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January 29, 2008

An Undone Deal, And Ratner Can Pull Out Without Penalty

Develop Don't Destroy Brooklyn

DDDB offers its take on today's New York Post story, and enumerates the many ways in which Ratner's "done deal" isn't.

  • Ratner does not own the rail yard. The developer and the MTA have an agreement over the sale price of the yards (the low bid of $100 million was accepted) but the transfer agreement has not been signed and the MTA has not collected on the money;

  • The city, state and Ratner have not reached financial agreements on the arena bond;

  • The city, state and Ratner have not reached financial agreements on the Payments in Lieue of Taxes (PILOT);

  • The city, state and Ratner have not reached financial agreements on the "affordable" housing subsidies, credits and bonds;

  • The city has not transferred all of its $205 million in direct cash taxpayer subsidy to Ratner;

  • And of course, Ratner doesn't own the property he needs to build his arena and subperblocks.

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Posted by eric at January 29, 2008 9:35 AM