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August 14, 2009

The mysteries of "Miscellaneous;" why funding source in AY plan went up more than four times

Atlantic Yards Report

So, where exactly would the money be going for Atlantic Yards?

Remember, what was supposed to be a $4 billion project in 2006 would now be a $4.9 billion project, with the arena--after a 50% projected increase in value--going up instead about 22%, to $772 million.

The biggest increase is in the housing, but, on a percentage basis, the largest leap is in the category of Miscellaneous. In the 2006 Modified GPP issued by the Empire State Development Corporation (ESDC), the sum was $19.5 million.

This year, the total is $92 million. That a more than four-fold increase. The 2009 Modified General Project Plan, however, went up only 20 percent.

Click thru for the ESDC's explanation.

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Posted by eric at August 14, 2009 10:21 AM