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September 15, 2006

Forest City CEO: Crain's poll a boost after New York mag article

FCE-OBrian.jpg Atlantic Yards Report listened in on the Forest City Enterprises (FCE) September 12th analyst conference call.

FCE exec Bob O'Brian outlined the process:

As we’ve indicated previously, we’ve acquired the vast majority of the land in Brooklyn necessary for the development. In the second quarter, the Empire State Development Corporation [ESDC] certified the draft EIS—environmental impact statement—adopted the General Project Plan, and authorized a public hearing. The first public hearing occurred in August and we expect a final ruling on approval of the EIS before the end of the year.

Joanne MinieriForest City Ratner's (FCR) Joanne Minieri added:

We are in the ESDC approval process. We’ve had a public hearing in August. There will be two more community forums, and basically by September 29, the record will be closed for all public comment. We expect that within the last few weeks of November, ESDC will move to get the Public Authorities Control Board approval for the project. Right now, we’re basically receiving public comment and the state and city are reacting to them.

Charles RatnerHead honcho Chuck Ratner mentioned the favorable results of the recent Crain's poll to combat negative publicity from this summer's New York Magazine article.

The official position on the FCE/FCR restructuring deal is that, "provides Bruce [Ratner], who is now 61 years old, with greater liquidity and a marketable asset for his estate planning.”

No one mentioned the law suits to be filed over eminent domain and the environmental review or the fact that Bruce Ratner has been having some trouble raising capital for the Atlantic Yards project.

Bruce Ratnerarticle

Posted by lumi at September 15, 2006 7:38 AM