Check out the press release on the Develop Don't Destroy Website about Ratner's efforts to secure some federal bailout money for the ailing Atlantic Yards project. DDDB charges that this would turn Atlantic Yards into "the poster child for misuse and abuse of the recovery bill."
Read this excerpt and go to DDDB for the rest..
Developer Forest City Ratner (FCR) is reportedly lobbying federal and state officials
for a bailout to further prop up its heavily subsidized and massive $4 billion
Atlantic Yards proposal.
FCR is attempting to get a piece of New York State's share of the American Recovery
and Reinvestment Act (aka the "Stimulus Bill"). Former New York Senator
Al D'Amato is lobbying on the developer's behalf; presumably, other lobbyists
are hard at work talking with the Paterson Administration as well.
Bailing out the Atlantic Yards project with federal stimulus funds would turn
Ratner's project into the poster child for misuse and abuse of the recovery bill.
The project, of course, is already subsidized to the hilt at the expense of the
city, state and federal taxpayer, including the developer's effort to secure a
triple tax-exempt arena bond with a federal subsidy estimated to be worth $165
million.
FCR, apparently, is attempting to secure stimulus funds by claiming Atlantic Yards
is a "transit project," since they are obligated to construct a new rail yard.
They are arguing that this work is worthy of prioritization by the Metropolitan
Transportation Authority (MTA), which will oversee the disbursement of
a reported $1.3 billion in stimulus funds.
for a bailout to further prop up its heavily subsidized and massive $4 billion
Atlantic Yards proposal.
FCR is attempting to get a piece of New York State's share of the American Recovery
and Reinvestment Act (aka the "Stimulus Bill"). Former New York Senator
Al D'Amato is lobbying on the developer's behalf; presumably, other lobbyists
are hard at work talking with the Paterson Administration as well.
Bailing out the Atlantic Yards project with federal stimulus funds would turn
Ratner's project into the poster child for misuse and abuse of the recovery bill.
The project, of course, is already subsidized to the hilt at the expense of the
city, state and federal taxpayer, including the developer's effort to secure a
triple tax-exempt arena bond with a federal subsidy estimated to be worth $165
million.
FCR, apparently, is attempting to secure stimulus funds by claiming Atlantic Yards
is a "transit project," since they are obligated to construct a new rail yard.
They are arguing that this work is worthy of prioritization by the Metropolitan
Transportation Authority (MTA), which will oversee the disbursement of
a reported $1.3 billion in stimulus funds.