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New York

ESDC cuts tax expectations for Atlantic Yards

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Back in April, the Empire State Development Corporation said that, if built, Brooklyn’s Atlantic Yards project would provide the city with $1.4 billion in new tax revenues. Last week, when it approved the massive mixed-use development, it reduced that figure by nearly half a billion to $944 million, and that’s not counting the $453.5 million the project is set to receive in tax breaks. more [NYT]