« Nets arena to net less in taxes? | Main | NET ARENA OVER$OLD »
December 14, 2006
Cut 270,000 square feet of office space, lose $456 million?
Atlantic Yards Report
I asked the Empire State Development Corporation today for an explanation of the drastically revised fiscal impact for the Atlantic Yards project.
(Why didn't I ask yesterday? Because I didn't discover the change until the evening, and I wanted to get the numbers out there for discussion.)
I asked if there were a memo that explained it, like the one issued in October, but got this response, in full:
The project has been scaled down by 8 percent for both residential and commercial space. The commercial reduction affects tax revenues more than residential reductions because commercial generates more direct jobs. We estimate that for every 300 sq ft. in commercial space there is 1 direct job.*
The math that ensues is kinda confusing. Bascially, Oder explains that the NYC job-figure loss makes some sense, but how they extrapolate all that to revenue doesn't.
Posted by lumi at December 14, 2006 7:24 AM