« In Bloomberg statement on AY, inflated jobs figures come from FCR; by contrast, ESDC projections are more conservative | Main | Brooklyn Broadside: Some Predictions for 2010 About Downtown Brooklyn »
December 1, 2009
If bonds won't be used to build AY infrastructure, there would still be a huge funding gap
Atlantic Yards Report
Who knows why the Empire State Development Corporation would rather blow off Norman Oder's inquiries, preferring instead to issue a statement under pressure of questions of mainstream reporters. However, true to form, Oder still has some questions:
The Empire State Development Corporation (ESDC) said yesterday, in response to my report, that, though it "was at one time considering additional tax exempt bonds for infrastructure financing," it ultimately "decided not to pursue that type of financing."
(It was the plan as recently as September, given the 9/11/09 date of the Inducement Resolution adopted by the Brooklyn Arena Local Development Corporation.)
Still, as I wrote yesterday, the 2009 Modified General Project Plan, passed by the ESDC in September, budgeted $717 million for project infrastructure, with $205 million coming from government funds but no particular source for the rest.
So, where's the money going to come from?
Posted by lumi at December 1, 2009 5:22 AM