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September 14, 2008
Flashback January 2004: where's the team store in the "privately financed" arena?
Atlantic Yards Report
Along with the extreme hype, two interesting aspects emerge in a second look at the cover of the 1/22/04 New York Times Sports section.First, the caption at left declares that the arena would be "privately financed," though that phrase didn't appear in the overview article. While no direct public subsidy had been announced--a 2/18/05 Memorandum of Understanding set out $200 million in subsidies, $100 million each from the city and the state--the Times could have been more skeptical.
After all, the 12/11/03 article announcing the Atlantic Yards plan stated:
Mr. Ratner said that the project "will be almost exclusively privately financed," although taxes derived from elements of the project will be diverted to help pay for it. (Emphasis added)
Posted by amy at September 14, 2008 3:17 PM