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December 19, 2006
AY to Zero?
Develop Don't Destroy Brooklyn is wondering how low can you go when tallying up the projected tax revenues for Bruce Ratner's Atlantic Yards plan.
December 2006 $944 million net present value of new tax revenues (inflated due to unexplained reduction of discount rate from 6% to 3%)
Public costs, breaks, and subsidies not included and unknown:
Are we at a loss yet, or just zero?
- "Extraordinary infrastructure costs" [aka, blank check]
- Affordable housing tax-free financing (Billion[s?])
- Triple-tax free arena consrtruction bonds
- Relocation of utilities
- Cost associated with schools, health and safety services (police, fire)
- Costs from traffic
- Lest we forget:
Ratner Rail Yards Payment - $100 million (MTA Rail Yards Appraisal - $214.5 million)
Posted by lumi at December 19, 2006 9:36 PM