Thursday, September 11, 2008

Bloomberg: we'll "do everything we can" to get Atlantic Yards going

NY1, ignoring the evidence against anything but a Potemkin groundbreaking for Atlantic Yards this year, reported yesterday that the project would begin construction in December.

But the news is this quote from Mayor Mike Bloomberg: "We desperately need to have development and that's a very big part of the development in Brooklyn. I don't know that we have to put government money in, but we certainly will do everything we can to work with [developer Forest City] Ratner to get those buildings going."

How can city help?

So, if the direct subsidies the developer seeks aren't on the table, what might "everything we can" mean? For one thing, the city, along with the state, is trying to make sure that FCR gets a ruling from the Internal Revenue Service that would allow tax-exempt bonds for the arena to be paid off by fixed PILOTs (payments in lieu of taxes). That could be worth $165 million to the developer.

For another, it might mean the city will try to ensure that Atlantic Yards goes to the head of the line to receive scarce tax-exempt bonds for housing.

Either way, it's hardly clear that this will produce the tax dollars the city needs--another justification for the project, NY1 reported.

1 comment:

  1. Mr. Bloomberg has not stated what he wants to do if he were able to run for a third
    term - now we have a peek: continuing to carry water for Bruce Ratner. While NYC
    does desperately need development - hundreds of thousands of units of affordable
    housing, hundreds of new schools, a mass transit system that would lure commuters
    from their cars - Bruce Ratner will not move us one inch in that direction. Sad
    and telling that in the 1930's depression, when we supposedly had no money,
    NYC built huge amounts of public buildings and infrastructure - the list is staggering.
    Now we have a mayor (and a governor) who have no idea how to move the City in that
    same direction. Extend term limits? Bloomberg is like the student who wants more
    time to hand in his homework; the only problem is, he has no clue about the subject.
    It's time that content counts for something.