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March 26, 2008
Classy
Gumby Fresh
Even though Norman Oder covered the main stuff in the recently released Atlantic Yards State Funding Agreement, "Gumby Fresh" and "Cutesome" take a peek.
Norman Oder got the most interesting news out of the agreement, which was that there is a deadline for the developer to get his buildings up, but it's pretty lenient, and the clock doesn't appear to start ticking till the project reaches financial close.
The remaining details, of what exactly the state and developer are on the hook for, are pretty well-known to the Atlantic Yarderati. This agreement did not cover the overall financing of the project, and the spaces where the project costs would go have been left blank, probably because they haven't been settled yet. My interest was briefly roused by the guarantee agreement from Forest City Ratner's corporate parent, Forest City Enterprises, to the state, but this seems to just cover the phase one infrastructure, rather than the stadium or anything else at the site.
Quick note from Mrs. Cutesome, who has a lovely eye for matters legal (well, a lovely everything), but less interest than I in spending a Sunday going through funding agreements. Quite a few of the subclauses in the agreement have been struck out, with only [intentionally deleted] remaining to let us know they were ever there. According to her, any decent law firm would have moved the clauses up to replace the deleted ones, and gone through the rest of the document making damn sure the loose ends were tied up. And who were the city and state using for the work? Only top Wall Street law firms Skadden Arps and Fried Frank. Poor show, chaps.
NoLandGrab: It warms the heart to know that couples come together and spend quality time cuddling over Atlantic Yards minutiae.
Posted by lumi at March 26, 2008 6:31 AM