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February 20, 2008
Documents clarify FCR's obligation to state, but not city, if AY abandoned
Atlantic Yards Report
Norman Oder identifies one known unknown:
Last month the New York Post reported that developer Forest City Ratner can pull out of the $4 billion Atlantic Yards project without penalty, because the developer has not yet signed binding contracts or drawn on direct subsidies. Develop Don't Destroy Brooklyn picked up the news.
What exactly does that mean? After all, the developer has already spent a chunk of its own funds, and would have to pay for the completion of the Carlton Avenue Bridge, for example. The General Project Plan (GPP) does address a reimbursement obligation to the state, but not to the city.
The GPP is a state document, so it's not surprising that city officials didn't sign it. Does that mean that the city has side contracts, as with the bridge, that require reimbursement if the project does not go forward? Or was there a gap in the documentation? It's unclear to me.
Posted by lumi at February 20, 2008 5:56 AM