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December 21, 2010
ESDC's response to court order shows Governor not yet willing to reform Atlantic Yards
BrooklynSpeaks
The BrooklynSpeaks sponsors are disappointed that board of the Empire State Development Corporation has voted to adopt findings regarding the delayed Atlantic Yards build out that obfuscate the issues raised by the Master Development Agreement ESDC executed with Forest City Ratner, are dismissive of the greater impacts which will now be sustained by the communities surrounding the project, and totally ignore the time value loss on New Yorkers’ substantial investment in Atlantic Yards given the deferment of its public benefits for decades.
...ESDC’s continued dissembling in favor of FCRC and against the public interest reflects poorly on an agency that reports to the Governor of New York State, and whose board is appointed by him. We remind the Governor that the findings approved yesterday were necessitated by a Court order which characterized ESDC’s prior claims about its ability to enforce a 10-year schedule as “totally incomplete” and “yet another failure of transparency on ESDC’s part.” We are sorry the Governor has passed up yet another opportunity to reform his agency’s oversight of Atlantic Yards.
Click through to see how BrooklynSpeaks nimbly pokes gaping holes in the ESDC's nonsensical "findings."
Related coverage...
Atlantic Yards Report, BrooklynSpeaks: ESDC findings on extended building "obfuscate the issues," evade time value loss, dismiss impact of surface parking lot
In a statement responding to the Empire State Development Corporation's approval December 16 of findings that a 25-year buildout would not impose any significant impacts not previously disclosed, the BrooklynSpeaks sponsors declare ESDC's response to court order shows Governor not yet willing to reform Atlantic Yards.
...In other words, if a project takes 25 years to build, the value of the expected benefits is significantly decreased, since they were calculated over a ten-year buildout.
The impact of the findings will be discussed in oral arguments before Supreme Court Justice Marcy Friedman at noon on Wednesday, December 22.
Posted by eric at December 21, 2010 11:41 AM