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March 30, 2007
State: We never saw Yards numbers
The Brooklyn Paper
By Ariella Cohn
State officials admitted this week that when they approved Atlantic Yards last year they were relying on documents that were incomplete — and may have even been in violation of Bruce Ratner’s original pact with the state and city.
The documents contained Ratner’s cash-flow projections and other information required under the original Atlantic Yards Memorandum of Understanding, but lacked other key financial details of the project’s arena, 6,000 housing units and hundreds of thousands of square feet of commercial development.
...
Ratner’s failure to provide a comprehensive plan appears to violate the 2005 MOU, which was signed by the developer, Mayor Bloomberg and Gov. Pataki. That document mandated a public review of a “financing and operating plan” in exchange for political support and $200 million from the city and the state (since raised to $305 million).
Local pols are hopping mad...
Assemblyman Jim Brennan (D-Park Slope) and state Sen. Velmanette Montgomery (D-Park Slope) sued the ESDC to get the full review. Now it turns out that the state never had it to provide — and local politicians are furious.
“The state should have known everything there is to know about the project and disclosed it to the public,” said Sam Rockwell, a spokesman for Councilman David Yassky (D-Brooklyn Heights).
...as if Bruce Ratner cares:
Forest City Ratner did not respond to questions from The Brooklyn Paper.
Posted by lumi at March 30, 2007 8:48 AM