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September 13, 2009
Atlantic Yards Money Pit?
The Architect's Newspaper Blog
This quick summary from earlier this week shows how there was some rain on Bruce Ratner's parade of new renderings for the proposed Nets arena.
When Forest City Ratner released new designs by SHoP Architects of the Barclays Center yesterday, it was seen as an effort to right a listing ship. But no sooner had those copper-hewed renderings hit the presses than the city’s Independent Budget Office released a report [PDF] today noting that the arena will cost the city $40 million in revenues over the next 30 years as a result of financial incentives granted to the developer. Furthermore, the city lost a potential $181 million in lost opportunities through tax breaks and incentives provided to the developer, which cost the state $16 million and the MTA $25 million, though the report also notes both will release a net gain of $25 million and $6 million, respectively, if the deal goes through
Posted by steve at September 13, 2009 7:07 AM