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February 2, 2009

Daily News explains leap in arena costs based on security issue

Atlantic Yards Report

In December, I questioned why the planned Atlantic Yards arena had jumped from $637.2 million to $950 million, wondering if the cost had been goosed to increase the amount of tax-exempt bonds, whether the whole project had increased drastically in cost, or whether the original figure in the Empire State Development Corporation (ESDC) documents was off.

After all, the rapid escalation of the cost of the arena significantly outpaced local inflation in construction costs.

Today, the Daily News has an answer: security.

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Posted by eric at February 2, 2009 11:27 AM