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October 28, 2008

Is "adoption" really "approval"? Looking more closely at ESDC board action in July 2006

Atlantic Yards Report

"Adopted?" "Approved?" "Accepted?" "Supercalafragilisticexpealedocious?" In ESDC World, the line between the real and the made-up seems a little fuzzy.

Norman Oder tries to ferret out the facts.

In the Atlantic Yards chronology, the meaning of one action by the Empire State Development Corporation (ESDC) is a key to whether tax-exempt bonds for the project would be grandfathered in under new Internal Revenue Service (IRS) rules.

Last week, I (like others) concluded that the ESDC's vote to adopt of the Atlantic Yards General Project Plan (GPP) at its 7/18/06 meeting likely constituted what the Treasury Department requires as "official action evidencing its preliminary approval of the project before October 19, 2006."

The issue may be more ambiguous. "Adoption" might also be seen merely as an agreement to release a "proposed" plan for public comment. On the other hand, "adoption" of a plan that receives no comment means it will go into effect, which does indicate approval.

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Posted by eric at October 28, 2008 8:16 PM