash generating BPCA.
Why the previous mayors have not exercised the option to buy the BPCA is uncertain. Some sources have speculated that billions in bond debt owed by the BPCA would downgrade city bonds. With the newly issued $800 Million in BPCA bonds to refinance the older more expensive bonds, perhaps the BPCA is a more desirable target for the city to now gobble up.