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December 14, 2006
Atlantic Yards May Bring Less Money Than Expected
AP, via WCBS-TV
New figures show the proposed Atlantic Yards development in Brooklyn might not generate as much tax money as was first expected.
The Empire State Development Corporation now said the project will generate $944 million in sales and income taxes, after city and state subsidies are factored out. That's about a third less revenue than was initially estimated.
The change came after an 8-percent cut in the size of the project.
The development agency is still sponsoring the $4 billion project and approved it last week. The plan calls for more than $450 million in tax money.
NoLandGrab: The "$450 million in tax money," represents what we know. But Donald Rumsfeld will tell you that there are known unknowns (like affordable housing subsidies) and unknown unknowns (as in hidden infrastructure costs), which could drive the taxpayer tab up until there is hardly any financial benefit for the public.
It is unknown if the unknowns will be disclosed before the project is approved.
Posted by lumi at December 14, 2006 8:49 AM