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June 6, 2007
Amicone takes heat over Ridge Hill buyout price
The Journal News
By Hannan Adely
Another land giveaway for Bruce Ratner (some guys have all the luck):
Members of the City Council criticized Mayor Phil Amicone yesterday for his proposal to sell the lease for the 81-acre Ridge Hill property to a developer for $26 million, which they said is a small fraction of the lease's actual value.
The City Council released a spreadsheet pegging the present-day value of the long-term lease on the Ridge Hill property at $150 million - $124 million more than the mayor's price tag.
"They're trying to give (developer) Forest City Ratner everything under the sun to give away the property," said Councilman Liam McLaughlin, chairman of the council's Budget Committee.
Council members said the proposed deal was negotiated without their knowledge and would shortchange the taxpayers.
McLaughlin said the council is considering taking legal action to stop the sale of the lease, including putting a restraining order on the developer, which plans to start construction this month, or rescinding the council's vote to rezone the land.
FYI: In 2005, former State Comptroller Alan Hevesi estimated the Ridge Hill lease to be worth $630 million over 76 years [report, (PDF) see page 20].
Posted by lumi at June 6, 2007 7:35 AM