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July 5, 2012
State Authorities Budget Office asks: where's the annual report for Job Development Authority, creator of the Brooklyn Arena LDC?
Atlantic Yards Report
Sometimes, the ESDC doesn't even bother to pretend that it's accountable to anyone.
According to the 2012 annual report from the state Authorities Budget Office (ABO), the New York Job Development Authority (JDA), an affiliate of the Empire State Development Corporation (ESDC, aka Urban Development Corporation), has yet to file the required annual report, due more than a year ago, 6/30/11.
Of all the authorities listed, that's the longest delay in filing an annual report. Presumably the JDA, which is a legal entity distinct from ESDC but relies on ESDC staff, also has not filed the report due 6/30/12.
JDA and BALDC
The JDA is the creator of the Brooklyn Arena Local Development Corporation (BALDC), the special-purpose entity that issued bonds for the Barclays Center arena. And it would be interesting to learn how the BALDC operates, especially since Goldman Sachs earlier this year called a meeting of bondholders, only to step back when it was clear that the investment firm was not authorized to act as the BALDC.
NoLandGrab: Surely Governor Status Cuomo is demanding that this report be on his desk tomorrow morning, no? He's all about reform and transparency, after all.
Posted by eric at July 5, 2012 10:58 AM