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April 22, 2005
Rupture on Ridge Hill
The Journal News
EDITORIAL
...it is unreasonable to block the sale over disagreement on exactly how much money will go to the city. For one thing, the corporation has to pay off the debt it assumed in the transaction. And the city, not Albany, has a right to guide its own affairs.
Killing Ridge Hill would be a shame. The proposal — which includes residential, retail and office space, a hotel and conference center — would bring employment, sales-tax revenue, consumer benefits and housing, some of which would count toward Yonkers meeting a quota in its federal housing desegregation case.
Killing the project would hurt the developer, Brooklyn-based Forest City Ratner, which has invested about $21 million so far since being chosen by the city in 2002 to develop the site. What a negative impact that kind of loss would have on the redevelopment boom Yonkers is finally experiencing.
Posted by lumi at April 22, 2005 7:44 AM