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BrooklynSpeaks Atlantic Yards Presentation March 2010

BrooklynSpeaks Atlantic Yards Presentation March 2010

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Published by AYReport
BrooklynSpeaks critique of Atlantic Yards March 2, 2010

[note: as of August 2014, Atlantic Yards has been renamed Pacific Park Brooklyn. See http://atlanticyardsreport.blogspot.com/2014/08/orwellian-almost-forest-citygreenland.html]
BrooklynSpeaks critique of Atlantic Yards March 2, 2010

[note: as of August 2014, Atlantic Yards has been renamed Pacific Park Brooklyn. See http://atlanticyardsreport.blogspot.com/2014/08/orwellian-almost-forest-citygreenland.html]

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Categories:Types, Business/Law
Published by: AYReport on Mar 03, 2010
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08/08/2014

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From political theater to public loss

:

Atlantic Yards 2010

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Atlantic Yards: then and now
Project approval: December 2006 Architect Buildings Residential units Affordable units Open space Frank Gehry Arena and 16 buildings by 20161 6430 by 20161 2250 by 20161 8 acres1 Project closing: December 2009 Ellerbe Becket/SHoP Arena and 3 buildings by 20223 10052 by 20223 3002 by 20223 1 acre, plus 7 acres of parking3 $20MM 3 $236MM 3,600 annual average first 30 years2,5 25 years, with extensions possible3 -$8MM over 30 years6
1

Initial payment for MTA rail yards $100MM City direct subsidy Jobs created Construction duration Arena economic benefit $100MM 10,000 permanent 15,000 construction4 10 years $25MM over 30 years

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2006 Atlantic Yards Modified General Project Plan 2 2009 Atlantic Yards Modified General Project Plan 3 Atlantic Yards master closing documents 4 2004 Forest City Ratner promotional flyer 5 2005 NYC EDC report 6 September 2009 NYC Independent Budget Office brief

Loss of value to affordable housing commitment
Approved

2006 plan promised 2,250 units of affordable housing, at rents representing an annual savings of $34MM over market rates
2006 approved plan % AMI 30-40 41-50 60-100 101-140 141-160 1,134 1,701 2,127 rent1 AY 496 638 Market rent2 2,500 2,500 2,500 2,500 2,500 AY benefit 2,004 1,862 1,366 799 373 2,250 Units Value 225 675 450 450 450 5,410,800 15,082,200 7,376,400 4,314,600 2,014,200 34,198,200 2009 master closing Units Value 18 102 60 60 60 300 432,864 2,279,088 983,520 575,280 268,560 4,539,312 Difference 4,977,936 12,803,112 6,392,880 3,739,320 1,745,640 29,658,888

2009

master agreements reduce committed affordable units to 300, with a smaller percentage at the lowest income band annually in number of units results in lost value of $29.7MM
1 2

Difference

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2006 Atlantic Yards FEIS; rent shown is for family of 2 Analysis of current market rents for 1 bedroom apartment in surrounding communities

Delay compounds effect of loss from fewer units
2006

approved plan anticipated delivery of 2,250 units in 2016 Value realized by tenants of affordable units by 2026 would be $376MM
400 350 300 250 2006 approved plan

s n o l i m $

200 150 100 50 0

6 1 0 2

7 1 0 2

8 1 0 2

9 1 0 2

0 2

1 0 2

0 2

3 0 2

4 0 2

5 0 2

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6 0 2

Delay compounds effect of loss from fewer units
2006

approved plan anticipated delivery of 2,250 units in 2016 Value realized by tenants of affordable units by 2026 would be $376MM
400 350 300 250 2006 approved plan 2009 master closing

s n o l i m $

200 150 100 50 0

6 1 0 2

7 1 0 2

8 1 0 2

9 1 0 2

0 2

1 0 2

0 2

3 0 2

4 0 2

5 0 2

Delay

until 2022 in delivering reduced number of units results in realizing $23MM by 2026, only 6 % of original benefit

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6 0 2

A stunning loss of value to the public
    

Affordable housing delay to 2022 represents a loss of more than $353MM to New York’s working families Tax breaks on the arena bring total lost revenue impact to City, State and MTA to $227MM over 30 years1 $80MM shortfall in MTA’s expected revenue from railyards would cover two years of State cuts in student Metrocard funding for the over 500,000 city schoolchildren who use them2 Atlantic Yards gets yet another $31MM from the City even as critical programs and personnel are cut
1 2

 

brief

September 2009 NYC Independent Budget Office

Daily News article: http://www.nydailynews.com/news/2009/12/17/2009-12-17_gov__pols_derailed_st

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How did it happen?

Years of consultant reports, public hearings merely as a show of SEQRA compliance, while financial crisis and litigation used as excuse by developer to negotiate deep concessions in benefits and schedule, with

 

closed-door negotiation B OOK Y PE S R L NSof definitive AK

 

Who’s in charge?
N e w Yo rk S ta te

N e w Yo rk C i ty

?

? ?
ESDC

Local elected officials

Community Boards

Fo re st C i R a tn e r ty

Community Groups

2013 2010 2009 2008 2007 2006
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Affordable housing shouldn’t be at risk

To date, Atlantic Yards has removed nearly 400 units of housing from Brooklyn. Delivery of most affordable housing is now dependent upon marketing luxury units to cover cost of decking rail yards. Until favorable market conditions exist, unbuilt areas will be used for surface parking—up to 25 years or longer.

 

Instead, the State should require that a minimum of two-thirds of the promised B OOK Y 2250 affordable units be R L NS AK PE S

 

Provide accountability through governance
NY State/ ESDC N e w Yo rk C i ty
Local elected officials

Atlantic re st C i R a tn e r Entity Stakeholder Council Fo Yards Oversight ty

Community Boards

Community Groups

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A proven model in every other large ESDC project
 Brooklyn Bridge Park Development Corporation  Convention Center Development Corporation  Erie Canal Harbor Development Corporation  Governors Island Preservation and Education Corporation  Harlem Community Development Corporation  Harriman Research and Technology Development Corporation  Lower Manhattan Development Corporation  Moynihan Station Development Corporation  Queens West Development Corporation USA S B OOK Y PE Niagara R  L NS AK Development Corporation

More concern for public/private partnerships

State court ruling 12/3/09 against ESDC’s use of eminent domain for Columbia expansion
“The exercise of eminent domain power by the New York State Urban Development Corporation d/b/a Empire State Development Corporation (hereinafter referred to as "ESDC") to benefit a private elite education institution is violative of the Takings Clause of the U.S. Constitution, article 1, § 7 of the New York Constitution, and the "first principles of the social contract." The process employed by ESDC predetermined the unconstitutional outcome, was bereft of facts which established that the neighborhood in question was blighted, and ultimately precluded the petitioners from presenting a full record before either the ESDC or, ultimately, this Court. In short, it is a skein worth unraveling.”

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More concern for public/private partnerships

Calls for curbs on power of public authorities

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More concern for public/private partnerships

Indictment of Yonkers council member for accepting a bribe on upstate Ratner project

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More concern for public/private partnerships

Questions about viability of community benefit agreements

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What must be done now
    

Reverse approval of Atlantic Yards 2009 MGPP Realign developer commitments with promised public benefits Ensure ongoing decision-making is transparent, accountable, and involves the public in a meaningful way

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For more information:

www.brooklynspeaks.net

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