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August 9, 2007

Jeffries offers measured criticism of "carve-out" compromise

Atlantic Yards Report

Assemblyman Hakeem Jeffries, who two weeks ago called the original iteration of the “Atlantic Yards carve-out” “offensive,” yesterday offered measured criticism of the compromise that would give Forest City Ratner $150 million, or $200 million, of the $300 million bonus it had sought.
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The original “carve-out” would’ve given four or five Atlantic Yards condo buildings the 25-year tax break with nothing in return—in effect, grandfathering in Atlantic Yards while treating other developments in Jeffries' Prospect Heights district (and beyond) differently. The “compromise” shortens the tax break to 15 years.

"While the modification of the Atlantic Yards carve-out provision is a step in the right direction, I remain concerned that this project is treated differently than any other in the city,” Jeffries said in a statement. “Given the need for increased affordable home ownership opportunities in our community, I will continue to push the developer to build at least twenty percent of the apartments in each on-site condominium building in a manner that is affordable to working families and moderate income households.” Two weeks ago, he had called it “economic segregation.”

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Posted by lumi at August 9, 2007 9:49 AM