« It came from the Blogosphere... | Main | Job hungry hardhats jeer opponents at debate over Atlantic Yards »
May 30, 2009
Locals, Lawmakers Still Divided Over Atlantic Yards
NY1
At a Friday hearing in Clinton Hill, Brooklyn, state officials called to separate fact from fiction when talking about the future of controversial Atlantic Yards project.
"Bring transparency to this process and to understand not only where we are, how we got here, where we're going, but also for the future, how we can do better," said Manhattan State Senator Bill Perkins.
The economy is not just threatening to change the scale of the plan, but the benefits it might deliver for the city.
Back in 2005, a basketball arena alone was expected to yield some $25 million dollars in economic benefits, according to the city's Independent Budget Office.
Now that the cost of financing the project has nearly doubled for the city, the office predicts that financial boost will disappear. Its numbers suggest the arena will become a money-loser in the end.
Posted by steve at May 30, 2009 7:26 AM