Without the tax break, said MaryAnne Gilmartin, Forest City Ratner’s executive VP (and the successor to Jim Stuckey), “Work would certainly stop on [the] site and then we would have delays.” So the CB complied, not wanting to see the school delayed.
The newspaper reported:
“I don’t think the project or the school were ever really in jeopardy,” said Paul Hovitz, a board member. “I think they were manipulating us [into helping them get the abatement]. We were being blackmailed.”
In the AY context
What might this mean in the Atlantic Yards context? That when Forest City Ratner CEO Bruce Ratner said that the project "will be almost exclusively privately financed," he could just as easily have said it would be “largely publicly assisted, more and more.”
Remember, Ratner claimed in 2003 that Atlantic Yards "won't touch the existing tax base."
So, when Forest City Enterprises CEO Chuck Ratner said “We still need more” subsidies, that could mean that local officials will have to pony up more money to get the precious affordable housing that might have been funded elsewhere, in another way.
AY vs. Beekman
The Atlantic Yards project is not, however, as far ahead as Beekman Tower, which already has financing. While the developer—not the government—has already spent $219 million, the value of the property acquired remains substantial.
The question of tax-exempt financing for the new Yankee Stadium—and, by extension, the planned Atlantic Yards arena—will be taken up at an Assembly hearing today.