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June 11, 2009
Is ESDC approval a "formality"? The truth and fallacy of Yormark's observation--plus a 2012 best-case arena opening date
Atlantic Yards Report
Nets CEO Brett Yormark is caught in a truth, but we expect him to recover:
As the Record, reported:
[Yormark] also said approval by the Empire State Development Corp. for a revamped construction plan was a “formality” to be finalized later this month.
Yormark added that public hearings would follow this summer, “also as a formality.”
Well, he's right--and he's wrong. Few doubt that the ESDC will "adopt" a revised Modified General Project Plan, setting forth a 60-day process, including a public hearing, and board approval.
But it's not just a formality. It gets the ESDC to state, on the record, whether it predicts a ten-year buildout, as before, and how many buildings might be constructed at first. And it opens up the ESDC to potential litigation.
Posted by lumi at June 11, 2009 5:43 AM