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June 26, 2008

For Ground Zero, Paterson promises timeline candor; for AY, it's the party line

Atlantic Yards Report

Regarding Ground Zero reconstruction, Gov. David Paterson has expressed skepticism about the professed timetable, and asked for clarifications. Despite reasons to doubt the professed timetable for Atlantic Yards, he has not merely failed to express skepticism, his administration has endorsed the chimerical timetable asserted by developer Forest City Ratner.
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[I]n a 5/8/08 letter to the Internal Revenue Service and U.S. Treasury Department, the New York City Industrial Development Authority and the Empire State Development Corporation (ESDC) cite the chimerical timetable in arguing that the PILOTs (payments in lieu of taxes) plan for arena financing should stand, even though the feds want to change the rules for tax-exempt bonds.

Part of the argument is that Atlantic Yards has already proceeded significantly. But a realistic timetable would acknowledge the project is much farther away from its completion date.
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[T]he IRS and the Treasury Department should take the ESDC's claims with a big grain of salt. And Governor Paterson should explain why he approaches Ground Zero with much more skepticism than he analyzes Atlantic Yards.

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Posted by lumi at June 26, 2008 4:44 AM