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September 22, 2009

IBO responds to ESDC critique of fiscal analysis: "we remain confident in our methodology and results"

Atlantic Yards Report

One intriguing mini-drama during the Empire State Development Corporation (ESDC) board meeting on September 17 concerned the agency's response to a New York City Independent Budget Office (IBO) report concluding that the Atlantic Yards arena would be a loss for the city.

The ESDC's dismissal of the IBO's report was noted both verbally and in a Response to Comments document, but the ESDC's logic was sketchy, as I'll describe below.

And, after I forwarded the critique to the IBO, the official behind the report told me "we remain confident in our methodology and results."

Indeed, as I'll describe, I think the IBO could've been considered too conservative.

Click thru for more on the ESDC's hypocrisy, the IBO's rebuttal, and why Norman Oder thinks the lost public opportunity cost may be even greater than what the IBO reported.

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NoLandGrab: The bottom line is that the ESDC has never, ever provided any credible analysis of the Atlantic Yards project's bottom line.

Posted by eric at September 22, 2009 11:00 AM