After nearly two years of campaigning and many significant revisions, the City Council today passed a version of the controversial Living Wage bill, which was introduced by two Bronx council members, and born out of a 2009 fight over wage requirements at a shopping mall proposed to fill the Bronx’s Kingsbridge Armory. The bill, which Mayor Bloomberg has vowed to veto, would require developers that receive significant taxpayer subsidies to pay direct workers $10 an hour with benefits, or $11.50 without.

We’ll have a more thorough look at the bill’s passage tomorrow and in this week’s print issue of Norwood News, which hits the streets Wednesday, but here’s quick rundown of what happened today. At a press conference this morning before the City Council vote, Council Speaker Christine Quinn walked out after someone in the crowd yelled an insult about Mayor Bloomberg. Quinn, who plans to run for mayor herself in 2013, derided the heckler–who called the mayor “Pharaoh Bloomberg,”–for being inappropriate.

“Congratulations on the bill. I’m not going to participate in name-calling,” she said, before walking away. You can watch a video of the scene, courtesy of Politicker’s Colin Campbell, below.

Quinn has sought to strike a careful balance between living wage supporters and its critics, namely the business community, which argues the wage requirement will stifle development and kill jobs. She significantly revised the legislation in an attempt to appease the opposition–retail workers employed by tenants within subsidized developments are not entitled to higher wages under the bill, something that had largely been the intent of the original legislation, and the issue at the heart of the Kingsbridge Armory argument that inspired it.

In spite of the changes, Mayor Bloomberg says he will veto the bill.

“If you want to encourage a business to open in a particular location that no one has been willing to invest in for decades, you cannot tell them that they have to pay a higher minimum wage than the competitor across the street. They won’t do it. And those jobs will be lost, and so will the tax revenues they would have generated,” he said in a statement last week.

Quinn called Bloomberg’s opposition “disappointing,” but said the bill has enough council member votes to override his veto.

“This year alone, city benefits to businesses and developers will cost taxpayers nearly $250 million,” Quinn said in a press release last week. “All we are trying to do is ensure that taxpayer investment is going to subsidize jobs that pay a reasonable wage.”