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March 11, 2010

Forest City Ratner still claims Atlantic Yards will generate $5.6 billion in tax revenues and 8000 permanent jobs

Atlantic Yards Report

Yesterday, The Brooklyn Ink reported that Forest City Ratner is still claiming, outlandishly and untruthfully, that the Atlantic Yards project will deliver huge financial benefits to New York's taxpayers.

Today, Norman Oder sets the record straight.

That was the notorious $6 billion lie touted by sports economist Andrew Zimbalist, modified to $5.6 billion and $4.4 billion (net), touted in legal papers by FCR executives and a lawyer as a state estimate--but later withdrawn.

The most recent estimates by the ESDC suggest nearly $1.2 billion in net revenue, but that depends on an unrealistic ten-year buildout of the project, highly doubtful office jobs, an unlikely full buildout of the project of nearly 8 million square feet (the development agreement allows for a much smaller project, less than 5.2 million square feet) and a likely underestimate of costs.

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Posted by eric at March 11, 2010 10:12 AM