Yoon to BRA: Open Your Books
Offers Harsh Critique of Agency’s Transparency

April 22, 2009

BOSTON – City Councilor at Large Sam Yoon demanded answers from the Boston Redevelopment Authority (BRA) about the financial impact of several recent development initiatives, including the stalled project at the former site of Filene’s Basement, at a Council Ways and Means Committee hearing on the BRA budget today.

“The BRA is the biggest untapped factor in Boston’s overall revenue picture,” said Yoon. “But we know nothing about its finances, development fees, management of community benefits funds and City land. Time and time again, City Councilors and the public ask the same questions and get no answers. So I ask the representatives of the BRA who are here today, show us that this hearing is more than an exercise in repetition.”

At the hearing, Yoon asked about the stalled Filene’s project that has left a hole in Downtown Crossing. The development firm, Vornado, has halted construction on the claim that it needs additional money from the City and state, despite several reports that say ample financing is already available. On top of that, the developers recently requested that the BRA waive its requirement from paying nearly $12 million in linkage and community benefits.

“The numbers don’t add up when the developer is reported to have $4 billion in capacity and is spending $250 million on new shopping centers in India, yet it claims to have trouble financing its own project in Boston,” said Yoon. “Given the information that has come to light, how can our City possibly justify these requests?”

Yoon also requested a list of all BRA land and air-rights that were formerly owned by the City of Boston, including cash, notes, and leasing rights paid to the City and current status. Because the BRA’s finances are not included in the City budget, it is not legally required to release information on controversial projects like the Winthrop Square Garage, Hayward Place, Yawkey Way, and City Hall Plaza.Additionally, Yoon questioned the BRA’s accounting process when it comes to community benefits funds, linkage funds, and job creation funds. The inquiry came after the Harvard Allston Task Force found that money entitled to them from Harvard had been sitting untouched in an account for five months without any notification from the BRA about its availability.