"Over a 30-year period, the arena would cost the city nearly $40 million more in spending under current budget plans than it will generate in tax revenues"
New York City's Independent Budget Office released a sobering report this week that throws more cold water on real estate developer and New Jersey Nets owner Bruce Ratner's plans to use eminent domain and assorted government subsidies to build a new Nets basketball stadium in Brooklyn:
Over a 30-year period, the arena would cost the city nearly $40 million more in spending under current budget plans than it will generate in tax revenues (present value, 2009 dollars). The costs total nearly $170 million from financing city expenditures on the arena and the loss of existing tax revenues at the site.
There's also this fun fact:
For the developer, Forest City Ratner Companies, the mix of special government benefits result in total savings of $726 million.
Whole thing here (pdf). Reason on the Brooklyn boondoggle here.
