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April 5, 2006

The $6 billion lie redux: ESDC guidelines ignore Ratner claims (but also ignore "true value")

Atlantic Yards Report is digging into the Final Scope of the Environmental Impact Statement for Atlantic Yards.

A couple of things reporter/blogger Norman Oder noticed:

The Empire State Development Corporation (ESDC) does NOT use "income taxes of new residents" to calculate the economic benefit. That's contrary to Ratner's methodology that came up with a sales pitch that the economic benefit of the project over 30 years will be over $6 billion. This means that the Environmental Impact Statement will probably debunk that myth.

A pro forma financial analysis of the plan, though requested by the community, it isn't required by SEQRA. So no one but the developer Forest City Ratner will know how much profit they'll make at the expense of nearly $2 billion in subsidies.

link

Posted by lumi at April 5, 2006 9:15 AM