So, get this. Assemblyman James Brennan has been trying for months to get the Empire State Development Corp to cough a copy of the business plan, finally suing the state agency last month. Turns out all the effort was just a waste of time since the ESDC never had a business plan from Ratner for the project. Instead, the agency now admits, it relied solely on a consultant’s report: “We brought in KPMG to take a look at all the forces involved,” says ESDC spokesman Errol Cockfield. “We feel very confident that that data allowed them to take a thorough look at the project in its long-term value for taxpayers.” One problem with that, though: KPMG says it never saw a comprehensive financial model either. Former city planning commissioner Ronald Shiffman summed up the common-sense position when he said, “One would believe they should look at it with a lot of due diligence, particularly with the amount of money they’re putting into this. It’s been a done deal from the beginning without anybody really looking at it.”
State Never Saw Business Plan For Atlantic Yards Project [NY Sun]