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October 30, 2008

Deputy Mayor (in Newark): "look for the least necessary insertion of subsidies"

Atlantic Yards Report

Faced with a multi-billion dollar budget gap, how can NY Governor David Paterson prioritize amongst pet projects?

[L]ast night, Newark Deputy Mayor Stefan Pryor offered some common-sense advice, speaking at a panel in Newark titled The New Newark, Part 1: Maintaining Momentum for Renewal in a Slowing Economy.

He was asked how to set priorities among projects in the city.

His response: "Well, I mentioned the basic construct, which is to look for efficiency, that is to say the least dependency on subsidies. There typically is a pro forma gap in the project, a gap that has to be filled because the construction costs outstrip the potential revenue in the budget line. We want to look for the least necessary insertion of subsidies."

He added, "The other aspect of our construct is community benefits. Will a project deliver jobs for our residents? Will a developer commit to a First Source compact where jobs will go to Newark residents first? Small [and] minority business contracting and green building sustainability are among our criteria. The other thing we're looking for is whether a developer can in fact demonstrate that private sector lenders will commit to the project... And we'll be looking for other factors that will ensure that project will proceed, for example timeline commitments."

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Posted by lumi at October 30, 2008 4:34 AM