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March 26, 2008
AY Funding Agreement: This Could Take Forever
Brownstoner
[Former?] Brooklyn Daily Eagle reporter Sarah Ryley follows up on last Friday's release of the State Funding Agreement for Atlantic Yards:
According to the agreement, either party can pull out of the project at any time before eminent domain proceedings have been finalized, pending a decision on an appeal to the federal Supreme Court. In most scenarios, the city would gain control of the land and be required to build at least 1,199 market-rate and 646 affordable units. (By comparison, Ratner's project was supposed to have 4,180 market-rate and 2,250 affordable units.)
...
Forest City Ratner spokesman Loren Reigelhaupt said the construction timetable outlined in the agreement is a minimum requirement, a worst-possible scenario. Atlantic Yards opponent Daniel Goldstein, at risk of losing his home to make way for the arena, said new information in the agreement amounts to a bait and switch, and called on the state to take another look at the project.
Posted by lumi at March 26, 2008 6:18 AM