Tuesday, June 24, 2008

NY Post editorial twists its way to an AY hooray

The New York Post editorial board goes through some interesting gyrations in its editorial today, headlined A WIN FOR ATLANTIC YARDS. The newspaper opines:
Atlantic Yards, to be sure, has never been a perfect project. For starters, Ratner has relied heavily on special subsidies and tax breaks.

The Post itself has estimated the tab at $2 billion. Doesn't that imply some effort at a cost-benefit analysis?

Zoning questions

The Post continues:
And, of course, the state is threatening to use its eminent-domain authority (a power we've argued should never be used lightly) to acquire some of the land - sparking the court case in question.

Still, at the end of the day, the city can't afford to leave neglected, run-down or under-built areas languishing.


And that's an argument for 1) a rezoning or 2) a state override of zoning, as with AY?

Those PILOTs

The Post opines:
Again, the city needs this development - not just for the housing, the jobs and the civic pride that comes with a brand new New York sports team, but also for new taxable property that the project would provide.


And that's why the arena would be built on tax-exempt land, with arena construction bonds repaid through PILOTs (payments in lieu of taxes)? If taxable property were the issue, the team constructing an arena would have to pay both property taxes and arena bonds.

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