Friday, July 17, 2009

A question for the Informational Meeting next Wednesday: how does the economic downturn affect tax projections?

There are a lot of issues to raise at the Informational Meeting next Wednesday, in which Forest City Ratner and Empire State Development Corporation (ESDC) will answer only written questions.

How, given the downturn in the economy, the depressed office market in the city, and the numerous unsold and stalled condos in places like Williamsburg, can the expected office tower and 1930 condos (along with 4500 rental units, half of them at subsidized rents) be built on the projected ten-year schedule?

And, if not, how does that change the projections for tax revenues from Atlantic Yards, which the ESDC said last month would be higher than initially projected?

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