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July 17, 2009

A question for the Informational Meeting next Wednesday: how does the economic downturn affect tax projections?

Atlantic Yards Report

Forest City Ratner and the Empire State Developerment Corporation will only be answering questions submitted in writing at next Wednesday's informational meeting on Atlantic Yards, so don't bother raising your hand.

Here's a good question from Norman Oder, which we expect will garner a a stock non-answer:

How, given the downturn in the economy, the depressed office market in the city, and the numerous unsold and stalled condos in places like Williamsburg, can the expected office tower and 1930 condos (along with 4500 rental units, half of them at subsidized rents) be built on the projected ten-year schedule?

And, if not, how does that change the projections for tax revenues from Atlantic Yards, which the ESDC said last month would be higher than initially projected?

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NoLandGrab: The real answer is that these types of projects NEVER come close to the projected tax revenues.

However this is proof that Atlantic Yards is getting dumberer: now we're supposed to believe that tax revenue projections have increased, even though the project has been scaled down.

Posted by lumi at July 17, 2009 5:28 AM