From the NY Post:
More than half of Bruce Ratner's $4 billion Atlantic Yards project in Brooklyn will be funded by government subsidies, a blockbuster court disclosure reveals.
The developer expects $1.4 billion in tax-exempt bonds to finance the project's 2,250 units of affordable housing, according to a state document obtained by project opponents through the courts and posted online yesterday.
The city is already kicking in $205 million and the state another $100 million.
The project's Frank Gehry-designed arena would be financed primarily with another $637 million in tax-exempt bonds. At least $2.34 billion of the estimated $3.97 billion - 58.9 percent - of the development costs would be financed by government-backed money.
"It is now starkly clear that Ratner's project . . . would hoard scarce housing subsidy resources from all over New York City," said Daniel Goldstein, spokesman for the opposition group Develop-Don't Destroy Brooklyn.
RATNER'S $2B GOV'T SUBSIDY
In other Atlantic Yards news:
Judge tosses Atlantic Yards challenge
Judge Rejects Main Argument of Effort to Stop Atlantic Yards Project in Brooklyn
Atlantic Yards suit dismissed
In other "suspicious-of-developer" news:
Report: LI Officials Protest Trump's Sweetheart Deal
Photo from DDDB.net