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December 17, 2006
Opaque State Development Corporation
Develop Don't Destroy Brooklyn
A new, and unimproved, Empire State Development Corporation revised memo on an unreleased "independent economic impact analysis," was received by Atlantic Yards Report journalist Norman Oder yesterday. Oder found that the memo raises even more questions about the ESDC's transparency, methodology and, though he doesn't say so, their competence.
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In this new memo, out of fear, the ESDC hides the revenue projects for the project option that includes much more commercial office space. In their first memo from October, that option's projections were included. What is clear is that the commercial heavy option provides a much greater return for the public but not nearly as good a return for the developer. To show those commercial tax revenue projections towering over the residential project option in a side-by-side comparison would glaringly illustrate that the ESDC is going with a project option that provides much less tax revenue for the public.There are so many inconsistencies between the first economic impact memo from October, this new revised memo and the modified General Project Plan approved December 8th. The contradictions are eye-popping and head-spinning. Numbers can often seem dry and complicated. But even so, these numbers are of critical importance when it comes to the PACB vote and the ESDC's credibility. If these memos are all the PACB has to go on, it makes no sense for them to vote on this project.
Posted by amy at December 17, 2006 11:39 AM