Yes, Atlantic Yards Community Development Corp. meeting Thursday will address budget. Anything else?

It's a do-over, more or less.

After the (purportedly) advisory Atlantic Yards Community Development Corporation (AY CDC) meeting March 26 could not get a quorum--but did include updates on the project--the new meeting scheduled for Thursday will attempt official business: approval of the minutes of the Jan. 23 meeting, and approval of the budget for the fiscal year, which started April 1.

The agenda (also at bottom) also includes "Updates and Follow-ups," an oral report that may or may not offer new information. The meeting--RSVPs required--will be held at the Manhattan office of the parent Empire State Development (ESD), the state authority that oversees/shepherds the project.

One obvious question: is the foreclosure auction of six railyard development sites, twice postponed and rescheduled for April 30, going to happen?

It would be unlikely unless other aspects of the project's future--including the successor to the 421-a tax break and the obligation to build the platform over the Vanderbilt Yard--were clarified.

Other questions: budget

Perhaps the directors will have questions about the AY CDC's $250,000 budget, which is funded by the project developers.

Has this most recently all come from master developer Greenland USA, which seems to be pulling back, or have builders of other towers contributed? Is Greenland expected to continue such funding?

Of the $220,000 in personnel spending, how many, if any, employees are solely funded by this money, and what do they do? If there are none, then how is the money being used--does it supplement salaries as a bonus?

Other questions: affordability

At the last meeting, ESD presented the AY CDC directors a requested chart of the project's affordable housing. That chart, as I will write in more detail tomorrow, is incorrect.

For example, it counted 13 2-bedroom units for moderate-income households earning 60-100% of Area Median Income. That, I'm sure, was compiled by counting five at 461 Dean (B2), four at 535 Carlton (B13), and four at 38 Sixth (B3).

However, as I wrote last week, eight moderate-income 2-bedroom apartments at 535 Carlton were later added, leaving a total of 12 at that building. That means 21 total 2-bedroom units for that cohort.

The ESD chart also counted just two three-bedroom units for that cohort, surely counting one at 535 Carlton (B13) and one at 38 Sixth (B3). However, 535 Carlton later gained three 3-bedroom units in that cohort, for a total of four at that building, and a total of five overall.. 

Both were offset by fewer middle-income units for those at 165% of AMI. That all enabled a significant cut in taxes for buyers at the 550 Vanderbilt condo building.