Tuesday, October 01, 2013

Daily News scoop: City says Barclays Center's an economic hit

Talk about service. Though the end of September is neither the fiscal year nor the calendar year, New York City officials have estimated that the Barclays Center is an economic hit.

And the arena's favorite (and partner) newspaper, the New York Daily News, has the scoop, in Barclays Center scores: City says arena generated $14 million in tax revenues in its first year: Arena's direct output in its first year hits $145 million
The Barclays Center has generated an estimated $14 million in tax revenues in its first year, city officials told the Daily News, providing the first tally of the $1 billion arena's contribution to the city's offers.
The estimates, which come from the New York City Economic Development Corp., are based on data provided by Barclays Center developer Forest City Ratner.
Overall, the direct output from the 18,200 seat arena, which just celebrated its first year anniversary and in its first year became the country's No.1 concert venue, has been $145 million, the city told the News.
That number reflects spending done by visitors - non-New York City residents - both inside and outside the Barclays Center, on things like ticket sales, merchandise, concession purchases, restaurants and transportation.
These are dollars that would not been flowed into the local economy had the arena not been in operation, city officials said.
...The $14 million in tax revenues includes sales tax associated with purchases inside and outside the sports and entertainment complex, as well as income tax generated by Barclays Center employees and the Brooklyn Nets.
Though both Bruce Ratner and Mayor Mike Bloomberg touted the figures, the "city declined to say whether the numbers met its projections."

I'm skeptical, since the New York City Economic Development Corporation is an arm of the mayor's office, and its previous studies of Atlantic Yards have been rather self-serving, but I'll say more after I see the document. I 'd bet the document didn't count Ratner's uncounted savings on land for the project.

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