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December 20, 2009
Waiting for a follow-up on the BALDC (and more evidence of Paterson inattention)
Atlantic Yards Report
We're awaiting responses to yesterday's disclosure that bonds sold for the proposed Nets arena may be illegal.
Well, I know that the daily newspapers are aware of the letter from state Senator Bill Perkins raising serious questions about the Brooklyn Arena Local Development Corporation (BALDC).
Since there's no follow-up today, I'd look for a response tomorrow. I suspect some lawyers for the state are busy doing some research and writing a memo.
...
Meanwhile, Michael D.D. White reports on Gov. David Paterson's answer to another question posed at the impromptu press conference yesterday.
White said AY would cost $2-$3 billion in public subsidies; Paterson responded that any project, at a snapshot in time, might be a loss.
The $2-3 billion figure is debatable, and Paterson didn't object to that number simply because he's not up to speed. (He should know more about AY, but, then again, he's got some major crises in front of him.)
However, what's not debatable is that no government entity, including the New York City Independent Budget Office (which looked only at the arena), has attempted a credible cost-benefit analysis for Atlantic Yards as a whole, with estimates encompassing both a ten-year buildout (as promised) and a much longer one.
And, as noted yesterday, Paterson is not up to speed either on the questions raised about the BALDC.
In a day or so, however, more clarity should emerge.
Posted by steve at December 20, 2009 8:23 AM