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June 21, 2005
Are stadiums worth it?
This NY Newsday article by Liam Pleven looks at the plans for local sports teams to spend their own money to build new facilities.
Forest City Ratner scores a publicity coup -- the article considers the $100-million subsidy from the City and State to be "relatively small," in comparison to the Jets Stadium deal. Pair that with the additional taxes generated by relocating a team from out of state and the "roughly 6,000 housing units" and "it looks like it would be a positive flow to the city," according to Independent Budget Office Spokesperson Doug Turetsky,
NoLandGrab: Seriously, if you add in the 17-19 high-rise towers (the 6,000-7,300 housing units) to the financial equation, then you must consider the additional subsidies that apply.
The total subsidy is $1.1 BILLION by Forest City Ratner's accounting and $1.6 BILLION according to Develop Don't Destroy Brooklyn. Since details of these additional subsidies have yet to be provided, how is Doug Turetsky making his assesment?
TODAY'S ESSAY QUESTION:
Considering the billion-dollar-plus subsidy for Atlantic Yards, does Bruce Ratner's plan really square with the analysis made by Newsday staff reporter Liam Pleven?
Hand in your assigment to letters@newsday.com.
Posted by lumi at June 21, 2005 7:31 AM