Wednesday, December 20, 2006

The $100,000 arena graduation ceremony?

The Atlantic Yards web site promotes the arena:
The arena will be a community centerpiece for the borough. FCRC has worked with local organizations to ensure the arena is an integral part of the community, where local college and high school athletes will have a new stage to showcase their skills. The arena will also host thousands of proud families and friends for college and high school graduations.
(Emphasis added)

However, the KPMG report for the Empire State Development Corporation issued Tuesday offers a caution:
The average ticket prices assumed by FCRC for concerts, family shows, and other sporting events and the percentage split to the facility appear reasonable. However, the base rental rate for other events (e.g., graduations) of $62,000 plus the estimated $41,000 in event-related expenses appears to be high. Although these rates could change subject to actual negotiation with prospective users, it is likely that these rates need to be further reduced to accommodate various civic groups that cannot afford "market" rental rates, particularly given the competitiveness of the market.
(Emphasis added)

Or would those graduations be considered among the ten events noted on the Atlantic Yards web site:
At least ten events a year will be set aside for multicultural, recreational and nonprofit uses, with proceeds from those days going to benefit local nonprofit community groups.

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