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June 10, 2006
Brennan Atlantic Yards Bill Likely to Die, Advocates Say
Courier-Life Thomas Tracy
Brennan’s bill will cap the size of the Atlantic Yards project at 5.85 million square feet – three million less than the 8.6 million square feet currently proposed by Forest City Ratner Company (FCRC).In order to compensate Ratner for the loss of square footage, the bill, which is currently supported by Assemblymembers Joan Millman, Joe Lentol and Roger Green, requires the state to funnel more money to the project, subsidizing between $12 and $15 million per year for between 1,800 and 2,200 units in the project’s affordable housing proponent.
Other incentives include “relieving the developer [FCRC] of the obligation to pay about $310 million of the $450 million on the table.”
Posted by amy at June 10, 2006 9:16 AM