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April 3, 2009
Signs hint at money crunch for Atlantic Yards opponent DDDB, but reps say they're confident about fundraising
Atlantic Yards Report
Norman Oder turns a critical eye to developments at Develop Don't Destroy Brooklyn:
While Develop Don’t Destroy Brooklyn (DDDB) has not expressed public concern about its financial situation, a recently released Internal Revenue Service (IRS) document shows that the organization, in the year ending last June, spent nearly $118,000 more than it took in, cutting deeply into its reserves, leaving net assets of $20,757.
That raises questions about DDDB's capacity to maintain legal challenges as Forest City, bolstered by a new loan from the National Basketball Association for the Nets, limps ahead, renegotiating with unions at Beekman, and with more of a commitment to Atlantic Yards--the arena, at least--than nearly anything else in its portfolio. After all, a new arena would mean an end to losses from the Nets and an immediate increase in the value of the team.
But two DDDB representatives expressed confidence in current fundraising, noting that litigation expenses were much greater then than now.
Oder compares the massive spending on lobbying and political campaigns by developer Forest City Ratner to DDDB's scrappy grassroots fundraising campaigns and examines the soft spots for DDDB going forward.
Posted by lumi at April 3, 2009 5:58 AM