The Barclays Center Is A Success!
Its first year in operation the Barclays Center has generated an estimated $14 million in tax revenues. These estimates are based on data provided by Ratner’s Company, Forest City Ratner, and are the first count of the 1 billion dollar arena’s contribution to the city. The total revenue generated is estimated to be in the area of $145 million, officials say that money would most definitely not have gone into the local coffers if not for the new Barclay center.
In a development move surrounded by much controversy the culmination of the first year in operation looks to be an indisputable success. Mayor Bloomberg, a big advocate of the project, was thrilled at the obvious achievement. Some naysayers estimated the project would cost the city over $40 million over 30 years based on a study done back on 2009, this study focused exclusively on the arena and not the overall project. A city-conducted study done by the city in 2010 projected an estimated gross income of $411 million generated by the project over the 30-year term. Whatever is projected no one can argue with the facts, $14 million in tax revenues and spring boarding into the spot of number 1 concert venue in its first year is an obvious and overwhelming success.
Despite this apparent victory for the supporters of the Atlantic Yard Development Project detractors are still complaining that the endeavor has not upheld its end of the bargain as far as providing jobs and generating more revenue for the local businesses that were in place before the rise of the Barclays Center. They say it has not provided enough work to justify all the public subsides it has received. It seems to me that we will just have to wait and see, people are very quick to condemn something that they have been against all along but Ratner’s vehemently opposed project seems to be doing just fine.
Over all, the Arena is generating money it is attracting top talent and it is doing so in its first year, these are impressive statistics. Hopefully Ratner will make due on his aforementioned promises and the public subsidies will be justified. Re-development is always controversial and with anything good you will always have those that stand against it, we wish the best of luck to Forest City Ratner and its on going Atlantic Yards Project.
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by Jarrad Kulick