Today at IDA: Divisive Diamond District Development

Gimme A Break: Barnett wants a cut rate.

Debate downtown today will deal with the diamond industry. But don’t expect the usual blather about the four C’s or those controversial conflict gems, either.

At issue, as the New York Times has reported, is developer Gary Barnett’s plans to build a 725,000-square foot, $433.5 million New York Diamond Tower on W. 47th St.

Existing landlords and tenants in the “dowdy” Diamond District are opposing a proposed financial-assistance package for the project, which consists of:

“(i) payments in lieu of City real property taxes, (ii) exemption from City and State sales and use taxes, and (iii) exemption from City and State mortgage recording taxes.”

The city’s Industrial Development Agency will hear today from both sides. Hearing begins at 10 a.m., 110 William Street, 4th Floor.

– Chris Shott