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September 12, 2008

What Does Mayor Bloomberg Know About Atlantic Yards?

bloomberg_michael_coat.jpg From Develop Don't Destroy Brooklyn (dddb.net):

In the aftermath of yesterday's NY Times article with a number of bombshells including confirmation that Ratner is lobbying government officials for $100 million more in taxpayer subisides, Mayor Bloomberg was asked at a press conference if the city would provide that additional subsidy. The Mayor's response:

"I don't know that we have to put development money in, but we certainly will do everything we can to work with Ratner to get those buildings going."

It's not clear exactly what the Mayor is saying. But it's clear that Atlantic Yards is already subsidized to the hilt and in this economy additional taxpayer subsidies would be irresponsible.

link

Atlantic Yards Report, Remember, Bloomberg said the city would only help with infrastructure
Norman Oder reminds readers that the Mayor has been carefully crafting a distinction between City money for infrastructure and land acquisition and cash subsidy for the arena.

From the Mayor's weekly radio appearance with WABC’s John Gambling on 1/23/04:

JG: The city will spend money on this?

MB: Well, we spend--if you build a new building, we have to fix the roads in front of the building. There’s always some expenses. Fundamentally, the answer to your question is: this will be done with private money, and any city monies of any meaningful size will be debt issues financed by the extra tax revenues that come from this. So, we’re not going to have to divert money from education, or police or fire or any other part of the city to do this. No. It is private money in that sense.

NoLandGrab: The Mayor is directing taxpayer money to specific line items for Atlantic Yards in order to try to make it appear that the arena is being built with "private money." No one really believes that, in the big picture, the City subsidy isn't padding developer Bruce Ratner's bottom line.

Posted by lumi at September 12, 2008 5:55 AM