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November 30, 2006
DDDB PRESS RELEASE: Comptroller Hevesi’s Statement Means Projects Like “Atlantic Yards” Need Proper Amount of Time for PACB Analysis
Argument Made for Spitzer to Review Projects
NEW YORK, NY— Last week, New York State Comptroller Hevesi issued a press statement warning that the Public Authorities Control Board (PACB) is moving much too fast on development project approvals. The PACB is the body that will have to consider the $4.2 billion “Atlantic Yards” proposal. On Monday the Empire State Development Corporation (ESDC) took another step towards rushing PACB consideration before the Pataki Administration ends, and before the PACB has a reasonable amount of time to fully scrutinize the largest development proposed by a single developer in the history of New York City.
"Develop Don’t Destroy Brooklyn (DDDB) agrees with Comptroller Hevesi one hundred percent. Bruce Ratner’s 'Atlantic Yards' proposal in Brooklyn could misuse and waste at least $2 billion in public money, and is a prime example of the Comptroller's concerns," said DDDB spokesperson Daniel Goldstein. "For this reason, and many other concerns about the project, we believe that the PACB should take ample time to review the Ratner plan as it is nowhere near ready for prime time with its numerous financial unknowns, deficient environmental review, and because it is based on a use of eminent domain whose constitutionality is currently under review by the courts."
Comptroller Hevesi’s warning, about numerous projects around the State, speaks directly to the lack of financial information on the Ratner development plan and the clear attempt by the ESDC to fast track the proposal through PACB approval. From the Comptroller’s release:
"The State should take the proper amount of time to make certain that it is entering into sound fiscal commitments that have been thoroughly vetted and analyzed with the PACB as the last step in the process of reviewing a final and complete plan. Also, the Spitzer administration should be given the opportunity to include these projects in a comprehensive plan."
"I’m not suggesting that any of these projects are not worthy or should be blocked. But when they are rushed through in a long list, it is impossible to know if they are as good as they can be." (Emphasis added)
“We can clearly see that, like Mr. Hevesi is saying, the ESDC is trying to force a fast-tracked PACB review of ‘Atlantic Yards.’ They are doing this in an attempt to assure approval in the waning days of the Pataki administration to avoid serious scrutiny,” said Goldstein. “Incoming Governor Spitzer, under whose watch the ‘Atlantic Yards’ controversy will play itself out, deserves ample time to review the project in his role as one of three PACB vote holders. Mr. Spitzer and Mr. Silver shouldn’t be eager to rush ahead with a project whose approval would be under the watch of ESDC Chairman Gargano, who http://dddb.net/php/latestnews_Linked.php?id=332Speaker Silver called ‘the most corrupt member of the Pataki Administration’ just two weeks ago.”
Amongst other financial arrangements, the PACB would have to approve triple tax-free bonding for the Ratner plan, including the bond on the arena portion of the project, of at least $647 million plus the debt service.
Mr. Hevesi also said, “New York State is already suffering under huge amounts of debt, and now in the last days of the current administration, there is a rush to push through billions of dollars of projects that will load the State with billions more in debt, in many cases without getting a proper review. It is wrong to limit the freedom of the new administration through rushed last minute decisions.” (Emphasis added)
Posted by lumi at November 30, 2006 12:59 PM