Thursday, July 05, 2012

State Authorities Budget Office asks: where's the annual report for Job Development Authority, creator of the Brooklyn Arena LDC?

According to the 2012 annual report from the state Authorities Budget Office (ABO), the New York Job Development Authority (JDA), an affiliate of the Empire State Development Corporation (ESDC, aka Urban Development Corporation), has yet to file the required annual report, due more than a year ago, 6/30/11.

Of all the authorities listed, that's the longest delay in filing an annual report. Presumably the JDA, which is a legal entity distinct from ESDC but relies on ESDC staff, also has not filed the report due 6/30/12.

JDA and BALDC

The JDA is the creator of the Brooklyn Arena Local Development Corporation (BALDC), the special-purpose entity that issued bonds for the Barclays Center arena. And it would be interesting to learn how the BALDC operates, especially since Goldman Sachs earlier this year called a meeting of bondholders, only to step back when it was clear that the investment firm was not authorized to act as the BALDC.

I wrote 1/19/11 how both the ESDC and JDA had not filed budget reports; apparently that's not an issue now, just the annual report.

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