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March 10, 2006
Atlantic Yards foes smell rat
NY Daily News
By Hugh Son
Atlantic Yards developer Bruce Ratner faces a $500,000 penalty if he fails to make good on a job-training program as part of the $3.5 billion mega-project - and foes call the fine chump change.
The job-training program - an essential part of the benefits agreement Ratner signed with Brooklyn community groups - is meant to send local workers into well-paying union positions.
"It's pocket change," said Councilwoman Letitia James (WFP-Fort Greene). "The penalties are obviously insufficient; he probably has that much under his bed."
Daniel Goldstein of Develop Don't Destroy Brooklyn called the fine "obscenely low" and said, "It could be the cost of doing business."
But Forest City Ratner executive Bruce Bender disagreed, noting the company also could be sued for an "unlimited amount" if it fails to provide affordable housing and parks.
NoLandGrab: What startles Brooklynites about the $500,000 figure is that, in a lucrative luxury housing market, the amount could easily be offset by conversion of "affordable housing" units into "market rate" units.
Posted by lumi at March 10, 2006 9:58 AM