Fiscal
Projections for Atlantic Yards According to ESDC
July 2006
$1.4 billon net present
value of new tax revenues
REDUCED!
December 2006
$944 million net
present value of new tax revenues
(inflated due to unexplained
reduction of discount rate from 6% to 3%)
Public costs, breaks, and subsidies not included and unknown:
- "Extraordinary infrastructure costs" [aka, blank check]
- Affordable housing tax-free financing (Billion[s?])
- Triple-tax free arena construction bonds
- Relocation of utilities
- Cost associated with schools, health and safety services (police,
fire)
- Costs from traffic
- Lest we forget:
Ratner Rail Yards Payment - $100 million
(MTA Rail Yards Appraisal - $214.5 million)
Are we at a loss yet, or just zero?
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