esdc atlantic yards audit

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  • 8/6/2019 ESDC Atlantic Yards Audit

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    Sau.kqrnr$l.dTt"l*Afl*nti* Ywrs*{&Y} Fr*jw*t*pn$i$t$ f plans to rsdev*isp?? n*rs$ sf land'lc**?ed nt**vt'tt.*nrn}r**kiyn,NY. Th* prnycct ite s h*irndedby Atlantic,Flatbush,&nd Vanderbill$.vsnu*w rnd ]**n $t, wnd, ncli*de*p*re*le st Pa*lfi* $t" and4thAv*" Th* pr*ject sit* alsoln*lx*i** *ri:;x'{ums-;**rry* s hs MTA -ong slandRailRngd'sVwfiderhiltrnilryard.Thx g*nwrnlpr*j*ct wxs aei*p{*d n J*ly 3$CISnS ts*t rn*difi** in Ju*s ?*0S. Theprolectptanir:*:l*s*s hs d*vwl*i:mentcf an appr*xinrx*ly t$,*fS s**t srsns ts wsrvs*s th* new hunre#r*fis f*r th* r*|r:n*tingN*& lt'stsb*ekstball ssm s*d f*r v*ri*r:w ther v*nus$"Ti':* pr*}*L:i jsr: ls evp*cterJo rnciudm*v*i*pm*nt *f * r*n*nfigllr*dV*nderbilly*rd andxt".rhwn3'x*tiiiv *n* *svsi*pm*nt *{ 1# bxil*ing* fnr r*sirj*i'itial, ffics, retail uiex, 6ndp*t*ni*$$ihmt*l*pm**. T'h*nsw buile{ingst's*ntiwipniedo include evernl hsusand *u*ingr"+*itm.n r,vhiuhh* ntajcrityw*xld lr* rmntx{*,with $*% of th* r*ntal units $lann*d ts b*nfl r*nhlq** $*w,.x*S*l'st* s*d in**n:e h** eh*lds. Sf the 3t a*r* pr*je*t sii*, S scresarepi**i 'r**1*rpubii*iy c*essit i lep*n sp*ce."I"iwpr*j**fisd {{}lst prw}wn{sst, tr$ per the June 2003 r*odifiedSeneralprej*ct plan vu-ns*stimm{e**t wppr*xixrtr*sly 4 S hi{iipn"Th* m*j*rily *f th* pr*jent wifN e {undsd by th*c**w*inp*r il*rm*t *l'tv Rwt*er {f*R}, wilh thc stst* t* ssntributs $100MM and the crty$1$"tMl',,{inm**i:rdsn**wit}r f#r**ifl*ntwhstwwsn h* *}t5rmnrldev*i*p*r and the stst* *nd**ruei*p*r,bnth msrr*neiec{n late200S)"A1**beingpr*videdsr* miilicns fi*r* in tsx be*efit*.sui lh s . f i ! .ur r4:srr i reu f taxes nd axexernf i linancrng.Snti: ruY$ w** itjl"(- N'rav* isburrsedhe entire $1*SWM *ncJ$131X\11f,{msunt*. NyS*rtru1rit:t.{i*rfi$*r* use*, srn*n$ ,ptfrsrhing*, f*r xcquixiti*n*f fand pxr**l* r*n"rprisinghepr*rtre*rtits {*th*r fhnri m*qxiwitinnf t*nd *wned hy th* rh{TAJLlnn). y$ *nntrihuti*fts r/*r*fr"rx**d itr**gh s*.sp#r*v*d l*gi*latlvenppr*priatisn.Stminund* w*r* u*ed f*r infr*stru*tur*wffivk, {"t*ilws t"t*1rywtsr *nd xwwsr }in*s wrc*n* the projectsrte and ccnstru*timn ndte**nfigurmflnn**rk n tlr* &4TA lRffi *ilynrd, *nd frr *e$si* *ligible *ft *n.sts.i.)n l}***r*l**r 1$ f**'$, tlrs ffir**klynAr*nn L*rnl Deveicpmen{Corp*ration ffiALD*1.qt*ts.!*iit*e* *r*xph th* J*h l)*w*l*pn"rwnti{uth*rityJ*A}, iw*r"*wdo*gh}y$$t1nig in FiL*T|t*vwrrx* #m**s, Swriwm**S, t* he *n*d fur fi*xn*ing the **nstrr-l*ti*l"if ths Ay Arennstt*.i$*nd*:ieht wvvi*erruliii:s fl"rrrd hy;rmym nts in li*u sf rwsl *twt* l*xss frsm ArenaCo.,anfl W n*fy **t**-tlisil*#* *p*l*te mv:dmx*ag* the pr*j*#t *r#n#,,*'f$*r *$wirr il* trumwsuitsited :y p'rs,i#f;l*pp iticn, *s,u$ ppr*ve!wwsgiv*n in Mar*h?*1*f*r ti'i* ris* *f *nrinentcionrarn All prival*fy wned mnd ity ownedparcels n he fir*t ph*se*fth* pr*jwr:t firs s hw*wn*wmnsql,* *Ni*w hwpr*,i**t CI "n*vs*lwmrd ri*h*snntr*stinnof theirtf*fl1ffixncJti:c.r n*1:w*t*sf the Sr*iwc{,r::){}\,u}mr*h"i ;il1* * pr*j**l gr*i.rndhr*,*}ring*y*n'isnyw*s h*}d t* r*srr:*ri*lire tir*s{irnirr#n*'rrnmn{i **nstrilcti*n *f th* *r*rlfr *n &tlaffticnnd Fl*tbuxh&v*nu*s, r*ngider*d h*;:;; l g: p rr-; * - 1 s il i r. )e( :

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    4il$igQhtep$ysqTh* nr.rr$it*:j*rtiv*x were:* T* *v*lxst the project's nternale*ntr*ls and ta *wt*nr:ine if fr"lnssdish*rsed n det*ihr*ugit f.Sti* w*r* in e***rdann* withthe fundingsgr*sfilffir'lt *d i* iine withthe general

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