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March 9, 2007
Public obligation creep: city will spend $100M for AY land acquisition
Atlantic Yards Report fills in some blanks in the Daily News story on $100 million of taxpayer money to be used to buy land for Ratner.
[The] MOU (p. 4) contemplated a city contribution of $100 million. In January, I reported the city's contribution has been more than doubled, to $205 million; the explanation was murky.
...
The Council Members protest a bit much about the uses of the city subsidy, given that it was announced more than two years ago. However, it was never contemplated that a sum that large--$100 million--would be used for land acquisition.Apparently the really important part of the MOU was the declaration (p. 8) that it was non-binding.
Posted by lumi at March 9, 2007 9:27 AM