« Roger Green's Version | Main | Forest City Enterprises Reminder of Semi-Annual Earnings Conference Call Friday, March 31, 2006, 11:00 A.M. ET »

March 29, 2006

Ratner falls short of $100 million

Though it is far short of the $100 million that Ratner was seeking as a direct subsidy for his Atlantic Yards plan, the NY State Legislature's draft version of the new budget includes $33 million for "Atlantic Yards Railway -- Nets Project" (click image to view copy of budget draft).


This giveaway was added to the capital budget as part of the Dept of Education budget, despite the fact that there was: * NO comprehensive, independent cost-benefit analysis, * NO General Project Plan (GPP), * NO Environmental Impact Statement, * NO known cost for “extraordinary infrastructure,” and * NO 20-year pro forma financial projection from the developer (as required by the Metropolitan Transportation Authority's Request For Proposal).

In other words, millions of dollars were added to the Dept. of Education's capital budget for a project whose actual size, costs, enviromental impacts, and financial benefits are unknown.

LIFE LESSON: It takes a big stick to fund education, but there's always money for professional sports.

Posted by lumi at March 29, 2006 11:39 PM