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December 14, 2006

NET ARENA OVER$OLD

NY Post
By Rich Calder

The NBA arena and housing development planned for Brooklyn won't bring in anywhere near the tax dollars the state and developers had projected, a review of project documents reveals.

The Empire State Development Corp. now anticipates the nearly $4 billion Atlantic Yards project will generate $944 million in net tax revenues over the project's first 30 years.

That's a nearly one-third decline from its $1.4 billion July estimate. ...
Officials with the development company yesterday said the project is still financially sound.

They attributed the revenue loss to Ratner scaling back the development size by 8 percent at the request of the City Planning Commission.

article

NoLandGrab: Just because someone makes an assertion doesn't mean that it is true and that a newspaper has to print it along with real facts, right?

The 8% cutback was one of a handful of options compiled by the developer and presented to the City Planning Department back in January, 2006. Any assertion that the City Planning Department requested the cutback is just spin on the part of the State and developer Forest City Ratner.

For more info on the carefully choreographed "scaleback," check out the exclusive article from Atlantic Yards Report.

Posted by lumi at December 14, 2006 7:24 AM