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April 16, 2009

This timeline is not so timely

GlobeSt.com, Construction Forum Talks New Timelines

Construction executives heard familiar tunes from two top local economic officials Tuesday morning at the New York Building Congress industry breakfast. The featured speakers--Maris Lago, president and CEO at the Empire State Development Corp. and Robert Lieber, the city’s deputy mayor for economic development--both stressed that scope, size and timelines of major public-private projects are subject to economic realities, while down cycles are prime times to invest in infrastructure.
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Later, when New York Times reporter Charles Bagli--who moderated the discussion with Anderson--asked Lago if the original scope, size and current time frame--2011 for completing the first phase--of the Atlantic Yards were indeed realistic, given the times and climate, Lago acknowledged the financials are challenging. She said her agency was focused on meeting a December 31 deadline for tax-exempt bonds at the downtown Brooklyn project.

NoLandGrab: These bonds are regulated by the IRS, who grandfathered them in for Atlantic Yards.

They are also from the same program that the Yankees took advantage of when land values were fudged in order to qualify for more of these tax-free bonds. Could city and state agencies be hard at work trying to figure out how to do the same for the arena at Atlantic Yards?

Brooklyn Daily Eagle, Intelligencer

News from Norman Oder's Atlantic Yards Report:

The Empire State Development Corporation (ESDC) Wednesday indicated that two of the major questions swirling around the Atlantic Yards project should be answered: the agency will “soon” go public with both a new construction timetable and a new project budget.

Posted by lumi at April 16, 2009 5:46 AM