And the Paper got an IBO official to agree, sort of.
The Paper article suggests that I conducted a "study" even though all I did was something obvious: plug new numbers into an old chart.
The Paper reports:
The city rift with Ratner comes after a new financial analysis of Atlantic Yards revealed that the Frank Gehry-designed basketball arena at its center will actually be a money-loser for the city.
But the new study by the Atlantic Yards Report, a Web site, reveals that the arena will instead cost taxpayers $77 million over 30 years, according to the analysis.
The amount of direct subsidy that the city will give Ratner to build the arena has more than doubled — jumping from $100 million to $205 million — in the two years since the city’s Independent Budget Office said the arena create “a modest” net gain of $107 million in tax revenue.
IBO Deputy Director George Sweeting said the new numbers came as a little surprise to him.
“Because the size of the city contribution has grown, the gain from the arena is certainly less than $30 million and it could be a loss,” said Sweeting, adding that the organization had no plans to do the math again.
Actually, the additional $105 million wouldn't all go to the arena block, but even if a minimum of $28.5 million were directed to the arena block--and that's likely--the city tab turns into a loss. Too bad IBO won't take another look.