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December 19, 2006
Shift in Atlantic Yards Financials Puts Pressure on Silver To Delay
The NY Sun
By David Lombino
After reviewing financial information about developer Forest City Ratner’s plan to build a basketball arena and 16 mostly residential towers on 22 acres in Prospect Heights, Assemblyman Richard Brodsky, a Democrat of Westchester who heads the Assembly committee that oversees public authorities, said yesterday the figures on the project’s costs and benefits had “substantially changed.”
“As of right now, I need to know more of the facts than I saw today,” Mr. Brodsky said.
Mr. Brodsky joined a growing chorus of civic groups and local elected officials who are asking for a more detailed financial picture on the largest development project in Brooklyn’s history. The project could appear before the Public Authorities Control Board for final approval tomorrow.
...
Yesterday, Mr. Brodsky focused his questions of Mr. Gargano at the project’s shifting goal posts.Recently,state projections on the amount of tax revenues from Atlantic Yards dropped by about a third, to $944 million from $1.4 billion. Projections about the number of jobs and the amount of personal income derived from the development also dropped sharply, and the discount rate applied to the calculations appeared to drop to 3% from 6%, boosting financial projections.
Posted by lumi at December 19, 2006 10:00 AM