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March 15, 2006

The C.B.A. at Atlantic Yards: But Is It Legal?

The Real Estate Observer
By Matthew Schuerman

All the politicians, builders and rabble rousers who have been involved in these new-fangled community benefits agreements, from California to the New York island, have emphasized how these are “legally binding contracts” between developers and community organizations. But the eight experts that took part last night New York City Bar’s panel on the topic seemed less than convinced that these C.B.A.’s, including those at Atlantic Yards and Bronx Terminal Market, would hold up in a court of law....

Carl Weisbrod, the former president of the city Economic Development Corporation, criticized the use of C.B.A.’s in projects that receive public funds—one of which is Atlantic Yards --as fundamentally undemocratic.

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Posted by lumi at March 15, 2006 6:33 AM