Thursday, September 10, 2009

Atlantic Yards arena a big money loser

From Develop, Don't Destroy Brooklyn:

Fresh off a glitzy new design release by developer Forest City Ratner, a new study concludes that the Barclays Center Arena will be a money loser for New York City if built.

New York City’s Independent Budget Office released a fiscal analysis of the Atlantic Yards arena, which shows that the arena would be a $39.5 million loss for New York City over 30 years, with an additional loss of $180 million in opportunity costs (foregone gains due to tax exemptions and below market land sales).

The fiscal analysis also calculates a $726 million taxpayer subsidy and government benefits package for developer Forest City Ratner on the arena alone.

The report, “The Proposed Arena at Atlantic Yards: An Analysis of City Fiscal Gains and Losses,” is available for download on the IBO website.

What do the comptroller candidates have to say about this?

How about the public advocate candidates?

Bill Thompson?

1 comment:

Anonymous said...

The entire project is a scam, a sham, and a shame.