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Economic Analyses and Documents


September, 2009
Independent Budget Office (IBO) Fiscal Brief on the Arena [pdf]
The Proposed Arena at Atlantic Yards: An Analysis of City Fiscal Gains and Losses

Documents Related to Proposed IRS Regulations on Tax-exempt Bonds

Empire State Development Corporation Funding Agreement
[44mb pdf]
Signed September 12, 2007. Released March 21, 2008.
(Can also be downloaded in 37 smaller files on the ESDC website)

Funding Agreement Between NYC Economic Develpment Corporation and Empire State Development Corporation
[14mb pdf]
Signed September 12, 2007. Revealed in Freedom of Information Law Request by Norman Oder, April 2008.

Review of Certain Cash Flows and Assumptions in Connection with Forest City Ratner Companies Development of the Atlantic Yards as of December 19, 2006
[pdf]
KPMG/Skadden, Arps, Slate, Meagher & Flom LLP

DDDB ANALYSIS

June 30, 2007
Public Subsidies: What the Taxpayer Will Give Bruce Ratner
[pdf]
- Develop Don't Destroy Brooklyn


Privately financed? Court documents finally specify the housing bonds behind Atlantic Yards
Atlantic Yards Report. June 6, 2007.

Huge deficit in tax-exempt bonds suggests Atlantic Yards delay
Atlantic Yards Report. June 6, 2007.

State Never Saw Business Plan For Atlantic Yards Project
NY Sun. Eliot Brown. March 28, 2007.

STUDY COMMISSIONED BY FOREST CITY RATNER

Forest City Ratner hired sports economist Dr. Andrew Zimbalist of Smith College to write an economic analysis of the "Atlantic Yards" proposal. Soon after that report was released Forest City Ratner tried to distance itself saying that it was not their report, it was Dr. Zimbalist's report. Zimbalist's report, which was updated a year after its first release, was swiftly debunked in a report co-authored (pro bono) by Gustav Peebles, Ph.D., Columbia University, a resident of Fort Greene, Brooklyn and Jung Kim an urban planner and MS, London School of Economics. Their report, dubbed The Kim/Peebles Report was called "required reading" by the New York Daily News' premier sports columnist, Mike Lupica. In June, the Atlantic Yards Report blog further debunked Zimbalist's assumptions, methodologies and findings (see links below.)

Zimbalist - commissioned by Forest City Ratner
May 3, 2004
Estimated Fiscal Impact of the Atlantic Yards Project on the New York City and New York State Treasuries
written by Dr. Andrew Zimbalist.. [pdf]

Response to Zimbalist
June 28, 2004
The Kim/Peebles Report:
Independent Economic Analysis of the Cost to Taxpayers of the Ratner Plan
[pdf]
Executive Summary: Spanish | Chinese [pdf]

Updated Zimbalist
June, 2005
Updated Zimbalist Report. [pdf]


GOVERNMENT STUDIES
(though no government agency has studied the entirety of the proposal. NYEDC studied the affect on NYC's budget and the IBO only studied the arena)

June 27, 2005

New York Economic Development Corporation's (NYEDC)
Estimated Fiscal Impact of "Atlantic Yards" for New York City
[pdf]

September, 2005
Independent Budget Office (IBO) Fiscal Brief on the Arena [pdf]

September, 2009
Independent Budget Office (IBO) Fiscal Brief on the Arena
[pdf]
The Proposed Arena at Atlantic Yards: An Analysis of City Fiscal Gains and Losses


IN-DEPTH REPORTING

State Never Saw Business Plan For Atlantic Yards Project
NY Sun. Eliot Brown. March 28.

KPMG report to ESDC... says nothing about net revenue to city and state
Atlantic Yards Report. Norman Oder. December 20, 2006.

Missing in ESDC presentation to PACB: housing subsidies
Atlantic Yards Report.
Norman Oder. December 18, 2006.


New ESDC fiscal impact memo raises more questions than it answers
Atlantic Yards Report. Norman Oder. December 16, 2006.

The missing half-billion: ESDC cuts projected AY tax revenue by nearly one-third
Atlantic Yards Report. Norman Oder. December 13, 2006.

The headline you never saw: "Atlantic Yards jobs estimate cut by 40%" (or 75%)
Atlantic Yards Report. Norman Oder. May 3, 2006.

The $6 billion lie redux: ESDC guidelines ignore Ratner claims (but also ignore "true value")
Atlantic Yards Report. Norman Oder. April 5, 2006.

THE $6 BILLION LIE: Why Ratner's Fiscal Claim Is Swiss Cheese
Atlantic Yards Report. Norman Oder. March 28, 2006.