« An Atlantic Yards koan: how can you anchor "vaportecture"? | Main | Frank Gehry's 76-Story Dick Joke Tops Off »
November 19, 2009
Given no 2009 feasibility study of AY after changes, DDDB calls for new PACB review of project financing
Atlantic Yards Report
Develop Don’t Destroy Brooklyn (DDDB) has sent a letter to State Comptroller Thomas DiNapoli, State Senator Bill Perkins, and Assemblyman Richard Brodsky (chairs of the respective committees on public authorities) arguing that the Public Authorities Control Board (PACB) needs to convene and vote on whether to approve the Atlantic Yards project’s financing.
Crucially, the letter points out that, before project approval in 2006, the Empire State Development Corporation (ESDC) hired KPMG to do a report about the feasibility of the project, no such analysis was conducted before the ESDC passed the 2009 Modified General Project Plan (MGPP) in September.
Unmentioned in the letter is that the ESDC did ask KPMG for an update, but only on the feasibility of the housing market over a ten-year buildout--a market study that was highly dubious.
Posted by eric at November 19, 2009 10:52 PM