Forest City Ratner is poised to get $2,157,260,000 in tax subsidies for Atlantic Yards, according to an article in this morning’s Post, but even that may not be enough dough from public coffers. In a conference call last week the firm’s president told investors that the mega-development will “still need more” subsidies. Michael D.D. White, a real estate attorney who has criticized how Atlantic Yards is being financed, came up with a subsidy tally for the newspaper (reprinted on the jump). “The setup is basically like paying taxes on your home and then having the government use that money to help you pay off your mortgage,” says White, who estimates that FCR will save $1 billion in tax payments that will go directly toward paying for the $950 million Nets arena. FCR spokesman Loren Riegelhaupt takes issue with White’s tally, saying no subsidies are set in stone aside from $305 million from the state and city for infrastructure and land-acquisition costs. Riegelhaupt also says that the entire project is supposed to bring in $1 billion in net tax revenues over its first 30 years.
Your ‘Net’ Loss [NY Post]
Ratner Feasts on Public Subsidies [Brownstoner]
Photo of Nets billboard on Atlantic by threecee.