Sunday, December 20, 2009

Waiting for a follow-up on the BALDC (and more evidence of Paterson inattention)

Well, I know that the daily newspapers are aware of the letter from state Senator Bill Perkins raising serious questions about the Brooklyn Arena Local Development Corporation (BALDC).

Since there's no follow-up today, I'd look for a response tomorrow. I suspect some lawyers for the state are busy doing some research and writing a memo.

More on Paterson

Meanwhile, Michael D.D. White reports on Gov. David Paterson's answer to another question posed at the impromptu press conference yesterday.



White said AY would cost $2-$3 billion in public subsidies; Paterson responded that any project, at a snapshot in time, might be a loss.

The $2-3 billion figure is debatable, and Paterson didn't object to that number simply because he's not up to speed. (He should know more about AY, but, then again, he's got some major crises in front of him.)

However, what's not debatable is that no government entity, including the New York City Independent Budget Office (which looked only at the arena), has attempted a credible cost-benefit analysis for Atlantic Yards as a whole, with estimates encompassing both a ten-year buildout (as promised) and a much longer one.

And what's not debatable is that the IBO did find the arena would be a loss for New York City, and that was over 30 years, not a snapshot in time.

And, as noted yesterday, Paterson is not up to speed either on the questions raised about the BALDC.

In a day or so, however, more clarity should emerge.

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