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Originally Posted by sumitas
$3 billion in tax revenue by the NYRA. I just don't see how that can be ignored and that must be a big reason Spitzer is reviewing the bids for the NYRA franchise.
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I am not taking sides here, however, in reality -- the payment of taxes does not constitue ownership. There are several forms of agreements, arrangements, entity formations, etc. where a "tennant" or non-owner pays taxes, specifically real estate taxes. This is very common in an arragement known as a "life estate" which is very common in the estate planning field.
In the past, there have been people who said that NYRA has a "life estate" on/over/etc. the land (so to speak). I've never read the agreements so I really can't say -- I guess that's why it will be decided by a judge, LOL.
Eric