As negotiations are still on-going, everyone is remaining tight-lipped at this point. But it appears Council Speaker Christine Quinn will announce a compromise agreement on living wage legislation this afternoon. The Riverdale Press Tweeted the news earlier today. We do know that a press conference is scheduled for 2:30 p.m. today and that all the players involved are waiting for the speakers cue. Not sure exactly what a compromise on the bill would mean since there have already been several compromises made already.

Last week, I asked Quinn about the legislation and she said there was “no update.” This latest development may have something to do with the mayor’s announcement yesterday about re-issuing a request for proposals to redevelop the Kingsbridge Armory. This could also have to do with Quinn’s mayoral aspirations. Public Advocate Bill de Blasio, another possible mayoral candidate, recently endorsed the legislation and so did the NY Times.

The legislation would require developers to guarantee living wage jobs at projects that receive substantial city subsidies. Bloomberg has opposed the idea, while Quinn has remained completely neutral.

We’ll have more hopefully soon. Stay tuned.

Update: The Riverdale Press has confirmed that Quinn will make an announcement today of a living wage compromise bill that significantly alters the original intent of the legislation. According to the Press, only direct beneficiaries of the public tax subsidies would be required to pay living wages, $10 an hour plus benefits, or $11.50 without benefits. That means tenants at city-subsidized projects would not be required to pay living wages, which goes against the original intent of the legislation. The original intent was to create permanent living wage jobs. The new agreement means only those employed by developers, mostly construction workers who already make living wages, would be required to pay living wages.