NYC Finance Commissioner Moonlighting At Second Job

New York City faces one of the worst fiscal situations it has encountered since its near collapse in the 1970s. So, what does the City's Finance Commissioner do at a time like this?

Martha Stark decides to moonlight to supplement her $189,700 income at a job that rakes in another $97,000 a year.

What does the City's ethics board think of all this? They rubber stamped the move.

In secret.

Stark, 48 - who makes a $189,700 salary as the city's chief of real-estate assessment and tax collection - works on the side at Tarragon Corp., a Manhattan-based company that builds apartment complexes in New Jersey, Connecticut and several other states.

Tarragon paid her $90,316 in 2007 and $44,126 in 2006, company filings show. That included $104,000 in cash plus stocks and stock options.

No other city commissioner or department head enjoys a similar outside gig, officials said.

But the Mayor's Office said it was unaware of Stark's extracurricular employment until The Post inquired about it Friday.

"We've just learned of the matter, and we're reviewing it expeditiously," said Mayor Bloomberg spokesman Marc LaVorgna.

The City Charter requires that department heads "give whole time to the duties of the office and . . . not engage in any other occupation, profession or employment."

Stark joined Tarragon as a member of its board of directors in December 2005.

Stark would not comment, but her office released a confidential April 11, 2005, letter from Steven Rosenfeld, chairman of the city's Conflicts of Interest Board, saying her work for Tarragon "would not violate" city rules, under certain conditions.

Stark would have to recuse herself from any city matter involving Tarragon or its officers or shareholders, among other restrictions, the board letter said.

Based on information from Stark, the letter said that Tarragon did not own any property or real-estate investments in the city, but that its president Robert Rothenberg, had an interest in seven rent-stabilized co-op apartments.

The letter also said the city Law Department told Stark that her work for Tarragon "would not conflict" with the City Charter's "whole time" rule for commissioners.

Law Department spokeswoman Kate Ahlers told The Post that it had a "long-standing view" that the charter "permits occasional outside activity, such as service on a board, writing, or teaching" that involves minimal time.

How exactly does the Law Department believe that Stark's work for Tarragon doesn't conflict with the whole time rule let alone the fact that Tarragon is paying for Stark's contacts and influence within the City's government? There are reasons that the ethics rules limit such arrangements because of the appearance of impropriety.

Stark had better explain herself, and the City has to come up with a better reason for why this particular ruling was kept secret.