Atlantic Yards CDC budget: Who's being paid, and why? Is Greenland USA still paying? Are others involved?

The main reason to have a meeting tomorrow (info here) of the Atlantic Yards Community Development Corporation (AY CDC) is to approve the annual $250,000 budget, which is posted in the meeting materials at bottom and excerpted below.

It's worth noting that, while the AY CDC budget once paid for dedicated personnel, at the April 18, 2024 budget meeting, attendee were told the $220,011 in personnel costs represent prorated portions of staff time.

What was not explained was how, previously, when ESD had two employees assigned to Atlantic Yards/Pacific Park, other staff were able to work on the project while being paid their regular salaries. 

Does the personnel funding add to their compensation? Or does it just save taxpayers money?

This year's budget

This year, the personal services budget is $229,497, as seen in the screenshot at right.

The increase in part made available by the obviation of office occupancy expenses, which last year were apparently $13,250. 

It's unclear what office that was, who used it, and for how long.

Who's paying?

The "operating budget will be funded in its entirety from an imprest account funded by project developers and maintained at and by Empire State Development," the document says.

Which developers, exactly? Master developer Greenland USA is still the zombie developer of the six railyard sites, but is expected to lose them in foreclosure. 

(Greenland still seeks to monetize the separate Site 5 and B1 parcels.)

Last June, though, Greenland did not pay a required $11 million payment to the Metropolitan Transportation Authority for railyard development rights.

As I reported, according to the MTA, the payment was made by DBD AYB Funding LLC, and DBD AYB Funding II LLC.

Those are administrative agents for the investment funds AYB Funding 100 and AYB Funding 200, organized by the U.S. Immigration Fund (USIF), that lent money--from immigrant investors under the EB-5 program--to Greenland.

Those funds today may be controlled by Fortress Investment Group, as the immigrant investors were encouraged by the manager, the USIF, to move money to a project that Fortress was (in part) developing, and Fortress was to take a position in the AYB funds.

The role of Fortress, I've suggested, should be clarified at the meeting.