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March 6, 2008

AY financing documents have been signed, city official confirms

Atlantic Yards Report, EXCLUSIVE!

Norman Oder has been trying to track down whether or not NY City has signed the Atlantic Yards financing documents. Back in October 2007, Developer Forest City Ratner assured investors that the documents had been signed, but the Atlantic Yards ombudsman in January said they hadn't, and Crain's reported last week that the documents were still awaiting approval by city and state comptrollers.

Ka-Ching.gif TODAY, ODER BREAKS THE NEWS THAT NOT ONLY HAS THE AGREEMENT BEEN SIGNED, BUT A COMBINED $55 MILLION HAS ALREADY BEEN DISBURSED BY THE CITY AND STATE:

Seth Pinsky, the new president of the New York City Economic Development Corporation (EDC), appeared yesterday at a New York City Council oversight hearing held by the Economic Development Committee and the Small Business Committee.

City Council Member Letitia James said that Pinksy indicated that $40 million of city funds and $15 million of state funds had been distributed. The state has pledged $100 million and the city $205 million. At the request of fellow Council Member David Yassky, a member of the Economic Development Committee, Pinsky said he'd release the financing documents to the committee, James said.

Will the documents ensure the provision of affordable housing, part of the Community Benefits Agreement (CBA)? That's unclear, though state officials had indicated that such guarantees were forthcoming. James said Pinsky acknowledged that the CBA is not incorporated in financing document but some city priorities, such as affordable housing, are reflected in it.

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Posted by lumi at March 6, 2008 5:42 AM