« Berman’s Children | Main | I'm still calling it Atlantic Av — Pacific St »
July 10, 2012
While Prokhorov opens wallet for stars, community facing the Barclays Center arena won't see money for more cops, new railyard, increased subway service, worker training
Atlantic Yards Report
Brooklyn Nets fans, led by the pseudonymous Net Income (aka Bob Windrem) are thrilled by the emergence of the team's big-spending owner, who's on the cusp of landing Dwight Howard, as I wrote today.
...But Prokhorov and especially his partner Bruce Ratner are pretty chintzy on the other end. Prokhorov saves from all the deals that Ratner, his partner on the arena, has made. And Ratner, rather than dig deeper into his corporate pocket or trade a greater share of ownership for Prokhorov's cash, has tried to save on many aspects that might make the project more "civic."
Here are a few things Ratner hasn't paid for or won't pay for:
- an Independent Compliance Monitor for the Community Benefits Agreement (CBA)
- wages for trainees in a much-promoted training program that was mandated in the CBA, now subject of a lawsuit
- a replacement railyard the size initially promised
- increases in police coverage generated by the arena
- increases in subway service generated by the arena
- a residential permit parking program, as in a model CBA
- the removal of street trees (though Ratner eventually coughed it up)
- increased garbage pickup on blocks near the arena (this is unresolved)
This saves Ratner well over $100 million, just on the railyard. The rest are, relatively speaking, modest expenditures, though the police and subway costs should be among the more substantial.
And that's not even mentioning the significant direct subsidies ($271.5+ million), the giveaway of naming rights ($200+ million), tax breaks, low-cost land, and other benefits for the project. The New York City Independent Budget Office called the arena a money-loser for the city.
Posted by eric at July 10, 2012 11:38 AM