Is it a publicly-owned arena--an issue that may come up at the eminent domain hearing tomorrow? DDDB has it wrong. NLG has it right--it would be publicly-owned by the state and leased for a buck.
And, if we're going to be precise, I'm not sure Ratner is a billionaire any more, and more than one-third of the apartments would be subsidized (though only about half, perhaps, would be "real housing for the real Brooklyn"). As for whether payments in lieu of taxes (PILOTs) qualify as taxpayer financing, Assemblyman Richard Brodsky would agree, but it is a matter of debate. Surely PILOTs represent a subsidy--worth perhaps $165 million.
And, if we're going to be precise, I'm not sure Ratner is a billionaire any more, and more than one-third of the apartments would be subsidized (though only about half, perhaps, would be "real housing for the real Brooklyn"). As for whether payments in lieu of taxes (PILOTs) qualify as taxpayer financing, Assemblyman Richard Brodsky would agree, but it is a matter of debate. Surely PILOTs represent a subsidy--worth perhaps $165 million.
So if it's publicly owned, then it could qualify for stimulus funding. That I believe is a far more salient point...considering what a long shot the legal case is.
ReplyDeletePublicly owned, but... the developer gets all the benefits from naming rights. Curious.
ReplyDeletehttp://atlanticyardsreport.blogspot.com/2008/09/at-kucinich-hearing-question-arises-why.html