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April 14, 2008

No-risk arena: NY Post estimates "Net" loss of '$2B in taxes"

Norman Oder takes us step by step through the details of today's NY Post story about the incredible subsidies needed to build the proposed Atlantic Yards development.

The sweetheart deal, the payments in lieu of taxes, they're all described here in loving detail.

Oder also points out the fact that the article, as it appears in print, only contains portions of the complete version posted on the Post's website.

Here's an important detail missing from the print version:

The rest of the article didn't appear in print, and it contained some of the most important news: Assemblyman Richard Brodsky (D-Westchester) warned that Ratner must deliver what was promised when the state approved the project in December 2006.

"All the big projects -- the 7-line, downtown Manhattan, Hudson Yards, Atlantic Yards -- they're all hanging by a tread, and the notion the taxpayers are going to invest money while the developers don't meet their commitments, if that's what people expect, there is going to be a fight about it," said Brodsky, who chairs the Assembly committee that oversees state entities that approved these projects.

Spokespersons for the city and state said it's unclear whether Ratner would receive more subsidies if he asked, adding it would need to be reviewed. But some Brooklyn-based council members have said their dead set against giving Ratner more cash.

If "it's unclear," that means the door is still open and, given that new elected officials eventually will emerge, the "Atlantic Yards permanent campaign" is hardly over.


Posted by steve at April 14, 2008 9:18 AM