By Celeste Katz
Our Ken Lovett reports:
In a 5-2 decision, a bitterly split Court of Appeals, said the state’s awarding of tax-payer funded state economic development loans and grants to private companies does not violate the New York Constitution.
The court dismissed a case brought by 50 taxpayers who claimed the billions of dollars in economic development funds dolled out by the state Empire State Development Corp. violates a Constitutional mandate that state money and credit should not be given or loaned to any private corporation, individual or association.
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Related reading:
NY Top Court Backs Development Grants to Business
The Wall Street Journal (21 Nov 11)
