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March 9, 2012

Construction monitor: arena still ahead of schedule (if you move the goalposts); new document regarding schedule was to emerge in February, but not seen yet

Atlantic Yards Report

The latest report on Atlantic Yards construction progress, as with its predecessor last month, maintains a 9/5/12 date for substantial completion of the Barclays Arena and site work, giving arena operators little more than three weeks to test building systems before the first event, a 9/28/12 concert with superstar Jay-Z.

And, as with the February report, the latest report fudges the numbers to assert that the arena is "slightly ahead of schedule," based on actual cash flow versus projected cash flow.

That conclusion, however depends on changing the schedule, a slight-of-pen unacknowledged in the latest Site Observation Report by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee. (Dated 3/1/12, it's based on a visit of 1/26/12 and documents made available 2/17/12 review.)

The report mentions a new GMP2 (Guaranteed Maximum Price) schedule to be issued in February that would establish the final completion date. As with many promised documents in the past, it has not emerged in time for the report.

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Posted by eric at March 9, 2012 2:42 PM