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August 23, 2005
City and State Comptrollers Oppose M.T.A.'s Railyard Plan
The NY Times
by Sewell Chan
The city and state comptrollers of New York have both come out against a plan by the Metropolitan Transportation Authority to use most of its surplus to build a big deck over its West Side railyard and then sell a developer the right to build commercial and apartment buildings over the deck.
Both officials said the proposal, which would represent an unusual foray by the authority into real estate development, involved too much risk. They suggested that the authority instead hold a competition among developers, who would take on the challenge of building the deck as part of their proposals.
NoLandGrab connects the dots: Speaking about financial risk, NYC Comptroller William Thompson supports Ratner's proposal in Brooklyn despite its being the low bid in this summer's bidding war.
Posted by lumi at August 23, 2005 7:06 AM