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July 27, 2005

MTA to take additional 45 days to negotiate exclusively with Ratner

The MTA Board voted to take another 45 days to enter into exclusive negotiations with developer Bruce Ratner in order to secure a better deal for the Vanderbilt Railyards. If negotiations fail, then they reserve the right to negotiate with rival bidder, Extell.

1010 WINS News Radio is reporting that most of the speakers who showed up to testify at the MTA Board meeting, including Rev. Herbert Daughtry, were in support of the Ratner's plan.

NoLandGrab: The MTA has already taken two years to negotiate "exclusively" with Bruce Ratner, what's another 45 days going to accomplish? Clearly, this compromise vote is a feeble face-saving measure that will eventually lead to the preordained selection of Ratner as the developer of The Yards.

The MTA board has been making up the rules as they go along. This action brings up troubling issues of fairness and transparency. When the criteria and selection process is this convoluted and unpredictable, it should come as no surprise to the public that only one other company had the guts to submit a rival bid.

Posted by lumi at July 27, 2005 12:47 PM