NY1
Thursday, September 10, 2009
Updated 10:32 AM
Analysis Finds City Would Lose Money On Brooklyn Arena
By: NY1 News
An analysis released by the Independent Budget Office today found the arena of the Atlantic Yards project in Brooklyn will cost the city an estimated $164 million and create more than 3,000 temporary and nearly 1,000 permanent jobs for New Yorkers.
The IBO study found that over a 30-year period, the arena would cost the city nearly $40 million more than it would generate in tax revenues.
Moreover, the state would gain $25 million through tax revenues for the facility.
Developer Forest City Ratner would save $726 million with this project through special government benefits.
The report comes one day after developer Bruce Ratner unveiled the new plans for the arena.
The redesigned venue would straddle the busy intersection of Atlantic and Flatbush Avenues and require knocking down buildings through eminent domain.
Ratner aims to bring his New Jersey Nets to the site, which will seat 18,000 spectators for the basketball games and up to 19,000 for concerts.
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