ESDC OK'd AY Without Seeing a Business Plan
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…
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]
I agree with Objective Observer. I’ve observed for a long time now, that the opposition was not well organized or well-conceived. Or professional. And I heard from someone experienced with these things who attempted to advise Goldstein a couple years ago, that Goldstein rather arrogantly and naively rejected all advice for a long time at the start. So 11:06, people DID try to step in and help.
Yes, David we knew they weren’t yours.
The above posts are not mine.
let’s be aware of the smoke screen tactics at hand and ignore the long winded comments that dont address the issue that’s raised today….. which is my tax dollars being given to a developer with no plan.
actually–bklyn doesn’t feel ‘a bit soviet’
scandalous! truly. and don’t blame the opposition for failing. a fait accompli is BY DEFINITION a done deal, no matter what happens.
even project supporters should oppose the tactics and methods by which this new mini city has been dropped onto brooklyn. we are all diminished by the disenfranchisement of the voters.
sorry, but bklyn feels a bit Soviet these days, doesn’t it?
If anyone should be held responsible – it’s Objective Observer and people like him.
If you recognized such glaring deficiencies in AY, why didn’t you do something? Just sit around and criticize and type long comments on blog.
Your objective observations are worthless.
Its actually pretty sad that ESDC didnt get some sort of financial projections from FCR. Not that it would really matter since projections made over 16yrs w/thousands of variables can really show anything you want and for sure AY opponents would cry foul no matter what the projections said. But it does show how incompetent the state is that they dont even have the most basic of due diligence.
I am sure that AY opponents will jump up and down and scream how this proves it was a fix etc, etc… however I dont beleive it shows this at all-if there was actually a conscious effort to deceive a perfectly reasonable plan would have been prepared even if only for appearance sake.
No this is just further proof of the incompetance of government.
we’d better test the air sample right around the rail yards. given fcr’s tendencies to be honest, responsible and accountable…there’s no telling if the ongoing asbestos abatement is being implemented with the utmost safety and attention to detail.
And talk about back-stabbing, I hope KPMG, Boymelgreen and Hakeem Jeffries have learned their lesson. fcr uses you and then disposes of your interests and reputation as soon as you are no longer needed and viable.