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August 13, 2009

Stimulus funds for CityPoint; could there be stimulus funds for AY? Not from Recover NYC

Atlantic Yards Report

City Point, the big Fulton Mall development project, was just awarded $20 million in tax-exempt bonds under Recover NYC, which directs Federal stimulus funds.

Might Atlantic Yards be next?

It would be tough for Atlantic Yards to make the deadline, given that the NYCEDC would announce the candidates for the second round on November 3, before the Atlantic Yards eminent domain case is likely resolved.

But the issue's moot. Only projects located in the yellow recovery zones would be eligible, and the parcel going east of the intersection of Atlantic and Flatbush avenues isn't included. But I wouldn't be surprised at other efforts to gain some stimulus funding for AY.

Questions of fairness

In the Times, one watchdog questioned the Recover NYC program:
“This is a sort of David-and-Goliath example of small businesses that are paying the rent and providing services to a diverse constituency of Downtown Brooklyn and having something kind of dropped on top of them, which is a big wealthy developer getting subsidies,” said Bettina Damiani, director of Good Jobs New York, which studies the use of economic development incentives. “So the impact on the local community needs to really be taken into consideration before we move forward with economic stimulus.”

article

NoLandGrab: We're pretty sure fairness is of little concern to Bruce Ratner.

Posted by eric at August 13, 2009 10:42 AM