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August 19, 2006

Gaps in ESDC's fiscal impact study: another look at unmentioned costs

Atlantic Yards Report looks at ESDC's estimate of $545 million in public contribution to the Atlantic Yards proposal. For starters, there is "no evidence that the ESDC is including public costs for schools, sanitation, and public safety.":

Public cost: over $1 billion?

Not including DDDB's numbers or the "green building" credits, the ESDC's calculations still require major adjuetments. Assuming that the other subsidies have been expressed in present value, it's possible that the $292.9 million in tax exemptions and $76 million in housing subsidies should be added to the total of $726.2 million. That would increase the public cost to well over $1 billion.

And the net fiscal impact would not be $1.4 billion but $778 million.

That still sounds like a significant sum, but that's 44 percent less than the ESDC estimate.

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Posted by amy at August 19, 2006 11:09 AM