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ESDC didn’t vet Yards finance plan

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The Empire State Development Corporation never saw a business plan for Bruce Ratner’s humongous Brooklyn development Atlantic Yards. Nevertheless, the project was approved by the state, and hundreds of millions of taxpayer dollars will be funding the mixed-use development, which includes a new Nets arena and 6,000 units of housing. Critics say the ESDC should have seen documents that comprehensively detailed the development’s financial model. “One would believe [the state] should look at it with a lot of due diligence, particularly with the amount of money they’re putting into this,” said Ronald Shiffman, the former city planning commissioner. “It’s been a done deal from the beginning without anybody really looking at it.” more [Sun]

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