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June 25th, 2009

Coverage of MTA hearing/Vote on Atlantic Yards, With Video

The board of the Metropolitan Transportation Authority met yesterday and voted 10-2 to allow Forest City Ratner to stretch paments for the Atlantic Yards over 22 years. Norman Oder at Atlantic Yards Report has coverage of the hearing and a video. Here's an excerpt:

A warning by veteran Assemblyman Jim Brennan that they were
squandering their assets, a recommendation of caution by the
Straphangers Campaign, and even a request by the Atlantic
Yards-supporting Regional Plan Association that the deal be
renegotiated, the board of the Metropolitan Transportation Authority
(MTA) yesterday voted 10-2 to allow Forest City Ratner to stretch payments for the Vanderbilt Yard over 22 years, at a generous interest rate, and
to build a smaller railyard worth $100 million less than originally
promised. A diminished temporary yard could persist  more than twice as long as originally planned.

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