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February 9, 2009
Atlantic Yards and the stimulus bill: many questions pending
Atlantic Yards Report
Despite a New York Post article that reports "City and state officials say they expect developer Bruce Ratner to lobby hard for a piece of the federal pork" for Atlantic Yards, the evidence so far is sketchy.
...Of course, the project is not fully shovel-ready, given that lawsuits preclude full demolition and construction, but it could be at some point. (But couldn't the railyard be relocated right now?)
The difference between using federal funds for transit projects that the city/state/MTA have on the table and using them for Atlantic Yards is that the former, unlike the latter, would not relieve a private developer of a previous commitment.
Markowitz did not mention the logical conclusion: federal aid to a private developer that relieves the developer of its costs and boosts the value of the team should mean federal ownership of the arena and/or team.
Moreover, federal taxpayers would already be subsidizing the arena for perhaps $165 million if, as planned, it's built with tax-exempt bonds.
Posted by eric at February 9, 2009 9:25 AM