Friday, June 19, 2009

Brennan, other elected officials ask IBO to update its report on Atlantic Yards

Assemblyman Jim Brennan and five other elected officials have asked the New York City Independent Budget Office (IBO) to extend its testimony at the May 29 state Senate oversight hearing by completing a new analysis of the Atlantic Yards project.

The letter to Director Ronnie Lowenstein was signed by Assemblymembers Hakeem Jeffries and Joan Millman; State Senator Velmanette Montgomery; and Council Members Letitia James and David Yassky.

IBO spokesman Doug Turetsky responds, "We are considering how best to follow up the testimony with an updated fiscal impact analysis."

(Brennan and a slightly different group also asked the Metropolitan Transporation Authority to delay its scheduled June 24 vote.)

The letter

On May 29, the New York Independent Budget Office testified before the Senate Corporations Committee regarding the Atlantic Yards project. The testimony offered analysis of the costs and benefits of the project, especially the arena, based on more recent data. The IBO stated that its updated report is preliminary and not final.

We are requesting that the office complete this evaluation in a manner similar to the 2005 report, covering the range of costs and benefits of the arena and the related developments.

Since the State and City government continue to make decisions regarding the project, we ask that you complete a report in as timely a manner as possible.

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