IBO Report: Atlantic Yards to Cost City Big, Rain Cash on Ratner (Village Voice news blog)

A revised study of the Atlantic Yards arena shows that the city would now lose money on the deal, while Nets owner Bruce Ratner would save megabucks:

This just hasn’t been a good week for Bruce Ratner, the Nets owner who’d rather be the Nets’ landlord. First, he unveils a new vision of his much-derided Atlantic Yards arena plan — now with more metal mesh! — and gets slammed by Times architecture critic Nicolai Ouroussoff for creating an “oddly clunky composition.” Then this morning the Independent Budget Office issued its revised projections for the arena’s fiscal impact on city coffers, concluding that any new tax revenues wouldn’t be enough to pay for the city’s costs…. [read more]

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