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May 13, 2006

Pols try cutting Ratner's Yard by third

Daily News:

A group of Brooklyn legislators is trying to force developer Bruce Ratner to scale back his massive Atlantic Yards arena project by about a third.

Assemblyman James Brennan (D-Brooklyn) and five Brooklyn colleagues - including vocal arena-supporter Assemblyman Roger Green - are introducing a bill that would cut the size of the project to 6 million square feet from nearly 9 million square feet.

In exchange, the bill would slash the amount Ratner has to pay to the MTA to buy and prepare the site to $140 million, down from $450 million.

The state would also pick up the tab for subsidizing the roughly 2,000 affordable apartments proposed for the site, so Ratner wouldn't have to build so big to reap a profit, Brennan said.

article

Atlantic Yards Report posts Pols would shrink AY by a third--with some big carrots for Ratner, calling the new plan "A Rube Goldberg affordable housing strategy."

Posted by amy at May 13, 2006 2:23 PM