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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]
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.
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