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.
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.
To chandu:
I don’t think they would.
“and to build a smaller railyard worth $100 million less than originally promised”
And, of course, with no more “affordable housing” component…which was iffy at best.
Wonder what Acorn (the minority housing alliance that was a rah-rah cheerleader of this project) would say now? Would they still be under their contractual no-badmouthing Ratner clause?