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May 19, 2009

Looking back at that IRS letter: did ESDC stretch the truth about the project timetable?

Atlantic Yards Report

Norman Oder explores another unanswered question:

So, if Empire State Development Corporation (ESDC) CEO Marisa Lago thinks Atlantic Yards would take "decades," as she said in April, when did she and other ESDC officials come to that unsurprising conclusion?

Because the ESDC said something very different last year to the Internal Revenue Service (IRS) when it was lobbying to get an exemption for Atlantic Yards as the IRS planned to tighten rules regarding tax-exempt bonds.

Somehow, during the course of a year, the project timeline went from "the Arena is anticipated to be completed in 2010, and the balance of the Project is expected to be built over the next decade," to the project will take "decades."

It begs the question, what did the ESDC know and when did they know it?


Posted by lumi at May 19, 2009 6:20 AM