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March 11, 2005
Keep eye on Nets arena
Atlantic Yards project is a must but deal needs fiscal oversight
The NY Newsday, editorial board:
loves the project;
"The Atlantic Yards project is a must."
is concerned about the lack of fiscal oversight
"And yet, there is an issue the public should watch as this deal unfolds: financial oversight."
and the large amount of taxpayer money Ratner is seeking; and
"The city and state say they are on the hook for only $100 million each in the deal - to pay for infrastructure work and other necessary changes. And yet, as recent press reports have explained, Ratner will reap tax breaks far beyond that amount, perks that will also come out of the public pocket - a fact that makes some of his critics irate."
calls for Albany, City Hall and the public to demand a full accounting of the taxpayer's tab.
"But unfortunately, the review process on deals like this looks mainly at environmental and land-use issues. So it falls to the cast in Albany and City Hall to ensure that the fiscal assumptions in this vital project are sound. And yes, it falls to the public to demand proof that its money is wisely spent."
Posted by lumi at March 11, 2005 7:06 AM