“Preliminary plans call for the space to open as soon as 2014, Mr. Pinsky said. The city has committed $50 million to the project, with an additional $15 million coming in the form of tax credits and $5 million from the developer, which would also be responsible for any extra spending, Mr. Pinsky said.”

The financing of this project depends on government generosity. New York City taxpayers are getting whacked for $50 million. Then somehow the developer will have his tax bill cut by another $15 million through the application of tax credits.

As proof of his good intentions, the developer is tossing in $5 million.

However, what we are really seeing is a developer who is buying a $15 million reduction in his tax bill for $5 million. He puts in $5 million and gets back a government guaranteed $15 million.

That, my friends, is one heck of a good deal. Even if the theater never re-opens. Do you wonder why developers like these set-ups?

Perhaps this deal was negotiated for the developer by Sander Hicks, fresh from his successful bamboozlement of Vox Pop shareholders.