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Brennan Joins the Queue Waiting for Key ESDC/Atlantic Yards Disclosure
We filed
a Freedom of Information request with the Empire State Development Corporation
seeking the "independent economic impact analysis" in the General
Project Plan (section G), upon which the state's top economic development
agency has based its claim that "Atlantic Yards" would bring $1.4 billion
in new tax revenue–a claim that is full
of holes and has already been debunked as egregiously
inflated. Atlantic Yards Report's Norman
Oder has filed the same request, as has the Village Voice's
Neil
deMause.
All three of these requests have been denied by the ESDC. Oder reports that it
appears the ESDC is violating
open government laws. And more to the point there is no reason for the public
and elected officials to accept the $1.4 billion number from ESDC without this
disclosure and a full accounting of the true public cost of the proposed
project. The latest excuse for denying the FOI requests comes directly from ESDC
Chairman Charles Gargano as
reported by Oder in a PBS transcript, he obtained, of an interview with the development
Czar airing tonight:
Q: Some of the opponents of the Atlantic Yards Project had wanted
to know specifically how you come up with the figures, where the figures of
how much the city and state were going to gain through this project... And they
wanted to know, want to see the documents that you used to come up with these
figures. They say... they have applied to Empire State Development Corporation
but that they have not been able to get the documents. They have even gone through
the Freedom of Information Act and the documents have been refused. How do you
respond?
A: Well first of all, what they are looking for is internal documents, working
documents... Completed documents, once the project is approved, once we have
completed the negotiations with the developers, they will all be public record.
So we are now still negotiating and when you are negotiating you don't open
your cards up to who you are negotiating with... I mean that's simple business.
Now it is not a question of not wanting to make documents available. When they
are completed, when the deal is done, then the documents will be public record. Oder comments:
That's nonsense. The fiscal impact analysis is based on the
project as it was presented, and the ESDC was eager to promote the net gain,
$1.4 billion, without explaining how it was derived. The Independent
Budget Office released its analysis. The New
York City Economic Development Corporation did so as well. And so did Forest
City Ratner's own consultant, Andrew
Zimbalist.
And it's not a question of just "opponents" wanting to see this. Yes, Develop
Don't Destroy Brooklyn asked for the documents, but I
and fellow journalist Neil
de Mause did so as well. Community
Board 2 noted the lack of transparency. And the Council
of Brooklyn Neighborhoods pointed out that the DEIS "fails to disclose public
costs."
Any journalist attempting to report on this topic in any detail should be asking
the same question. Maybe Assemblyman Jim Brennan will have better luck in gaining
this fundamental piece of information. (emphasis added)
Assemblyman Jim Brennan? Yes. Oder
reports that Mr. Brennan has, very responsibly, become the first elected official
to at least publicly request (demand?) this financial analysis from the ESDC through
FOIA or by other means. The Assemblyman announced this at a Park Slope Civic Council
meeting last night. Wisely, and quite rightly, Brennan has also requested: projections
for costs, revenues, and expenses. To date Forest City Ratner (FCR) has not submitted
its 20-year pro forma (profit-loss) financial projections
as required in their July 2005 proposal to the MTA. Additionally FCR was required,
in its February 2005 Memorandum of Understanding with the City and State, to provide
a 30-year cash flow financial statement. That too has not been
submitted. We suspect that the Ratner profit on the proposed project is so enormous
as to be embarassingly unsupportable AND lacking the defense FCR has
given for the scale and density of its project. To put it simply: A
very large private profit with very large public risk.
Posted: 10.06.06
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