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February 28, 2007
ESDC-released documents from Forest City lack vital information
Atlantic Yards Report explains that the documents released today leave a lot out, concluding that, "The same lack of transparency apparently persists."
The Empire State Development Corporation released three pages of Forest City Ratner-prepared documents estimating investment returns over 12 years.
I'll have more analysis later, but it's important to remember that these pages differ greatly from the financing plan that the Metropolitan Transportation Authority required from bidders for the Vanderbilt Yard, and which Develop Don't Destroy Brooklyn and other organizations tried in vain to see.
Firstly, that financial plan covered 20 years, not little more than a decade. Secondly, the MTA required (p. 15, or PDF p. 18) the developer to account for "sources and uses"--in other words, the combination of subsidies, investment funds, and internal funds that would be used.
Posted by lumi at February 28, 2007 11:21 PM