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.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…